2018 CAPITAL CAMPAIGN
Light at the End of the Tunnel
We have come a long way to paying down our Capital Debt. In fact, whether you are a new church member, or can remember back to 2005/2006, Good Samaritan made some needed and significant updates to our building… updates we all enjoy today. You can see on the “Expansion & Improvement” chart the areas in the church that were improved and expanded.
Our Goal is simple – to make this the LAST Capital Campaign…
but – we need your help! If we can raise $1m, the remaining balance can be refinanced and absorbed into our annual Operating Budget. This will result in meeting our goal of one pledge request per year.
A small portion will be used to increase the Cornerstone Fund, the Fund used by the Trustees for significant maintenance projects, like replacing the Roof or Heating System for our Church. The remainder will be used to make monthly payments for the next 3 years (with any extra used to pay down the principal debt).
Join us in meeting our goal! Simply go to our Online Pledge Form or return the pledge card you received in the mail to the ch
Watch the 2 minute video, the bottom of this page, of the “Expansion and Improvements” that were made.
⇒What is the purpose of this campaign?
This campaign is needed to continue making mortgage payments for the next 3 years and enable the church to provide ongoing facility for worship, weekly activities, and special events. In the absence of gifts from this campaign, mortgage reserves will only cover mortgage debt service through the Fall of 2018, at which time we will still have about a $1.3 million mortgage balance.
⇒What is the monetary goal for the campaign?
The goal is to raise $1m.
The first $50,000 will be used to fund the Cornerstone Fund, the Fund used by the Trustees for significant maintenance projects, like replacing the Roof or Heating System for our Church. The remainder will be used to make required monthly payments, $18,000/mo (Principal + Interest), for the next 3 years which is $650,000. While the Finance committee has to make allowance for uncollectible pledges, any additional pledges above $700,000 could be used to pay down the principal debt.
⇒What is the impact to the Operating Budget?
There will be no impact to the Operating Budget over the next three years. After 3 years of payments, our mortgage balance will be $750,000. At that time, the Finance Committee will seek to refinance the mortgage and include in our Operating budget, with an approximate payment of $6,000 / month.
⇒What if the financial goal is not achieved?
Mortgage payments are currently made from a mortgage reserve funded by prior capital campaign gifts. If less than $750,000 in campaign proceeds is realized, another campaign will be required at some point in the future. A less desirable option is to reduce operating expenses enough to cover debt service out of our annual Operating Budget.
⇒Will campaign contributions be in addition to regular stewardship tithes and offerings?
Yes. Regular stewardship gifts cover general operating expenses and ongoing ministry and missions programs; none are used for debt service.
⇒Will any of the funds collected be used to pay down the mortgage principal?
Whether a large prepayment is practical depends on how much this campaign raises and confidence in our ability to service the debt that remains. The feasibility of a prepayment will be explored as soon as possible after the pledge phase of the campaign is complete.
⇒Is this a 3-year Campaign? What are my pledging options?
Yes, the Capital Campaign covers July 2018 – June 2021. You can simply go to our Online Pledge Form or return the pledge card you received in the mail to the church.
⇒Besides making a gift, what else can I do to support the campaign?
Prayers for the success of the campaign are important. Support can also be given by remembering the church in wills or as beneficiary to a life insurance policy. Gifts of property, stocks, or other assets are yet another way to lend support. All such gifts should be designated to go to the capital campaign. For questions regarding non-cash gifts, contact Helen in the church office (952-929-0049, or email: firstname.lastname@example.org).
⇒Can periodic commitment payments be made through electronic fund transfer, or automatic withdrawal?
Yes, contact Helen at the church office (952-929-0049, or email: email@example.com) and she will be glad to walk you through the process.
Watch a 2 minute video of the Expansion and Improvements that were made.