Building Renovation FAQ – Financial

What is expected to be the amount to be raised by the congregation?

Looking at total $1.5 million cost of the 3-phase initiative, the income that is projected from the state expense refund program is $328,000 (22%), the matching funds offer is $1,000,000 (66%), and the remaining amount that would need to be raised by the congregation is $172,000 (12%). This amount to be generated by the congregation includes funding from a variety of sources – external donors, grants, donations by Fellowship members & friends.

Will there be additional tithe requests from the congregation? If so, how much would each member be requested to provide?

The initial suggested amount for the Fellowship as a whole to contribute to the 3-phase initiative was $15,000 – $5,000 for each phase. The amount of the contribution from the congregation could be more or less than the suggested $15,000 – depending on the amount raised from outside donors. So rather than asking each member to provide a certain amount, we will be asking how much individual members and friends would like to contribute.

How likely is it that the congregation can raise its share of the money?

The next questionnaire for the congregation asks for an indication of the financial commitment members and friends might be willing to pledge. Once this questionnaire is completed, we will have a better sense of how likely it will be that the congregation can raise its share of the money.

What specific grants will we be applying for – and what is the possibility of receiving them?

We will rely on the Fundraising Work Group to work together with Heritage Works to identify and pursue grant opportunities that come up, with funding cycles that fit within our timeframe of August-December. They are currently preparing a pre-proposal application due August 7, for a competitive statewide grant program. The Historic Tax Credit expense refund program is similar to a grant. We will know if that is approved before we start the project.

Could we get more information about outside funding sources?

The Fundraising Work Group will be looking for specific outside funding sources – and coordinating a fundraising campaign to approach local businesses and organizations to support this investment in historic restoration of a building in the Jackson Park Historic District. We may have additional information on the outside funding by the time we have our next congregational meeting on the building project.

Can we be certain that the Fellowship won’t get stuck with any cost over runs?

While there is no guarantee that there will not be over runs – or that our congregation will not be responsible for them – there are steps the Board and the Work Groups can take to minimize the financial impact of costs exceeding estimates. For example, in working with the contractors, we could ask for cost estimates of overruns to be submitted in writing for Board approval before the additional expense is incurred. In addition, our fundraising efforts could exceed the minimum requirement – so there would be a contingency fund to cover the costs of any over runs.