Building Update 126- Internal Funding Plan – Deep Dive

“Internal Funding Plan – Deep Dive

April 16, 2024

Countdown:  We are T – 5 Days to Groundbreaking, and we are “go” for launch!!!  With the beginning of the active construction phase just hours away, I thought it would be a good time to do a “Deep Dive” into the Internal Funding Plan.

The goal of internally funding the difference between what the bank is providing in the way of a construction loan and the total cost of the project is really the last major hurdle we have to clear before realizing the dream of a completed new Ashley Ridge Church home base. Are we up to the task?  You bet we are!

Background:  With the terms of the construction loan, the bank will pay 64% and AR 36% of each invoice received from Trident Construction (General Contractor) during the 18 Month Construction Period or until the Building Project is completed whichever comes first.  To this end, AR has been adding to its Reserve Fund (from Margin & Building Fund contributions) as we have been able in preparation for this very moment.

SO, being able to internally match funds provided by the bank with the construction loan in a ratio of 64% to 36% is a critical task for the success of the project.  Proactively, AR has been able to save a large portion of these “Matching Funds” already and has enough in its Reserve Fund to get us started, through initial Sitework and into early Vertical Construction.

Ashley Ridge has also received many new commitments (71 cards for $807,941.57 Pledged) which will provide another block of “Matching Funds” each month via margin as we work our way through the construction period.  The remaining block of Matching Funds will need to come from Milestone Giving and will be internally funded by “One Time Gifts (OTGs)” tied to specific Project Milestones.

The first of these Project Milestones is Groundbreaking and is this Sunday, April 21st at 4 pm!  There will be other Milestones to follow:   i.e. Vertical Construction, Raise the Roof, Certificate of Occupancy (CO), Move-in Expenses (Furniture & Fixtures), etc.      

Bottom Line:  The church needs to stay ahead of the funding power curve!  SO, if you would like to fill-out a Commitment Card or make a contribution, you can do so during worship on Sunday morning, online or look for the teal tent at the Groundbreaking Celebration.  We will have an Offering Box located there with representatives from the Building Team ready to answer your specific questions.

If you would like to make a contribution to the Building Fund or General Fund or fill-out a new Commitment Card, you can do so on-line via the church website:  CLICK HERE

~Derrick Horres

AR Building Project Leader

Download the Ashley Ridge Church App!

The Ashley Ridge Church app is the best way to take us with you wherever you go. You can use the app to watch our live stream, take sermon notes, follow Bible-reading plans, give right from your smart phone, and so much more. Download the Ashley Ridge app today!