September 2019
Many Parts, One Body Building Project
Financial Update
by John Borgen
By just about every possible metric, the Many Parts, One Body Building Project and Capital Campaign were a tremendous success. Here are some quick facts about the new facility, the project budget and the capital campaign:
- 40,181 of new space for the benefit and use of all ministries of St. Gabriel
- 4,274 of renovated and expanded office space
- $7.3 million project budget which came in about $280,000, or 3.8% under budget
- $3.9 million received in contributions from 575 families
- 96% of pledges have been fulfilled and the donors who represent the remaining 4% (about $100,000) are continuing to make payments or will be sent reminders
This was all made possible thanks to your generosity, faith and God’s grace…thank you!
We are now at the point where we need to begin our debt retirement campaign. This was always a part of our plan; just like when we built the church in 2005 and embarked on three capital campaigns over nine years to pay for the church.
In the weeks and months ahead, we will be reaching out to all parishioners asking for your continued support to pay for our facility. Like we said before, if we all do our part, according to our ability, we will be tremendously successful.
The capital campaign goal is $2.4 million, and the stretch goal is $3.3 million. Why the two goals? Because we will owe the bank $3.2 million in principal plus interest if we take six years to pay our debt. If we can pay the debt in less time, we will pay less in interest. Any money raised above and beyond what is necessary to repay our debt will be split 50/50 between a deferred maintenance fund and our endowment.
Please prayerfully consider your financial commitment to make disciples and strengthen families for the benefit of generations current and yet to come! And, watch the Bulletin and Messenger for more updates.