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Our new home.

Our new home. Why did we move?. To protect educational programming, we needed to get our real estate costs under control – rent was rising annually as state education funds fell To control our space in the long term – to have our own home where we could prioritize how to meet our own needs

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Our new home.

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  1. Our new home.

  2. Why did we move? • To protect educational programming, we needed to get our real estate costs under control – rent was rising annually as state education funds fell • To control our space in the long term – to have our own home where we could prioritize how to meet our own needs • To get more classrooms and more usable space with less teacher roaming and better classroom layouts

  3. Charter School Economics • Like other public schools, charter schools receive a per-pupil allotment for instructional expenses from the state and from the counties where our students reside. • Per-pupil allotments have not returned to their 2008-2009 level. • Charter schools do not receive capital funding. • Land and buildings are not provided by the county or the state.

  4. Source: Thomas B. Fordham Institute, FY 2002-03Note: The Wake County manager’s office estimates the shortfall is $1,224.

  5. Three major streams of work Real Estate—$10.335 million dollar project Purchase price was $6.375 million. Balance includes building renovation, road, soft costs and contingency. Financing—both long- and short-term 10-year charter renewal gave basis for long-term loan. BB&T underwrote $7.4 million of tax-advantaged bond. Seller financed $2.175 million, due October 2016. Fundraising We launched $3 million, 3-year campaign, in 2010. Designed to pay off seller financing and provide equity to secure the long-term financial stability of RCHS

  6. On September 24, 2010, we jumped in (nervously) to raise $3 million over 3 years and to complete the renovation in 9 months.

  7. We sought better economics and these improvements: • 7 additional “better” classrooms • Another computer lab • Teachers who will not roam • Larger classrooms and labs • Superior layout and less “wasted” space

  8. Teachers who will not roam

  9. Larger classrooms and labs

  10. Superior Layout

  11. The project finished early and under budget . . . • No surprises, few change orders. • Pilot Mill lease savings. • Low-interest rates. • Rebates for improvements that save energy. . . . partly because our community provided roughly $350,000 in savings through “sweat equity.”

  12. Re-use of existing materials

  13. In-kind donations of materials, skills and time

  14. Volunteers tackled big tasks

  15. RCHS has a “golden” opportunity to save $271,875 by paying the seller financing early—by December 2011. Principal due on seller financing $2,175,000 (principal payments due October 2013 to October 2016) Principal due if paid early $1,903,125 (12.5% prepayment savings, due by January 6, 2012) Savings through early payment $ 271,875

  16. If the RCHS community can raise $300,000 more, we can capture the $271,875 in savings through early payment. DEADLINE FOR DISCOUNT SAVINGS December 31, 2011 Cash required to capture savings $1,903,125 (must be paid by 1/6/12) Cash available to pay off debt $1,603,125 (sources include capital campaign, project savings, low-interest rates) Additional Cash/Pledges Required $ 300,000

  17. What has been pledged and raised? • $1 million anonymous gift, no strings attached, to be used in any way that will encourage others to give. • $1,394,147 Additional pledges/gifts • $ 100,973 Staff, their parents, students • $ 12,366 Grandparents and friends • $ 63,335 Alumni and alumni parents • $ 233,162 Corporations, Foundations • $ 634,311 Current parents • $ 350,000 In-kind gifts, time, talent

  18. Building Our Future Pledges

  19. Think big in small steps. Stretch.Be creative. • $25K gifts ($674/month for three years) • $10K gifts ($278/month for three years) • $ 5K gifts ($139/month for three years) • $ 3K gifts ($85/month for three years) OR • Quarterly payments • Semi-annual payments • Annual payments

  20. Next Steps • If you have already pledged or contributed your support, thank you! • Consider accelerating your pledge payments. • Encourage others to help take us the rest of the way. • If you have not done so already, pledge your support by November 30, 2011. • Find out if your employer has a matching gift program. • Contact us to talk about ideas and possibilities.

  21. What does better economics mean? • Smaller classes and more electives for our students • A full-time teacher to work with struggling students • Restoring previously cut funds for • Textbooks • Department budgets • Cultural Arts programs • Conference attendance for faculty • Flex and Community Work Day programs • ropes course, opera flex, bus rental, outside presenters

  22. Building Our FutureOur Second Founding Successful completion of this campaign will secure and enhance the RCHS experience for current and future students and families. Your support will make a difference.

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