NSBP is looking to raise nearly $70,000 by July 31, 2019 to be freed from our debts.
NSBP was sued by the Renaissance Nashville (hereinafter referred to as “the Hotel”) and a judgment was awarded of over $325,000 to the Hotel against NSBP. The current agreement between the Hotel and NSBP is to pay the Hotel $2000 a month on the principal. Currently, NSBP owes the Hotel approximately $200,000 against that judgment. At the current rate of payment, NSBP would be paying the Hotel for over eight years. If NSBP defaults on this agreement and fails to make a monthly payment, interest is compounded at 1.5% monthly, putting NSBP over $900,000 in debt.
This debt to the Hotel keeps NSBP from being a principal investigator (PI) on any grant from the federal government. Any funding requested by NSBP has to go through a third party that has its own additional review process where can be denied even before it's submitted to the federal funding agency. If NSBP receives money from the federal government with our proposal, that third party takes a sizeable portion of that money as the PI on the grant.
NSBP has the opportunity to be done with this financial burden. The Hotel has offered NSBP a settlement on the debt if the organization can pay them $100,000. This is a tremendous opportunity to be free from this financial burden that NSBP must take advantage of as an organization. Retirement of the hotel debt would decrease our organization's monthly expenses, freeing up money that could possibly be given to students or invested in projects to bolster NSBP as an organization. Additionally, retirement of the hotel debt would simplify submitting proposals for funding as well as increase the amount of money requested in proposals for external funding.
Our initial campaign in 2018 raised around $32,000 and the money that was raised has been used to pay towards the $100,000 settlement agreement. We are confident we can raise the rest with your help and complete our payment to the Hotel. If you believe in the ongoing mission of the National Society of Black Physicists, please give to this campaign to allow us to meet our July 31, 2019 deadline. Any contributions given to NSBP are fully tax deductible. The retirement of this debt will allow NSBP to increase its efforts to develop and support opportunities for African-Americans in physics.