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On the Move
What is the 'On the Move' campaign?
On the Move is a three-year stewardship campaign that we launched on July 1, 2007 and it runs until June 30, 2010. The campaign’s primary focus was the purchase of a permanent facility for our location.
What were the terms of the loan that we took out to purchase the Trinity property?
We purchased the Trinity School building in July 2006 for $5,276,250.
Loan amount $3,855,000 – ($5,276,250 purchase price minus down payment of $1,421,250)
Interest only payments from July 2006 – June 2010 plus required principal payments of $855,000.
Interest and principal payments from July 2010 – June 2015
Current interest rate 7%
What is the status of the On the Move campaign today?
Status of On the Move campaign as of January 1, 2010
|
$2,309,841 |
Current Commitments to On the Move |
|
$1,585,721 |
Commitments collected to date |
|
$724,120 |
Remaining commitments to be paid |
At the end of the campaign June 30, 2010 there will still be a $3 million dollar loan balance; how do we plan to pay for the principal and interest on this balance?
Using a 25 year amortization schedule and the current interest rate, the monthly principal and interest payments on this loan balance will be approximately $21,200 per month. We would need to see a similar dollar increase in our monthly general fund giving in order to cover these monthly payments from our general operating budget. While our general fund giving has been strong and consistent, we are unlikely to see the kind of increase needed to cover these monthly payments in their entirety. In addition, we need to set aside funds on an ongoing basis to fund the building repair and replacement fund so that we can continue to make repairs and replace building equipment as needed.
As such, we will be launching another campaign in 2010.
