- About Grace
Capital Campaign brings positive changes
On April 25, 2012
by Dick Entenmann
At the end of March, contributions totaling over $650,000 have been received. This represents 59% of the total dollars committed for our three year campaign… excellent results for this time in the campaign. Because of this outcome, we have not had to draw as much against our construction line of credit as we had originally projected, saving a considerable amount of interest expense.
All of the original planned projects are complete. The controls for the new Heating and Air Conditioning systems are being finalized. We are learning how to maximize the expanded efficiencies of the systems while maximizing comfort levels. As we continue with this process, please keep us posted on any issues through the church office and a note in the Junior Warden’s mailbox. For this reason, we are holding back the last payment to our contractor as a retention. Preliminary indications are that we are experiencing a reduction in utility usage compared to last year.
The next major goal of the Capital Campaign funds is to pay off the current White Fund Loan (used to fund a portion of the expenses for our building expansion in 2000.) The servicing of this loan costs approximately $23,000 per year. The elimination of this expense will have a positive impact on the operating budget of the parish. The quicker we can pay this off, the sooner we can start experiencing these savings.
Your BRIDGE Committee thanks you for your commitment, your response, and your support for this next critical phase of the campaign.
Yours in Christ,
John Adams and Dick Entenmann