July 2023 Capital Finance Team Update
Capital Campaign Finance Team Notes
July 18, 2023
Our Agenda will be:
Opening Prayer
Discussion
Closing prayer
Discussion Items:
First, Bill Thieme offered the following:
Campaign Prayer: As we have successfully concluded the ‘campaign’ it may be appropriate to change one sentence in the prayer as follows.
Current: Inspire our church community to raise the resources needed,
Proposed: We thank our church community for current contributions and future resources needed,
· Committee agrees on the change needed and wording may or may not be changed. Vic will run it by PScott, and then someone on the committee will contact John B and Albert B to let them know about the coming change. Also, after PScott approval, Marie will make sure Eli has the new wording to change in all the online and published liturgical pieces.
Potential amount available for Building Hope for the future.
I feel the $4.5 million is an estimate and achievable and a $5 million guideline for the architects would be advisable: (see attachment)
Description
Amount
Pledges as of 6/20/23
$ 3,858,218.51
Additional Pledges
$ 250,000.00
In 2023
Addition loan
$ 900,000.00
5/15/23 Loan Balance = $763,270.33
Future Pledges
$ 107,170.00
In 2024, 2025
Total
$ 5,115,388.51
Organ fund
$ (500,000.00)
$900K Organ RFP, Current Fund = $125K; $275K
new Funding = $400K
Gross amount
$ 4,615,388.51
Less 2.5% Contingency
$ (115,384.71)
Future costs estimates should include 10 - 11%
contingency
Net Amount Available
$ 4,500,003.80
· Bill walked us through his thinking on these numbers. Additional discussion around continuing to generate pledges from members who have not, and informing and touching new partners as they join the church.
· Question: What about the attrition of unfulfilled pledges and a plan to address that? There is a process for adjusting pledges in the Walshware.
Second, I am looking at a way to track our giving performance to quickly identify when expected income falls short. The table shown below (using old pledge data) is part of a simple Excel spreadsheet that may help. Marie is looking into other Walsh-Ware reports that may also be useful.
LCHope Captial Construction Planned Cashflow
Payments Due
Actual Receipts
Month
Amount
Cumulative
Amount
Cumulative
Complete
Opening Balance
$ 570,672.00
3/1/2023
$ 10,000.00
$ 580,672.00
$ 9,000.00
$ 589,672.00
90%
5/1/2023
$ 14,000.00
$ 594,672.00
6/1/2023
$ 531,055.40
$ 1,125,727.40
7/1/2023
$ 7,867.36
$ 1,133,594.76
8/1/2023
$ 10,067.36
$ 1,143,662.12
9/1/2023
$ 30,366.52
$ 1,174,028.64
· Who is taking the reins on the construction loan and the cashflow through the construction? The trustees? The Building Committee? Necessary to know, to make sure we have the funds available for whoever is looking for them?
· Our understanding: we are doing follow-up on current pledges, follow-up appeal, communicating with congregation, and creating a budget. Discussion reviewing our responsibilities and the flow chart of the 3 groups making up the team.
· Moving forward, we need to focus on the pledge follow-up and communication with the congregation.
Finally, please bring any other items you feel should be addressed.
· Marie has generated lists for reducing the number of prospects and handed them off to PScott to approve before deletions are made.
· Renewal of the Walshware software:
The trial period for after-campaign use expired on July 15, 2023.
The order form to continue use of Walshware software and support for one year and a check for the $1,800.00 fee was signed by Dan Hartman on July 13th and mailed to Walsh on July 14, 2023.
· Potentially, funding for the new electronic sign (approx. $16,700.00) to cover the installation and electrical will come out of the building funds. Funding for the new concrete base still pending estimates.
Things we need to plan for:
· The first letter for all givers with their current payment information will need to go out in September. Date for mailing?
· How to communicate with congregation: a monthly updated newsletter from this committee? Info from the building committee included on steps that have been taken? How to improve the campaign website? How to include the building website as well? Does this come from 2-3 of our committee taking the reigns and creating an ongoing line of communication?
· How to be in contact with new or potential members: we need to come up with a plan and a process; a committee member dedicated to being the new member liaison (Bob?).
No meeting is scheduled for August yet ~ Bill and Vic will be in conversation with PScott to determine if/when.
Our next scheduled meeting is September 19th, at 9:00 in the Lent Room.