This letter is a follow-up to my last parish update, which was distributed in the 3-4 August bulletin. In it, I mentioned the progress we are making at reroofing the church.
We had hoped to start the project a few months ago, but it took longer for us to collect information, to collaborate with diocesan offices and banks, which bid on offering a loan. With hope, we will begin in September.
Here is where we stand:
- We have accepted a bid from Ky-Ko Roofing Systems for $239,000.00.
- We received bids for a loan of $225,000.00.
- We have accepted a commercial Real Estate Loan for Improvements bid from KS State Bank. Part of the bid includes moving our accounts to that bank. Due diligence in research brought our finance council to the conclusion that this bid was the best. Diocesan officers will support our arrangements.
- We have received diocesan permission to solicit donations to pay off the loan as quickly as possible. These donations will not be assessed as regular income.
- An initial and large down payment against the loan will be about $85,000.00. This large down payment comes from your generous response to the diocesan capital campaign called Together Let us Go Forth / Juntos Sigamos Adelante. You might recall that 35% of your donations come back to the parish and this makes up the large down payment on the loan to be made. So, it is important to be faithful to your pledge so that the campaign can meet its overall diocesan goals and our parish can count on the 35% return twice a year.
It is important to note that we are not compounding an existing debt. Until this necessary project, we have been a debt-free parish.
I am asking that you prayerfully consider a special donation to be used exclusively to pay off the debt incurred by the need for a new roof. I know that we have been pushing the envelope when it comes to financial campaigns, but a leaking roof has become an issue we cannot ignore.
Please use the enclosed special envelope when donating to this roof fund. All donations will be credited against the loan for the re-roofing work. All donations are also tax-deductible. In all cases, however, make sure that we know your donation is for the roof.
- $239,000 Roof Reconstruction expense
- $85,000 First Payment applied to the loan from the Together Let us Go Forth Fund
- $154,000 Remaining loan balance we need your help retiring
Thanks so much for your consideration in this matter. This work needs to be done and your support will not only pay off the loan as quickly as possible, but it will ensure that we can keep up the regular financial obligations of the parish to which you have been generously supporting.
Fr. Thomas Hallsten