Capital Campaign Update

Honoring our Past, Enriching our Future: 2009 Capital Campaign

What is the Capital Campaign?

In September, we launched our Capital Campaign to raise funds for much-needed repairs and improvements to the church buildings, and to remove financial burdens from future St. Andrew's parishioners. Achieving these goals will provide more resources for ministry!

View the Campaign Brochure for full details.

Capital Campaign final brochure.pdf

IF YOU ARE INTERESTED IN HELPING US REACH OUR CAMPAIGN GOALS, PLEASE EMAIL OUR CHURCH BOOKKEEPER WITH YOUR COMMITMENT INTEREST.

Capital Campaign Update - March 14, 2010

 As of February 28, 2010 the Capital Campaign has received 79 pledges and single contributions totaling $314,480.  As of February 28, 2010 we have received payments of $173,369 (of which $10,000 was specifically contributed to pay the Capital Campaign Advisor's fee).  This leaves uncollected pledges totaling $141,111 that are to be paid during 2010, 2011 and 2012.   

 Because the first priority for using Capital Campaign contributions is the elimination of St. Andrew's mortgage debt, we applied $143,000 of the contributed funds to the loan's unpaid balance on January 25.  We made an additional $18,000 payment on March 10.  These two payments plus the regular January and February mortgage payments reduced the mortgage loan's outstanding balance to approximately $104,000 after the March 10 principal payment compared to $267,186.46 on December 31, 2009.  We will continue making additional principal payments as contributions are received.

 An added benefit of the Capital Campaign was that Prosperity Bank agreed to renegotiate our loan payment based on the reduced loan balance after the $143,000 principle payment.  This reduced our monthly mortgage payment from $2,844 to $1,311.79, a reduction of $1,532.21 per month.  Because this reduced payment was anticipated when we prepared the 2010 budget, it did not produce any "extra" money for us to spend this year, but it did reduce the amount of spending reductions that were necessary to have a balanced 2010 budget.

 Summary

 Total pledges and single contributions                      $314,480

Collected as of February 28, 2010                            (173,369)

To be collected during 2010, 2011 & 2012               $141,111

 

Collected as of February 28, 2010                            $173,369

Reserved for advisor's fee                                            (10,000)

Campaign expenses as of February 28, 2010                 (1,393)                                          

Available for principal reduction                              $161,976

Principal reduction payments as March 10, 2010        161,000

Balance                                                                         $      976

THANK YOU FOR YOUR CONTRIBUTIONS!