If you will recall, the original construction budget was $4,178,631. There were a few change orders that increased that budget to $4,312,794. Those change orders included $31,268 for the removal of the VCT tile in the Education Building which contained asbestos, $44,428 due to the removal and replacement of bad soil, and a few “added” jobs such as replacing the Education Building’s front entrance, replacing the carpet and painting the chapel lobby, and tinting the library windows.
The overall G2G project budget began at $5,277,611 and the revised budget was increased to $5,283,124 for an increase of only $5,513. The construction team did a great job of dealing with change orders and project additions to keep the scope of the project within the budget set forth.
Through the end of September, we have paid $2,320,465 which represents 49% of the revised construction budget.
G2G campaign progress
From the income side, we are ahead on some line items and a little behind on others. Our budget called for collections of $1,163,342 during the first 9 months of the 2014 but we have received only $1,010,609. That is a difference of $152,733. Please note that the budget called for $500,000 from wills and trusts. Those funds have been received. A close look at the numbers shows that we are behind in the actual pledges, but that is not causing me a lot of concern. The campaign runs from July 1, 2013 –June 30, 2016. Many stated they would give their gifts on an annual basis. Most of us don’t realize that year 1 of the campaign runs from July to June, and when we say an annual contribution, historically, that means a gift by the end of the calendar year. Those pledging on a monthly basis have done a good job of honoring their commitment.
F&M Bank provided the church with the best financing quote and was awarded the business. Many thanks go out to Paul Fisher, Steve Fisher and their bank leadership for terms that were very affordable for our church. To date, we have drawn $970,000, mostly during the third quarter of this year. Year-to-date interest paid has been $4,170.
Phase 2. As many of you know, Addie Ketner made a very generous donation to Phase 2 of the G2G project to ensure that the front steps to the church are safe, functional, and provide an appealing entranceway into our church. Mrs. Ketner and her family have consistently supported the capital needs of our church and this specific gift will provide the needed funds to repair the front of our church. We thank Mrs. Ketner for this extraordinary gift.
As a way of honoring her gift, the steering committee agreed to begin construction on this part of the project immediately rather than wait for the entire phase 2 project to begin.
The Ketner gift unofficially began the second phase of our Capital Campaign and some private discussions have been taking place. The steering committee recognizes, however, that we are in the middle of our Annual Stewardship Campaign, and we did not want to compete with that campaign.