Chalice Capital Campaign Update

Dear Chalice Members and Friends,

 

2020 has been a hard year in so many ways. And while the end of the coronavirus pandemic is in sight, the coming months will continue to be difficult.

 

But the news isn’t all bad, and we want to share a wonderfully positive update on the status of the Chalice Capital Campaign as we approach the end of the calendar year.

 

First, here is a review of the Capital Campaign, and why we voted to move forward. When we launched the Capital Campaign in 2018, Chalice owed around $1 million, a combination of $155,000 deferred rent we owed on the Sanctuary and our mortgage on Fellowship Hall.

 

The size of the mortgage and the monthly payment has been a heavy burden. Chalice was consistently spending about $40,000 more every year than we were bringing in. At the start of the campaign, we had about enough cash to make it three years before we would be flat broke and no longer able to cover our expenses.

 

The good news is – you stepped up! You showed your commitment to this congregation and pledged $826,418 to the Capital Campaign, to be paid over three years. So generous!

Thank you.

 

Here is a financial update, as of Dec. 1, 2020:

 

Capital Campaign Pledges: $826,418

Pledges Received: $692,788

Pledges Unpaid: $133,630

 

We don’t have that much further to go! We don’t anticipate receiving every dollar pledged, since it’s typical to bring in about 95% of pledges. Our review of the outstanding pledges indicates we estimate and hope to bring in about $94,000 of the $133,630 in unpaid pledges. If more, that would be wonderful.

 

We have also been given other funds from members (and some non-members!) over the years, which the Board has elected to allocate towards the mortgage. Also, many people have paid their pledges in full earlier than expected. This has allowed us to further reduce our debt since we have aggressively paid down the mortgage with those funds. According to Treasurer, Dave Buss, once he applies the $38,880 currently in our Capital Campaign account, our remaining mortgage balance will be $151,085. This puts us on track, assuming the pledges we anticipate receiving, to have a relatively small, and quite manageable mortgage balance at the end of the Capital Campaign drive!

Next year, 2021, is Chalice’s 60th anniversary! Wouldn’t it be wonderful to be able to retire our mortgage entirely that year? We invite you to hold that vision with us.

 

As we approach the end of the year, we would encourage those of you with an outstanding Capital Campaign pledge, and the capacity to do so, to please get your pledges in as soon as possible. That way it may go towards your end of year charitable giving. If you joined our community after the start of the Capital Campaign and have not participated, but are moved to contribute to this Capital Campaign, we would be enormously grateful. Please reach out to Don Cooper to do so.

For those who don’t expect to be able to meet their pledge, we understand circumstances have changed for many at this time. Please don’t hesitate to reach out to either Don or Jason to update us or discuss your situation. Thank you.

 

We are so grateful for your generosity and belief in the mission and work of Chalice. Just this week we brought food to over a hundred frontline healthcare workers, thanks to your generosity. We can do so much more together than we can alone. Paying off our mortgage will free us up to do more important work in our community and beyond, spreading more love, compassion and justice to all.

Sincere thanks and Happy Holidays!

Jason Hall, Board President

Don Cooper, Stewardship Chair

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