By Ann Hart, Business Manager
Our Capital Campaign Projects
How they are being funded, what are the anticipated/actual costs and what has been received/paid to date.
Living Our Mission, the Diocesan 5-year Capital Campaign Appeal, began in the Fall of 2014. The goal for Immaculate Conception, which was set by the Diocese, was for $660,000. One-third of anything received would be returned to the parish for their established Capital Projects. If the goal was surpassed, the parish would receive two-thirds of the overage. Through the generosity of our parishioners, our pledges totalled $710,557. During the five-year period, as the Diocese receives the pledge payments, our returned share should be $253,705.
In continuing to participate in the Diocesan Annual Appeal, we will also receive 20% of a predetermined goal and 50% of monies received over that goal. The current Appeal, which has a target goal of $29,030, has now reached $31,003! As of this date, $6,793 will be returned to the parish.
Along with the bi-monthly Capital Improvement Collections, we also transfer money from our collection tithes to increase the amount in a restricted fund to enable capital repairs, equipment replacement and building upgrades. These fiscally responsible efforts have been ongoing for over 20 years and has enabled us to fully pay for past improvements without the need for special collections or bank loans. And because of tithing, any contributions during our fiscal years that are above our budgeted expenses are transferred to unrestricted bank accounts to be used for any needs of the parish.
In last weekend’s bulletin, we mentioned that the construction costs for the Kitchen remodel was greater than what we originally projected. And because of unforeseen obstacles, there were also additional expenses that have been incurred. The following computations show the five-year projection of the amount of funds we should receive, the costs of our Campaign projects and the amounts we have received/paid to date.
Over the five-year period, the anticipated funds will actually be more than the costs of our current projects. However, since the total of the funding is projected in future dates, the costs will require current funds. Therefore, we will transfer money from our unrestricted accounts and reverse the transaction when the funds are actually received.