Fire & Rain Capital Campaign
We are asking you to consider giving to Southminster’s Fire & Rain Capital Campaign. As the trustees indicated at the congregational meeting on April 28, we need to protect our building (and our finances) from the elements. We have been working hard to repay a loan used to replace our roof in 2015 and have done well, but we still have a balance that impacts our annual budget. We also have some other needed repairs relating to fire and water drainage (rain).
Our goal is to raise $51,000. We have already received gifts and pledges totaling $42,030 – we’re more than 80% of the way there! Please help us reach our goal.
Click here to download a pledge form. Please return your completed form to the church office or email the information to Judy Widen, our Keeper of the Pledges.
Please read on to learn more about this campaign, including the specific ways these funds will benefit Southminster.
Roof Loan History
In 2015, we replaced the flat portions of our roof, which were badly in need of repair, at a cost of $221,892. We held a capital campaign to raise funds for the roof, yielding pledges of $122,956 to be given over a three-year period from 2015 to 2018. That successful campaign enabled us to obtain a line of credit from the Synod of the Pacific, through which we borrowed $121,000. In 2017, we converted the balance owed on the line of credit ($85,000) to an amortized loan. The loan carries an interest rate of 4.75%, which includes a 0.75% reduction that was available to us because of our history of mission giving. The loan rate resets every five years. As of the end of the first quarter of 2019, our balance was $38,258.87. We have made an extra payment of principal of $5,000 with monies that were received in April 2019. With interest currently accruing, we need about $34,000 to pay off the loan. Absent gifts to pay down the loan, we would not anticipate paying off the loan until 2025.
Impact of Roof Loan on Current Church Finances
Our monthly loan payment is $528.42; accordingly, the 2019 budget contemplates paying $6,341.04 to the roof loan, much of which is interest. We would like to be able to spend that money on other Southminster needs! Other areas of the 2019 budget are tight, with allocations for many Southminster programs reduced from previous budget levels and no set-asides made for future building maintenance needs.
Needed Building Repairs
Parts of our building are almost 60 years old, and we can anticipate that we will have significant maintenance and repair expenses in the future. Two repairs need to be addressed now:
1. Fire Alarm. There is something wrong with one section of the fire alarm system that causes it to have frequent false alarms. We are experiencing issues with people either ignoring the alarm or simply turning it off to avoid the false alarms; obviously, both of these behaviors create a risk of injury in case we have an actual fire. We need to fix the system. We currently think that we can re-wire the faulty section. We expect this repair to cost $2,000. If rewiring doesn’t fix the issue, then we’ll need to replace the whole system. This cost would be significantly higher at $9,200.
2. Drainage system. After experiencing flooding in the sanctuary, we have been searching for the culprit in our drainage system. We have determined that a section of drainage pipe under the parking lot is collapsed and full of tree roots. It needs to be replaced. We expect this repair to cost about $15,000. The exact cost will not be known until the repair company actually digs up the existing pipe.
The Fire & Rain Capital Campaign Goal:
- Roof loan payoff: $34,000
- Fire alarm repair: $2,000
- Drainage system: $15,000
If we all join together to do what we can, we will meet our goal! Thank you for your support!
Fire & Rain Capital Campaign Committee:
Kirstin Fredrickson, Rick Collins, Michel Mouzong, Dave Pierce, Judy Widen