August 28 Building Update 020
Financial Update. The Building Surge has generated $14,735.30 MTD in contributions and $113,894.88 YTD and is showing no signs of slowing down. To pay-off the land loan, an additional 159K will be needed in Building Surge contributions.
The General Fund has received contributions of $38,493.38 MTD. General Fund contributions are running behind the 50K budgeted amount per month which will cut into the margin created over the first 7 months of the year unless there is a strong finish in the last 3 days. Any additional contributions to the General Fund to help make budget in August would be much appreciated!
Leverage. I had mentioned in Building Update 013 that we were starting to see giving in general being leveraged by the sheer number of individuals and families participating in Regular Giving, Stretch Giving and Building Surge fundraising efforts. So, with this update, I would like to drill down into some more detail and numbers.
Below is an estimate of where we were back in February/March when the Building Surge first started (by percentage of regular giver participation as a function of time) to where we are now, and where we will need to be by the end of September:
DATE PARTICIPATION* REMARKS
February 2020 10-15% Pre-Surge Commitments from Leadership
March 2020 15-20% 21 Day Fast and Commitment Day
May 2020 20-25% End of initial Surge & Stretch period
Jun – Aug 2020 25-35% Surge & Stretch Challenge extended
September 2020 55-60% Participation needed by September 30th to pay-off land and create sufficient margin
NOTE: Definition of leverage – to use (something) to maximum advantage –Oxford Dictionaries
*It is hopeful that more and more of our congregation (regular givers and first-time givers) participate over time in fundraising efforts as we will need increased margin in the General Fund to generate the necessary working capital for the building project and sufficient Building Surge contributions to pay for the land, establish the Reserve Fund and have sufficient working capital for building related expenses prior to seeking bank financing.
If you would like to make a contribution to the General Fund or Building Surge, you can do so here.
Derrick Horres, Project Leader