Ground breaking is anticipated for Spring 2010. With everyone working together, being Faithful to the Future, we will reach our goal for a new Fellowship Hall. Thank you for your generous support.
Faithful to the Future Questions & Answers
As the progress toward the removal of our current fellowship hall and the construction of a new one moves forward steadily, some questions have arisen which need clarifying answers.
1. Where are we financially as a congregation in terms of funds raised, and how far have we to go? As of the end of August 2009, Asbury has received over $1.3 million to apply to the cost of this undertaking. We anticipate that by the end of 2009 approximately 1.4 million will have been dedicated for this purpose. The original goal for costs was $2.5 million, with some unexpected costs and contingency requirements that will be exceeded by perhaps as much as $200,000.
2. Why the second campaign? Weren’t we done with raising funds the first go-round? Since our total cost will be at least $2.5 million, we need to raise, at minimum, $1.1 million to cover our original goal. That $1.1 million is the goal of our second and current fundraising effort: “Faithful to the Future: Final Phase.” When the 2006 campaign was undertaken the information provided expressly noted that this was to be the first fundraising effort by Asbury, as the goal for that campaign was $1.5 million, which would have left us short of our projected costs by about $1 million.
3. When will we see visible progress toward a new building? The Building Committee has set a projected start date for construction to begin on or around April 1, 2010. That will be preceded by deconstruction of the current fellowship hall, probably in March 2010.
4. Will we have debt at the end of the building phase? If so, how much? There will be debt after construction is completed and we move from a building loan to a mortgage type instrument. We will be seeking loan support in order to get the construction underway. The amount of the debt will depend on the level of giving during the first year or so of this current “Final Phase” campaign. It is anticipated that for every dollar given before the end of 2010, it will reduce potential debt by one dollar plus interest. It is critical that we keep the momentum going toward paying for the cost of this building and don’t let it drag far into the future. There is a desire to avoid a long-term debt like that which we have carried on the Sanctuary for the past 17 years, which we anticipate paying off by the end of 2009.
5. How will we pay it off and when? The loan will be paid off as quickly as possible. Contributions during the 2010-2012 “Final Phase” period will all go to keep the debt as low as possible and then to pay down the principal as quickly as possible. After 2012 the mortgage taken after the construction phase is over will be paid out through additional debt retirement campaigns of one type or another.
6. What if I made a commitment in 2006 and will not be able to pay it off before the end of 2009? What do I do about making a new commitment for 2010-12? There are those households, whether through economic challenges or overestimating the ability to pay off the pledge made in 2006, still will be seeking to meet those obligations into the “Final Phase” period. That faithfulness to the original commitment is greatly appreciated, but let’s be gracious rather than strict. Do what you are able to do and in the time you need. If you wish to commit additionally to the “Final Phase” period, do so in light of your earlier commitment and plan accordingly. While everyone is invited to sacrifice toward this common goal there are circumstances which require adjustments. Do as God leads you and it will be a blessing to you and to Asbury.
A fly-over of Asbury's proposed new Fellowship Hall
A fly-around of Asbury's proposed new Fellowship Hall