NIU is keeping its “white elephant”, the Woodstock Conference Center.

The Woodstock Conference Center, which was donated to the NIU Foundation in 1987, has been operating at a $615,000 loss. NIU leases the property from the foundation and agreed to extend its lease 90 days, with the option of finding a buyer.

If the university did not agree to the lease extension, the operation of the property would have reverted back to the NIU Foundation for the remainder of the lease, which is four more years.

The center falls under the jurisdiction of the College of Continuing Education. No one in the university, however, would comment where the money to operate the center was coming from or who will soak up the $615,000 deficit. NIU President John La Tourette said NIU does not deal with the center, the NIU Foundation does. The deficit NIU has accumulated is based solely on the cost of operating the center.

The NIU Foundation has the option to sell the land after the 90 days, provided the original owners agree to the terms of the sale.

Ron Klein, a member of the executive board of the NIU Foundation, said at its May 12 meeting “discussion of whether there might be another buyer” occurred.

Klein suggested the university find someone else to lease the property with the option to buy. “Maybe someone else (beside the university) could operate it.”

The 80-acre property was donated to the foundation in 1987 by the Scheinfeld Foundation and family. The property was valued at $1.8 million in 1987, but Vice President for University Development Tom Mitchell said the estimate was high and the property probably was worth only $950,000.

The minutes of the foundation’s meeting state, “Any money that is generated from the sale of the center would be utilized to reimburse the university for its losses, with the remainder used to set up a scholarship fund in the name of the Scheinfeld family.”

However, the property recently was appraised at $550,000. If the property is sold at the appraised value, the university will lose money. Mitchell said the value of the property has declined because it is “severely depressed.” Another appraisal done about three months ago values the land at $750,000, Mitchell said.

“The depreciation of buildings is very personable and subjective,” Mitchell said. “It depends on the appraisal. It’s a wide range we’re working with.”

The fate of the property will be decided at the foundation’s Sept. 29 meeting. The lease extension ends Sept. 30.

In 1987, the gift was the largest donation made to NIU. Northwestern University in Evanston was offered the center first, but declined to take the gift.

Director of the center Lois Repeta said it is open to the public and everyone is charged to use the center.

It has 13 sleeping rooms with 34 beds and its own food service so it can accommodate different groups.