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Special General Assembly: Master Plan Next Steps – Jan 27, 2013

Special General Assembly: Master Plan Next Steps – Jan 27, 2013. Building Fund - Sources of Funds. $1,572,729 Donations & pledge payments $ 285,000 Festival (2004- 2012) $ 12,996 Car Raffle - net $ 37,000 Transfer from Operating Fund (2008)

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Special General Assembly: Master Plan Next Steps – Jan 27, 2013

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  1. Special General Assembly: Master Plan Next Steps – Jan 27, 2013

  2. Building Fund - Sources of Funds $1,572,729 Donations & pledge payments $ 285,000 Festival (2004- 2012) $ 12,996 Car Raffle - net $ 37,000 Transfer from Operating Fund (2008) $ 36,244 Interest Earned (total since inception) $ 30,000 Philoptochos (2008) $ 18,425 Tax Refund Program (2008) $ 9,876 Spaghetti Dinner net $ 8,213 from Dances net $ 3,930 Lenten Soup, Tsourekia $ 1,371 Variety Show $ 714 Misc $ 2,016,498 Total

  3. Building Fund - Uses of Funds $ 131,245 Stewardship Advocates (Father Anthony) $ 49,115 CJK Design (Christ Kamages) $ 8,960 Site Survey $ 4,067 Printing $ 1,862 Misc $ 195,249 Total

  4. Capital Campaign Results • $6.20 M Estimated project cost • Available Cash & Commitments • $1.85 M Cash in Building Fund • $1.20 M Commitments Due • $3.05 M available cash + commitments • 30% of Stewards participated • No gifts or pledges over $150,000

  5. Factors we considered • $3M available – 50% of our goal ! • 30% participation rate • Maintain agreed to Byzantine design, features • Affordability • Economic difficulties to raise additional funds • Cost projections to build • When to build? • Success requires leadership gifts AND full participation of all stewards

  6. Recommended: Full build-out of Phase 1 • Phase 1 Sanctuary • Sanctuary • Lower Level, Shell only - unfinished (future includes upfit of gathering area, classrooms, storage, bathrooms, kitchenette, offices) • New auto drop-off & entry drive, landscaping and retaining wall • Choir Balcony / 3 floor elevator • Expanded administration • Library, Book Store $6,200,000

  7. How could we build sooner than later? • We do not recommend: • Adjusting design points – i.e. simpler design, with the same basic features • Taking out a mortgage • We do recommend: • Continuing capital campaign • Continuing to evaluate cost basis

  8. Next Steps • Continue to evaluate cost basis • Continued discussions with architects • Planning with City of Raleigh • Continue Capital Campaign • Leadership Gifts • Full participation – no gifts too small • Legacy & Endowment Society

  9. With full participation we will accomplish our goal !

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