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Streetsmart Financial Basics for Nonprofit Managers by Thomas A. McLaughlin

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Chapter 20Owning a Building: What's in It for You?

Built in the 1920s for a fraternal organization, the senior center was gloriously endowed. Within its four floors, it offered a swimming pool, a bowling alley, two gymnasiums, dozens of activity rooms, and some very nice office space. There was just one problem. The senior center corporation couldn't afford the building. Paint was peeling everywhere, the roof leaked, minor repairs were growing into large ones by the hour, and every time the antique boiler wheezed to life, the senior center managers held their breath.

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