Refreshing Redeemer Building Reserves & Funding Operations 2014 - - PowerPoint PPT Presentation

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.

Scheduled Merchanical Replacement & Building Maintenance Costs

item current age est cost current reserve 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 ‐ 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

est replacement date discretionary

Building Reserves – Schedule & Cost Estimates

Funding 2014 Operations

2014 Operating Budget Summary

approved budget current forecast excess / (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
• ur financial house in order
• We are asking for donations or commitments over the next five weeks, with a goal
• f 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!