Naropa University needs to sell Alaya’s property. They have agreed to extend the timeline to have us raise the funds for the purchase of the property until June 2025 provided that we meet fundraising milestones.

No, unfortunately we do not qualify for a traditional loan. We explored this option and because the school makes a very small profit margin, we do not qualify for a loan. 

We are continuing to explore all options and have a realtor who is continuing to look for options for us. The reality is that we are unlikely to find a much cheaper option that is still centrally located and has an interior layout that will be accepted by early childhood licensing. Building costs have also increased significantly in the past few years, so if we were to build a facility it would likely cost $400-$550 per sq foot, bringing us to a cost of $1.5 Million PLUS the cost of the land. 

We are exploring this as well but realistically, the type of property we could afford would likely be a smaller space in an office park/strip mall with very limited outdoor facilities so this is not an ideal option. Regular home rentals are not typically approved by the early childhood licensing department for the number of students that we have without extensive renovations which are expensive and typically not allowed by landlords.

We need to raise $2.2 Million to purchase the property plus $50,000 for closing costs. 

Typically capital fundraising campaigns take an average of 3-5 years to complete. Since we have less than 1 year to raise the funds, we are implementing a multi-prong approach of donations, grants and loans from individuals. These loans from individuals will help us extend our fundraising timeline beyond June 2025 while still allowing us to purchase the property.

These are convertible loans of $100,000 or more which will be secured against the property. This means that if for any reason Alaya is not able to raise the funds to pay back the loans, then the loans would be paid back from the sale of the property. The loan term would be for 5 years with a 5% interest with the possibility of a 2 year extension although we hope to be able to pay back the loans sooner. This is a great way to extend Alaya’s fundraising timeline with a temporary loan that will be paid back to you. The loan funds from the individual to Alaya would only be transferred at that time of the purchase of the property if Alaya raises the full $2.2 million needed to purchase 3340 19th Street in Boulder, CO.

Yes we are and we are eligible for the additional Colorado Child Care Contribution Credit in addition to the standard tax deductions for donation to nonprofits. We are currently still operating under Naropa’s 501(c)(3) license while our new “Friends of Alaya” 501(c)(3) approval is finalized. 

If we don’t meet our fundraising milestones, then Naropa can put the property up for sale prior to June 2025, although students would continue the school year uninterrupted through June 2025.

For the funds that have been raised, we would give donors the option to continue to leave the funds in the “Future of Alaya” and be put towards it’s new home if it is a rental or a purchase. We would also give donors the option of a return of their funds if we are unable to purchase the current property.