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Capital Investment

Progress Report

April 2008

You probably haven’t heard much about the capital investments lately, but the need remains part of our overall financial needs at Grace. As Yogi Berra would say, “It’s not over till it’s over.” Which in our case is February 28, 2009, at least for this extended time for the capital investments effort.

This fund, as you know, is critical to the lifeblood of our congregation and is used to pay our mortgage, buying down the mortgage principal, make capital improvements, and fund future campaigns. So far $88,840 has been pledged by 95 families.

In checking our records, we’ve noticed about 70 Grace families haven’t renewed their commitment yet for this ‘extended’ effort. Our best guess is that they:
A) misplaced the commitment card

B) were hiding in a cave the last four months

C) the dog ate it

D) the US Post Office commandeered all the mailings we’ve sent out

to their address!

Seriously, thanks to those who have pledged to help Grace build a solid foundation for next year.

Remember, if you still want to make a pledge, it’s not too late. For questions, contact Karen or call 763-421-6520.

Capital Fund Drive set to (re)launch February 2008

Overview

The “Building on God’s Abundant Grace” Capital Fund Drive campaign will continue through February 2009. The leadership team recommended (October 2007) and the Vision Board approved (December 2007) that the campaign be extended for one additional year. The target goal to reach by next year is $500,000 and so far $305,000 has already been received toward that total goal.

We will encourage

People who have been giving all along to the Capital Fund Drive to pray about continuing their pledge payments;

People (who were here when the campaign started) who have not invested yet to pray about making a financial commitment to the Capital Fund Drive effort; and People (who are new here at Grace) who know very little about the Capital Fund Drive, to learn more and pray about making a financial commitment to the Capital Fund Drive effort.

On February 23 & 24 at the worship services, there will be a celebration of the success to date of the Capital Fund Drive, along with an opportunity for everyone to make a commitment for the final 12 months of the campaign. On February 23 there will be an hour-long informational meeting that everyone is welcome to attend, to ask questions in detail about the campaign and this extension.

Fast Facts

The Capital Fund Drive started in 2006 with a total goal of $500,000. This was initiated after several years of prayer, discussion, fact-finding and consensus-building about what God was calling Grace to do.

Of the total, $250,000 was for improvements on the existing Round Lake building and $250,000 was for planning, drawings, and other pre-building efforts for the Nightingale site just north of Andover High School, near the new Andover YMCA and City Center.

The church owns this nine-acre parcel on Nightingale Road which God provided for Grace to explore and move toward having an additional location for “multi-site” ministry in Andover.

As the Project Management Team worked on implementing the improvements in spring 2006, they learned the total costs would be closer to $700,000, almost triple the original estimate.

With that information and through much prayer the congregation approved, in July 2006, the decision to refinance to pay for the much-needed capital improvements.

That vote to take on the additional debt increased the overall building mortgage for the Round Lake site to $1.6 million. (Our mortgage is now at 1.49 million).

Going forward the Capital Fund will cover all mortgage payments, extra principal payments, Capital improvements and future planning.

It became clear the primary focus needed to be on the existing building, particularly due to the strategic visible location, and also the Round Lake site’s proximity to people who utilize the Grace Food Shelf and rely on the Family Table dinners.

Plans for the second site remain in place and have not changed, but God made it clear it was necessary to complete basic improvements to the Round Lake site and also raise up a staff able to encourage and equip lay leaders who will be needed when the second site becomes a reality.

While that strategic focus (a second site) is still on the horizon, it’s vital now that Grace undertake an envisioning process during 2008 to clarify our vision, mission and values.

This needs to take place before Grace takes on any new and/or bold initiatives. Right now the strategic challenge is to stabilize and build on the foundation God has laid.

Grace stands at a critical crossroads, with significant challenges at hand, but at the same time facing an exciting future on the horizon as we look ahead to 2009, 2010 and beyond.

Please Pray

For the members of the staff and Vision Board at Grace–for wisdom; discernment; perseverance; and a passion for a shared vision of what God has in store.

For the Capital Fund Drive Committee chaired by Joan Flaaten and comprised by–Arlene Alberg; Sue Karlson; Johnna Hirt; Tom Johnson; and Chris Haynes.