refreshing redeemer building reserves & funding operations 2014
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Refreshing Redeemer
Building Reserves & Funding Operations
2014
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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
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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.
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Scheduled Merchanical Replacement & Building Maintenance Costs
itemcurrent
age est cost current reserve
needed CHURCH BUILDINGEssential 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 ~130,000Planned 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
RectoryHVAC - 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
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Funding 2014 Operations
2014 Operating Budget Summary approved
budget current forecast
excess / (deficit)
Operating RevenuePledge income 590,000 564,000 (26,000) Other income 101,000 101,000
Total - Operating Revenue 691,000 665,000
Operating ExpensesPersonnel 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.)
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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!