I thought I’d use this column to give you all an update on the status of our capital campaign and our bridge loan to the diocese.  I mentioned to you in a bulletin earlier this year that we were taking out a bridge loan from the diocese to pay our final construction costs.  This was expected, as we haven’t yet collected all of our pledges from the capital campaign.  (Payments will continue on campaign pledges throughout the rest of this year.)  The bridge loan enabled us to pay off our final construction costs while we await the receipt of these payments.


I also mentioned in that same bulletin that our total collections from the campaign will end up falling short of the total construction costs, although I didn’t have a final number to give you at the time.  While I think we and our contractors did a really good job of keeping our construction costs under control (especially since this project took place right in the middle of the COVID pandemic, which created a ton of challenges for us), we still had some unexpected costs in completing the addition.  The bridge loan will allow us to pay down these cost overruns without re-opening a campaign or dipping into savings, since it allows us to spread out these costs over three years.


Since we’ve now started paying on the principal of this bridge loan, we’ll begin publishing a monthly report on our progress so that you’ll be able to see the exact amount of our debt to the diocese, as well as our progress in paying it down.  All of you were so unbelievably generous in making this project happen, so I want to make sure we’re as transparent as possible in letting you know exactly how your money was spent, as well as allowing you to see how we are trying to exercise good stewardship over our resources.  The first of these reports is included in today’s bulletin.  From here on out, you’ll see a similar report every month until the debt is paid off (since we are making payments once a month).


During the campaign we promised that we would be able to construct this addition without taking on long-term debt and without using our savings.  I’m very proud that we will be able to do that – it’s a real testament to the incredible support that our parishioners provided to make this campaign successful.  We’re also grateful to the diocese for allowing us to pay this back over the course of three years so that it minimizes the impact of this loan on our operations.


With that in mind, we are so grateful in advance for the payments that you continue to make on your campaign pledges through the end of the year.  I hope this monthly report shows you how important your payments are!  Also, we’ll continue to provide the pink envelopes in your packet each month until the loan is repaid, so that any amount you choose to contribute in these envelopes goes toward this loan repayment.


Finally, I just wanted to let you know that we are still looking into the exterior renovation that we promised during the campaign.  We had assembled a committee before COVID hit, and we will bring this committee back together over the summer to make sure that we address this need in an effective and responsible way.


Thanks for all that you have done to support our parish throughout the campaign, construction and pandemic.  In a time that is challenging for so many, it is exciting and humbling to see our parish grow.



(Linda, here’s the report that I’ll want you to print each month.  As soon as Abby sends you updated numbers for the month, print the revised report.  If you go a month without getting numbers from her, please reach out to her.  She typically runs this check at the end of each month. Make it a little prettier than I have it below.  The numbers in red are the numbers that will change month to month.  All the numbers in black will remain the same each month.)


Update:  Payment on CTK’s Bridge Loan to the Diocese


Original Project Estimate:  $5,644,196.99
Total Cost Overruns:  $153,391.00

Final Construction Costs for the 2020 Addition:  $5,797,587.99

Total Pledges Collected to Date:  $4,925,648.26

Total Pledges Still To Be Collected:  $526,938.55

Total Owed by CTK to the Diocese after All Pledges Are Collected:  $502,841.73


Total Bridge Loan Taken from the Diocese:  $1,141,497.40

Last Month’s Loan Payment:  $35,246.56

Total Loan Balance Remaining:  $1,029,780.28