Pastoral Housing Campaign
Frequently Asked Questions
Q: What is our capital campaign goal?
Our direct goal is to raise $1,188,000 in order to buy out the Gilliam’s share of the home we (the church) co-own with them. To be fair to the Gilliams, we are asking to receive your pledge no later than Sunday morning, December 2. This will allow them to know quickly which path this process is taking. We are then hoping all pledges can be paid no later than January 31, 2019.
Q: Can the Gilliams buy this home instead of the church?
The Gilliams were given the first right of option to buy out the church. They have chosen not to exercise that option. They are now ready to look for a new home but must wait until our process concludes so that they can buy another house. That is why we want to raise these funds as soon as possible.
Q: Why aren’t we just selling the co-owned home?
The Elders and the Foundation have determined it is in the best interest of the church to fully own some homes for pastoral housing in order to minimize the long-term cost of enabling our pastoral staff to afford housing in this area. This home, being already partially owned, makes perfect sense to be the first one we buy. By buying this house, we save the transaction costs of both a sale and a subsequent purchase on the open market. It is a nice home in a nice area and not as expensive as most homes near the church.
Q: How was the price of this house determined?
The price was determined by using a fully qualified and experienced appraiser.
Q: What happens if we exceed our goal amount?
All funds raised in this campaign will be placed in the restricted pastoral housing fund and used solely for pastoral housing needs. We anticipate in coming years we will inevitably face turnover among our pastoral staff, and each time we do, we will likely need to supplement housing costs for the next pastor.
Q: What happens to my pledge if we don’t reach the goal?
Our need for more pastoral housing funds remains whether we buy this house or not; therefore, all donations to this pastoral housing campaign will go into a special restricted fund to be used solely for pastoral housing needs. This house would then be sold and the church’s share of the proceeds would also go into this restricted pastoral housing fund. Those funds would be used to help solve the housing needs for our next lead pastor. We may need to raise additional funds to do that, but the deadline for those additional funds would be in the future.
Q: How was the $1,188,000 goal amount determined?
The fund raising target represents the Gilliam's share of the house, less $250,000, which is a portion of the funds we already have on hand in the Foundation. We did not assume use of all the Foundation funds currently on hand as we need to maintain a prudent reserve to handle costs that may arise as homeowners.
FAQ last updated: November 13, 2018