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Town Hall Meeting Sunday March 11, 2012

Town Hall Meeting Sunday March 11, 2012. Church Finances Rectory. Church Finances. Cost of building our New Church ~$8,000,000 Balance due as of 2-29-12 was $1,979,201 $2,200,000 Swap Loan Terms Balloon payment of $1,430,806 due 9-1-18 Extremely high cost for earlier pay off

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Town Hall Meeting Sunday March 11, 2012

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  1. Town Hall MeetingSunday March 11, 2012 Church Finances Rectory

  2. Church Finances • Cost of building our New Church ~$8,000,000 • Balance due as of 2-29-12 was $1,979,201 • $2,200,000 Swap Loan Terms • Balloon payment of $1,430,806 due 9-1-18 • Extremely high cost for earlier pay off • Will need another Capital Campaign Drive Thank You Parishioners!!!! 75% Done --- 25% to go

  3. $8,000,000 To Date Cost • Capital Campaign Contribution $4,814,982 • Including pledges, fundraising, interest income, debt reduction income, sale of old rectory, sale of small items and other misc. income. • Sale of Old Church $1,500,000 • Paid off loans $500,000 We have come a long way!!!!!!!

  4. $2,200,000 Swap Loan Terms • Would require an advance payment of as much as $490,000 to get out of swap and would add more than $200,000 in total interest expense. • Balloon payment of $1,430,806 on 9-1-18 • Refinance balance in 2018 if not paid off Too costly to refinance early

  5. New Capital Campaign Drive • As of 2-29-12, we have $300,000 in the bank for the balloon payment • We have 6 years and 6 months to raise $1,679,201. This would cover the entire amount due, including the balloon payment. • $4,968.05 per week in Capital Campaign contributions would pay off our debt by 9-1-18 $10 per week from 650 parish families will do it!

  6. Rectory • History • 3 Options

  7. History • Purchase of 35 acres with a house • Establish a Catholic campus… Church, Rectory, School, etc. • 2011 Rectory is deemed unlivable Three Options

  8. Three Options • Keep renting • Build on church property • Buy a house within parish boundary Cost effectiveness based on current financial status

  9. Keep Renting • No added debt • Pressure on operating budget • Rent monies gone – no equity Buys Time

  10. Build on church property • Adds debt • Eases up pressure on operating budget • Own an asset • Follows original vision of land purchase (remember-visions are dynamic) • Needs long term vision on what to build • Needs capital campaign Will take time and planning

  11. Buy a house within the Parish • Adds debt • Eases up pressure on operating budget • Own an asset • Needs capital campaign • Short one for down payment • Church and Rectory treated as one debt Flexibility: could sell later and build when ready

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