September 2024 Capital Finance Team Updates

Lutheran Church of Hope – Building Hope for the Future
Capital Finance Team Notes
September 17, 2024 – 9:00 a.m.

Opening Prayer
Agenda items:
A. Review status of available funds.
• August Building Gifts - $29,336.00
• July Building Gifts – $313,491.00 (check to $209,00.00 to US Bank for
high interest account earnings)
• Payments on pledges to date (Sept. 16, 2024) in Walshware:
$2,001,603.96
B. Status Report: Retiring existing mortgage note.
• Ultimately, paying off the existing $720,000.00 mortgage note @ 6.25%
would not result in significant savings when factoring in the potential
new loan and its current interest rate.
• The CD’s have made $18,000.00 @ 4.9%. If that money is used to pay
off the loan, the revenue on those CD’s becomes unavailable.
• Bill and Vic will continue to pursue meetings with two members of Hope to discuss
pros and cons.
C. Review status of excess Building Fund transfer to CD’s and the money market
account.
• 3 CD’s will mature in December.
D. Pledge Status:
a. New pledges ~ New Member class?
• One confirmed new pledge. PScott will send out letter.
• New Partners in Mission classes the first 3 Sundays of November. CFT
will attend on the third Sunday to present and offer pledge cards.
b. Status of Giving
• Total pledges to date (Sept. 16, 2024) in Walshware: $2,103,507.90
• Payments on pledges to date (Sept. 16, 2024) in Walshware:
$2,001,603.96
c. October Giving Statements: letter/insert?
• Members of the committee are giving input/feedback on letter to be
included
• A separate letter will be sent to those who have completed payment of
their pledges.
E. New Business
a. Report: LCHope Building Committee progress.
b. Status of ongoing communications in e-Anchor
• The Peek Behind the Curtain is well-received. Members of the
committee agree that any numbers discussed and agreed to in our
meeting are allowed to be published.
• The next blurb will be in the eAnchor on Oct. 18th .
F. Next Meeting: October 15th, 2024 at 9:00 a.m.
G. Closing Prayer