August 2024 Capital Finance Team Updates
Lutheran Church of Hope – Building Hope for the Future
Capital Finance Team Notes
August 20, 2024 – 9:00 a.m.
Opening Prayer
Agenda items:
A. Review status of available funds.
* Incoming funds are within $150,000 of the projected income
stream at this point. Thanks be to God.
B. Status Report: Retiring existing mortgage note. See attachment.
Be prepared for some discussion.
* Issues under consideration: the need for cash flow data from building team
in order to figure out possibilities for payoff/interest savings/non-payoff pros
and cons; the emotional components attached to making progress and closing
the current note; the intent of use of capital campaign gifts within the context
of the issue; the impact of waiting until we actually need to apply for the new
construction loan and having the current note absorbed or paid off; the timing
of construction has opened a window for accruing significant additional funds.
* See also the notes under G(a) below.
* Bill & Vic to visit with two members to present this, discuss, and seek their
input for additional advice, questions, and recommendations. The CFT may
need to meet twice in September to lay this out in a presentable format for the
congregation.
C. Review status of excess Building Fund transfer to CD’s and the
money market account.
* No current update from the bank on the total amount of CDs.
* Need to double check on how the decreasing interest rate will impact the
that are being held in the savings account. Also, the rate for the CDs needs to
be watched the next time they are rolled over.
D. Status of monthly reconciliations.
* No report at this time.
E. Pledge Status:
a. New pledges - 1
b. Status of Giving – one first-time gift from an out of state former member
F. Old Business: New Digital Sign
a. The sign was operational on July 8, 2024. Natalie has been
trained and the old sign was torn down July 11th .
G. New Business
a. Report: LCHope Building Committee progress.
* Meeting on Thursday 8/22/24 to discuss pulling together
the proposal for the congregation to consider.
* From the time the vote is taken on moving forward and
permit processing, it will be an additional 9-12 months
before ground can be broken.
b. Update/Refresh of eAnchor ‘blurb’ and graphic
* Marie and Sandy will work with Natalie to update the
graphic, and set up a process for updating and changing the
information that is included every 3rd Thursday.
H. Next Meeting: Sept. 17th, 2024 at 9:00 a.m. (possibly earlier,
watch for email from Vic)
I. Closing Prayer