The estimated cost of all three project priorities is roughly $5 million. Through our Preserving Yesterday, Celebrating Tomorrow Capital Campaign, we raised $1.7M in donations and 3 year pledges to help offset the cost of the building expansion project.
Other sources of funding could come from the following areas:
1. Parish Reserves: We are blessed that our parish is on sound financial footing. To that end we have grown parish reserves totaling $2.5 million that have been safely managed and invested. Our parish could choose to use a portion of these reserves for the building project while conservatively maintaining significant reserves for operating expenses.
2. Borrowing: Through the generosity of parishioners and friends, we now have a Parish Endowment Fund totaling $1.3 million. To help fund a building project, we could consider borrowing funds from the Endowment Fund, and then, over time, return the funds to the Endowment Fund. Also, the climate is good to pursue commercial loans from local banks at historically favorable rates, as well as accept low-interest loans from parishioners.
3. Parishioner Participation: We could consider ways in which parishioners can participate in the building project, especially if they have access to construction materials and trades skills at a substantial savings.