The UUFS Board of Trustees has approved a capital campaign to pay off our only debt, our building mortgage, by December 31, 2012. In addition to the general advantages of becoming debt-free, there is a short-term benefit: getting the mortgage payments out of the operating budget in order to free up funds for sustaining ministry. The remaining mortgage payments will be paid from the capital fund as money flows into the fund from the capital campaign.
Here is a quick overview of the campaign. Please read the article in the February UUtopia for a more detailed explanation.
“Into the Future”
Capital Campaign
Goals
To become debt-free by retiring our building loan by December 31, 2012
To eliminate loan payments from the annual operating budget starting July 1, 2010
To fund quarter-time ministry entirely from the operating budget
To lay the financial foundation for a future expansion of ministry
To save over $4,000 in interest payments
Loan information
Principal balance (after February 1, 2010 payment): $38,531
Interest rate: 6.5%
Maturity: September 1, 2017
Payment: monthly $539.08; annual $6,468.96
Proposed payoff schedule
Paid from the “Into the Future” fund:
Monthly payments from July 2010 to December 2012 (30 payments = $16,172)
Final payoff in December 2012 ($26,321)
Total: $42,493
Capital campaign target: $42,493
That amount is similar to the amount of our annual pledges.
On the average, we need donors to make a one-time capital campaign pledge similar to their annual budget pledge.
Payments on the capital campaign pledge may be made anytime between now and December 2012.
Kickoff: Annual Congregational Dinner
The dinner on March 6 will launch both the annual budget drive and the capital campaign. Pledge packets will be distributed at that time.
