Refreshing Redeemer Building Reserves & Funding Operations 2014
Refreshing Redeemer - Summary Fundraising Target (Restricted Funds) $175,000 • Full participation from the Vestry – Kicking off the campaign with their donations totaling $27,200 – Priority Uses: • – Building Reserves: • Building – Essential Upkeep ~$130,000 • Rectory Clean Up ~$20,000 – Funding Operations: projected 2014 budget deficit ~$33,000 Additional planned, but more discretionary, building upkeep items have been identified that • would require additional reserves of ~23k; funds will be reserved as available based on needs for the essential items above Operating reserves brought forward into 2014 were minimal – approximately $10,000 • Annual “sinking fund” contribution expected to be $10 ‐ 15,000 in future budgets, to maintain • adequate reserves
Building Reserves Our building has not incurred (or needed) significant maintenance or replacement • investment since it was completed in 1999 Many mechanical systems are now at or nearing the end of their expected useful • lives, as is the asphalt shingle roofing Exterior trim and stucco are also in need of repair and painting in order to prevent • water and other damage The Rectory will require clean up – inside and outside – prior to any new use, and • its primary systems are also past their expected useful life Building & Grounds Committee has completed an initial assessment of the • condition of our existing buildings and expected investments that will be needed in the near term These investments do not assume any change in our infrastructure; they are • investments needed to maintain what we currently have Photos and a summary of expected investments follows. •
Building Reserves – Schedule & Cost Estimates Scheduled Merchanical Replacement & Building Maintenance Costs current est current reserve item age replacement date est cost needed CHURCH BUILDING Essential Upkeep: Exterior ‐ painting; trim & stucco repair 16 2014 ‐ 2015 30,000 HVAC ‐ condenser/evaporative coil replacement 16 2014 ‐ 2017 58,000 HVAC ‐ furnace replacement 16 2014 ‐ 2017 32,000 Roofing ‐ replacment and repair 16 2019 ‐ 2024 30,000 Nave clerestory windows 1 2014 ‐ 2017 10,000 Total ‐ Essential Upkeep Items 160,000 ~130,000 Planned Upkeep: Sanctuary ‐ floor refinishing 16 2017 ‐ 2019 15,000 Sanctuary ‐ painting 16 2017 ‐ 2019 10,000 Fellowship Hall ‐ floor replacement 16 2017 ‐ 2019 5,000 Basement sump pump ‐ discretionary 2,000 Total ‐ Planned Upkeep Items 32,000 ~23,000 Rectory HVAC ‐ condensers & furnance 20 2014 ‐ 2017 10,000 Hot water heater 20 2014 ‐ 2017 3,000 Exterior & interior painting 10 2015 ‐ 2015 10,000 Landscaping ‐ retaining walls & tree work 10 2015 ‐ 2015 3,000 Total ‐ Rectory Items 26,000 ~20,000 Total Scheduled Cost 218,000 NB: schedule and estimates reflect current usage; no change in infrastructure is planned for
Funding 2014 Operations 2014 Operating Budget Summary approved current excess / budget forecast (deficit) Operating Revenue Pledge income 590,000 564,000 (26,000) Other income 101,000 101,000 Total ‐ Operating Revenue 691,000 665,000 Operating Expenses Personnel 404,000 404,000 Building, equipment & grounds maintenance 70,000 70,000 Diocesan support 57,000 57,000 Program expenses 42,000 42,000 Administrative costs 41,000 41,000 Outreach 37,000 37,000 Building debt service & other capital costs 47,000 47,000 Total ‐ Operating Expenses 698,000 698,000 Excess / (deficit) (7,000) (33,000) NB: Summary excludes restricted donations and related expenses (e.g., FOMAR, flowers, playground, etc.)
Refreshing Redeemer – Our Ask of You We have exciting transitions in front of us – and believe this is the right time to put • our financial house in order We are asking for donations or commitments over the next five weeks, with a goal • of closing this effort by September 7 If donations cannot be made now, we ask that they be fulfilled no later than • December 31, so they are not our focus as we welcome a new rector and go into a new year Please designate “RR” or “Refreshing Redeemer” on your checks. • We welcome your questions and input, now and as we move forward! •
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