On the Move
What is the On the Move campaign?
On the Move is a three-year stewardship campaign that we launched on July 1, 2007 and it runs until June 30, 2010. The campaign’s primary focus was the purchase of a permanent facility for our location.
What were the terms of the loan that we took out to purchase the Trinity property?
Lakeville purchased the Trinity E-Free property in June 2006 for $3,200,000.
Loan amount $2,560,000 - ($3,200,000 purchase price minus down payment of $640,000).
Interest only payments from July 2006 – June 2010 plus required principal payments of $760,000.
Interest and principle payments start in July 2010.
Current interest rate 7%.
|
$2,560,000 |
Total Loan Amount |
|
- $430,000 |
Principal Amount Paid YTD |
|
$2,130,000 |
Balance of Principal Remaining |
|
-$330,000 |
Required Principal Payment due: 6/19/10 |
|
$1,800,000 |
Balance of Principal still due |
What is the status of the On the Move campaign today?
Status of On the Move campaign as of January 1, 2010
|
$934,900 |
Current Commitments to On the Move |
|
$644,182 |
Commitments collected to date |
|
$290,718 |
Remaining commitments to be paid |
At the end of the campaign June 30, 2010 there will still be a $1.8 million dollar loan balance; how do we plan to pay for the principal and interest on this balance?
Using a 25 year amortization schedule and the current interest rate, the monthly principal and interest payments on this loan balance will be approximately $12,725 per month. We will need to see a similar dollar increase in our monthly general fund giving in order to cover these monthly payments from our general operating budget.
