This is to update you on the plans for the 2020 Development Draw and the financial position with respect to the loans taken out to complete the construction of Cois Abhann and development of the GAA grounds in Inistioge and The Rower.
The monthly Development Draw, which normally commences in March/April, was postponed this year on accounts of the Covid-19 Pandemic. The committee has now decided to proceed with the draw commencing in September and running for a period of 6 months. The format will be the same as last year with a total prize fund of €12,000 and a top prize each month of €1,000.
The 2019 Draw was another great success and we wish to thank all who supported it during the year, to the various promoters and all who helped with the organising of the monthly draws. Net profit was €31,853. This amount, in conjunction with excellent receipts from the GAA Club’s Annual Golf Classic, has ensured that loan repayments due in 2019 were completed on schedule and in full.
Covid-19 forced the committee to seek a restructure of finances to meet outstanding repayments on our Bank loans. This was negotiated with AIB and it is now expected that the final payment on the loan will be transacted on Jan 30th 2021. To achieve this milestone we are seeking your support once again for the 2020 Development Draw. All proceeds will be used exclusively for this purpose.
Tickets are €10 per month for a single ticket, with the attractive Family Ticket option where 3 tickets costs just €100.
Looking forward to your continued support in 2020.