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Covid impacts

Ranch society may ‘collapse’ without support from city

Aug 17, 2020 | 5:38 AM

The society that runs the Historic O’Keefe Ranch says the Covid pandemic has been “very hard on the ranch.”

The non-profit group will be before Vernon council today (Aug. 17) to seek financial relief in the form of delaying a loan repayment and insurance costs, and the need for full audit this year.

The society said in a letter to council, without some help the society may collapse before the year is out.

“We understand our request is not small and to continue to defer could incur a large enough debt that the ranch will struggle to meet it’s obligations. On the other hand, we are also met with the stark reality that the society may indeed collapse before this year is up. Both of these are very realistic possibilities,” said Bruce Cummings, chairperson of the Historic O’Keefe Ranch and Interior Heritage Society.

Cummings went on to say the ranch, which is owned by the City of Vernon, is working through ways in which it can weather this storm.

“As is the case with everyone, we are uncertain of how the next year or years will play out. As such, O’Keefe Ranch is completing all its forecasting and budgeting assuming COVID-19 will still be a factor in 2021.”

The chairperson said that will allow the society to plan a longer-term solution for getting through COVID-19.

The society is requesting council support to:

1. Defer the $70,000 promissory note from October 16, 2019 to December 31, 2022;

2. Defer insurance payments for 2019, 2020, and 2021 to December 31, 2022;

3. Change the requirement of a comprehensive audit to a Review Engagement for the 2020 season.

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