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AN UPDATE AS OF MAY 2009
PLEDGES & RECEIPTS
In the 2008 we renewed our efforts to raise money for new class and meeting rooms. In May 2008, we launched our Capital Campaign to raise $3.1 million. Thanks to the generosity of 520 families we have received pledges totaling nearly $2,9 million. As of April 30, 2009, over 4940,000 of those pledge payments have been received.
CONSTRUCTION PLANS Construction for the new buildings cannot commence until we have at least half of the required cash on hand. This is a current requirement of $1,550,000. As we progress toward that goal, the Building Planning Committee will select a General Contractor. The current Faith Formation Classes (31 per week) are being held in all of the available parish facilities. This continues to limit the other ministry offerings and impose a significant labor burden on the Maintenance and Religious Education staff members, as the halls must be configured for individual classroom environments. This is an additional cost to our Parish Operating Budget.
FREQUENTLY ASKED QUESTIONS
Do we have enough money to complete the project?
With the pledge total just over $2.9 M we have nearly enough pledges to place the modular classroom buildings on the area where the previous classrooms were and the land grading, electrical and water preparation, pouring of cement pads that all need to be done before the modular classrooms can be assembled.How much cash is realized each month from pledges?
It is averaging a bit over $36,000 per month. We appreciate the continued and regular payments of so many of you. We know the sacrifice you are making to bring this project to fruition. Since I don’t see anything happening, I will discontinue my pledge.
That is not a good or helpful decision since we can only do the project when we realize the cash of one half the size of the project. How are we going to raise the rest of the money to finish the project?
With nearly enough in pledges, the wait is on the realization of the pledges (the payments). Once we have received monies that equal one-half the estimated cost for the project, we can go to the Diocese of Oakland for a loan to complete the project using the the other half of the money promised in pledges as collateral. The parish must be able to show the diocese that it will be able to repay the loan in a timely way. That can only be shown through the pledges that we have received and the consistent payment pattern of those receipts. Therefore, it is important to honor the pledges made in a timely manner.Has the recession affected the campaign pledges?Remembering the recession started at nearly the same time that we started the campaign, many people pledged based on this concern. There are a number for parishioners whose payments are in arrears, but this is not unusual at any given time of a campaign. We cannot assume the reason for this. The reality is that only three families have called to report the need to reduce or delay their payments due to economic challenges. The reality is that over the last nine months pledge payments have remained at a consistent level. We are not experiencing a drop off in monthly payments. We have in fact continued to receive one-time gifts and several additional pledges. All in all there is large support and a continuing capability to honor the pledges made. I hear that there was lots of money wasted on the designs fees?
The upfront costs to all building projects can be considered “wasted money.” However, it is the acknowledged and necessary part of any project. We cannot control the costs and demands of the City of Concord or County Agencies require. I can report that our architect is working on a nearly fifty-percent fee basis which has helped in keeping costs down. It is always easier to imagine and criticize, than to know what is entailed when going through the project. We appreciate this is a reality and invite you to address your questions to our Pastoral Life Director, Christa Fairfield, rather than assume the imagined answers of others. We are all in this project together and withholding contributions in response to some imagined reality or disagreement with some aspect of a project is not very helpful financially.When do you think that we will see something happening, construction wise?
We have just received long sought approvals from the Fire Department. With this we can now finalize our plans and submit then to the Diocese for their approval. From this point we can inquire about the availability of a loan. FURTHER QUESTIONS CAN BE ADDRESSED TO:
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