September 14 Building Update 060
Ok, Ashley Ridge Church fam, I hope everyone had a great and restful Labor Day weekend as we have our work cut-out for us the rest of the year! We are 20 months into the building project and the capital campaign to raise the necessary funds for the building project.
We are also 20 months into the Operating Budget Freeze with the goal of maximizing Operating Account savings & margin and 20 months into having good Comparables better known as “Comps” in which to go by and chart our financial progress.
Comparables. Here are some of the Comparables (Month Ending 8/31/2021) we are using to gauge our financial progress and to prepare for bank financing of the construction loan early next year:
YEAR # MONTHS TOTAL GIVING AVG per MONTH
2020 12 $811,475 $67,623
2021 8 $447,459 $55,932
Total 20 $1,258,934 $62,947
With four months left in 2021, we need the following to make 2021 comparable to 2020 with regards to total annual contributions received:
$811,475 Prior Year – $447,459 Current Year = $364,016 Difference
$364,016 divided by 4 Months Remaining = $91,004 per Month
Construction Loan. Since the amount AR can qualify for with regards to the construction loan is partly based on a multiple of total annual contributions received, we still need $364,016 in contributions to match the 2020 total of $811,475 in 2021 to maximize the amount AR can finance. This works out to an average of $91,004 per month for the remaining 4 months of 2021.
Project Update. We are finally scheduled to receive the boundary survey from Lennar later this week, and our attorney is reviewing the swap agreement. SO, hopefully, this will be a BIG week for moving forward with the building project!
If you would like to make a contribution to the Building Fund or General Fund, you can do so here.
Derrick Horres, AR Building Project Leader