Frequently Asked Questions for the Warming Hearts Campaign
What is the status of the Raise the Roof projects and campaign?
The first priority for this campaign was to pay off our existing debt. This was achieved soon after the campaign began. Several other major projects have been completed: roof replacement, outside drainage enhancement, and Wesley Hall kitchen renovation. The remaining projects include renovating Wesley Place, painting the sanctuary, replacing the garage, enhancing the main entrance, adding worship technology, and landscaping College Creek. These items are in various stages of planning/development and work continues on them. With nine months left in the campaign, approximately 88% of the pledges have been paid.
Why don’t we have a deferred maintenance fund to cover this sort of project?
Any money left over when the Raise the Roof projects are completed will be designated to a deferred maintenance fund. Additionally, if there is money left over from this campaign, the balance will also go to the deferred maintenance fund. There will be other opportunities to grow this fund; hopefully eliminating the need for campaigns such as the last two.
What is the current status of the boiler system project?
The installation of the new boiler system is on schedule and expected to be finished in ample time to provide heat to the sanctuary when it gets cold later this fall.
How long will the new boiler system last?
The new boiler system is expected to last a minimum of 50 years. This makes the $500,000 price tag more palatable when you calculate it will only cost $10,000/year.
What is the interest rate being charged for the line of credit?
Collegiate/Wesley has acquired a line of credit with U.S. Bank at an interest rate of 3.25%. When the project is completed and all the bills are paid, this line of credit will become a 3-year loan with the same interest rate. Any money donated to the campaign now will pay down the line of credit and lessen the amount we have to borrow.
Why is it helpful to not only make pledges for 2014 and 2015, but donate some money now?
Any money that is contributed now will be used to pay down the line of credit and thereby lessen the amount of money Collegiate/Wesley will need to borrow. If we need to borrow the full $600,000, the interest would amount to $30,536.73. If we only borrow $300,000, the interest we would pay is $15,268.36. Also, the way the loan is set up we can prepay with no penalty. So if we can pay the loan off early, we will save even more money.
Why can’t we use the money the church has on hand?
The money we currently have (and will continue to receive) from donations in 2013 is budgeted to pay all the expenses of the church and the committees and clusters.
Will this be the last major building project and capital campaign?
We are hopeful that when this campaign is completed we will be able to take a break from capital campaigns.
What are plans for the outside space that was disrupted during the project?
There is currently a committee working on the overall site plan for Collegiate/Wesley. This overall site plan encompasses the entire campus and includes the park area south of the church, the alleyway, the main entrance, and the ravine.