On July 30th, we held a congregational meeting to discuss our plans for the rebuilding project of our sanctuary. Since not everyone was able to attend the meeting, we felt it prudent to provide a summary of what was discussed.
General Church Information
Information was shared as to the Church's current financial state, which includes
· A 2023 annual budget of $345,000
o We are on target with expenses running about $23,000 higher than giving, comparable to previous years.
· The Church remains debt-free, having paid off our mortgage of over $350,000 in 2020
· Current assets earmarked for capital and building expenses are about $300,000 in a Vanguard Money Market Account
Updated Building Project Estimates
The building team has spent the past few months reducing the scope of the project to a total cost of $985,000.
· Estimated Bid from Contractor - $885,000
· Technology Expenses - $100,000
Updated Project Differences
The savings from our initial project proposal of $1.5 million to $985,000 include some significant differences, I’ve outlined some of them below.
· Structural Changes
o We will still replace the roof and internal joists.
o Instead of filling the walls with concrete and using a steel bar for stability, the new plan calls for carbon fiber sheets bonded to the walls to provide stability and strength.
· Sanctuary Layout Changes
o We will still remove the steps and stage from the sanctuary and investigate in a movable stage to give us the option to continue worship horizontally or vertically as needed.
· Narthex
o We’ll keep the overall size and shape of the narthex the same, instead of moving the wall.
§ We will replace the entry and sanctuary doors with full glass to give more light and an open feeling.
o We will not remove the asbestos in the Narthex but rather encapsulate it.
· Heating and Air Conditioning
o We’ll still need to replace the air conditioning coils, but existing ductwork and air handlers will remain.
o We’ll also keep our furnaces and baseboard heating.
· Underground
o We will still upgrade the bathrooms in the underground as we prepare to utilize that space in the future.
Feasibility Study Results and Interpretation
In the Fall of 2022, MUMC engaged with Horizon Stewardship to perform a Feasibility Study, and the results were reported
· For the 2017-2020 God @ Work Capital Campaign
· $375,000 was raised
· 2023 Capital Campaign Expectations
· Reasonable expectation of raising $500,000 - $600,000
Debt Possibilities
Assuming a project cost of $985,000, minus $500k from a capital campaign and $300k in reserves, that leaves about $185,000 to be mortgaged
A 30-year mortgage @ 7.8% interest would be an annual debt service of about $16,000/year over and above regular giving and capital campaign pledges.
Next Steps
While no plan is perfect, the building committee believes this is our best option and way to move forward. There are next steps for a project of this magnitude, and some will be taken simultaneously.
· Reengage our architect to finalize blueprints and restart the bidding process.
· Reengage Horizon Stewardship for an updated feasibility study and begin a capital campaign
· Once the building committee receives bids and the feasibility study, we’ll have a congregational church conference to vote to accept the blueprints, contract a builder, take out a building loan and begin construction.
No decision will be made without your knowledge and consent, as we continue to navigate moving forward, we'll keep making updates and provide information.
Keep the faith!
Jesse Ruch
Pastor, Marlton UMC
