Refreshing Redeemer

Building Reserves & Funding Operations

2014

Refreshing Redeemer - Summary

• Fundraising Target (Restricted Funds) $175,000– Full participation from the Vestry – Kicking off the campaign with their donations totaling $27,200

• Priority Uses:– Building Reserves:

• Building – Essential Upkeep ~$130,000• Rectory Clean Up ~$20,000

– Funding Operations: projected 2014 budget deficit ~$33,000

• Additional planned, but more discretionary, building upkeep items have been identified that would require additional reserves of ~23k; funds will be reserved as available based on needs for the essential items above

• Operating reserves brought forward into 2014 were minimal – approximately $10,000• Annual “sinking fund” contribution expected to be $10-15,000 in future budgets, to maintain

adequate reserves

Building Reserves

• Our building has not incurred (or needed) significant maintenance or replacement investment since it was completed in 1999

• Many mechanical systems are now at or nearing the end of their expected useful lives, as is the asphalt shingle roofing

• Exterior trim and stucco are also in need of repair and painting in order to prevent water and other damage

• The Rectory will require clean up – inside and outside – prior to any new use, and its primary systems are also past their expected useful life

• Building & Grounds Committee has completed an initial assessment of the condition of our existing buildings and expected investments that will be needed in the near term

• These investments do not assume any change in our infrastructure; they are investments needed to maintain what we currently have

• Photos and a summary of expected investments follows.

Scheduled Merchanical Replacement & Building Maintenance Costs

itemcurrent

age est cost current reserve

needed CHURCH BUILDINGEssential Upkeep:

Exterior - painting; trim & stucco repair 16 2014 - 2015 30,000 HVAC - condenser/evaporative coil replacement 16 2014 - 2017 58,000 HVAC - furnace replacement 16 2014 - 2017 32,000 Roofing - replacment and repair 16 2019 - 2024 30,000 Nave clerestory windows 1 2014 - 2017 10,000

Total - Essential Upkeep Items 160,000 ~130,000Planned Upkeep:

Sanctuary - floor refinishing 16 2017 - 2019 15,000 Sanctuary - painting 16 2017 - 2019 10,000 Fellowship Hall - floor replacement 16 2017 - 2019 5,000 Basement sump pump - 2,000

Total - Planned Upkeep Items 32,000 ~23,000

RectoryHVAC - condensers & furnance 20 2014 - 2017 10,000 Hot water heater 20 2014 - 2017 3,000 Exterior & interior painting 10 2015 - 2015 10,000 Landscaping - retaining walls & tree work 10 2015 - 2015 3,000

Total - Rectory Items 26,000 ~20,000

Total Scheduled Cost 218,000

NB: schedule and estimates reflect current usage; no change in infrastructure is planned for

est replacement date

discretionary

Building Reserves – Schedule & Cost Estimates

Funding 2014 Operations

2014 Operating Budget Summary approved

budget current forecast

excess / (deficit)

Operating RevenuePledge income 590,000 564,000 (26,000) Other income 101,000 101,000

Total - Operating Revenue 691,000 665,000

Operating ExpensesPersonnel 404,000 404,000 Building, equipment & grounds maintenance 70,000 70,000 Diocesan support 57,000 57,000 Program expenses 42,000 42,000 Administrative costs 41,000 41,000 Outreach 37,000 37,000 Building debt service & other capital costs 47,000 47,000

Total - Operating Expenses 698,000 698,000

Excess / (deficit) (7,000) (33,000)

NB: Summary excludes restricted donations and related expenses (e.g., FOMAR, flowers, playground, etc.)

Refreshing Redeemer – Our Ask of You

• We have exciting transitions in front of us – and believe this is the right time to put our financial house in order

• We are asking for donations or commitments over the next five weeks, with a goal of closing this effort by September 7

• If donations cannot be made now, we ask that they be fulfilled no later than December 31, so they are not our focus as we welcome a new rector and go into a new year

• Please designate “RR” or “Refreshing Redeemer” on your checks.• We welcome your questions and input, now and as we move forward!