Dear Bellevue Church Family –
This page is a followup to the one which describes our kitchen renovation project as well as a wheelchair lift which will carry people between the levels of our church’s north wing. This current page contains a letter from Treasurer Jack Woosley describing in detail how we will pay for those two projects. (To review the project itself, click here https://bellevueadventist.org/?page_id=8124) — Pastor Maylan
Here’s Jack’s summary of the financial side of these projects:
PROJECT NAME: Kitchen remodel/wheelchair lift
COST PER BID: Kitchen remodel $193,000
Wheelchair Lift 57,000
HOW DO WE PAY FOR IT:
$97,600 — We have these funds on hand that have been specifically given for this project.
$15,000 — Washington Conference contribution for capital improvement
$112,600 – TOTAL Funds Available
Q. Where does the balance of the projected costs come from?
A. We will need to borrow monies to complete the project in a timely manner. We have two options for borrowing.
The first option is to borrow from the North Pacific Union Conference revolving fund for a set number of years at a fixed rate of interest.
The second (and preferred) option, which was voted at our recent Church business meeting, is to borrow from ourselves like we did for the over $300,000 Capital Improvement Program that was completed and paid for in 2014. Under this option we would use “reserve” monies that we have set aside over past years to meet anticipated operating expenses and major capital improvements such as roofing or replacing pews. It is anticpated that these funds will not be needed for several years into the future.
This borrowing-from-ourselves option requires no interest payment, but we would lose some interest on Certificates of Deposit (which currently is less than one percent per year). Of course, we would need to replenish these reserve funds in the coming months. This will be done by continuing to place funds from our cell tower lease ($1400 per month) into our capital improvement account AND introducing a more visible giving campaign among our Bellevue Church members, who repeatedly have shown themselves to be faithful and committed.
I believe with God’s blessings this plan is completely doable. One of the strengths of the Bellevue church is its “family time” spent in our fellowship hall eating and sharing with each other. This project, with the installed wheelchair lift, will enable EVERYONE to participate.
To return to the details of these projects, click here: