Special General Assembly: Master Plan Next Steps – Jan 27, 2013

$1,572,729 Donations & pledge payments$ 285,000 Festival (2004- 2012)$ 12,996 Car Raffle - net$ 37,000 Transfer from Operating Fund (2008)$ 36,244 Interest Earned (total since inception)$ 30,000 Philoptochos (2008)$ 18,425 Tax Refund Program (2008)$ 9,876 Spaghetti Dinner net$ 8,213 from Dances net$ 3,930 Lenten Soup, Tsourekia$ 1,371 Variety Show$ 714 Misc$ 2,016,498 Total

Building Fund - Sources of Funds

$ 131,245 Stewardship Advocates (Father Anthony)$ 49,115 CJK Design (Christ Kamages)$ 8,960 Site Survey$ 4,067 Printing$ 1,862 Misc

$ 195,249 Total

Building Fund - Uses of Funds

$6.20 M Estimated project cost

Available Cash & Commitments

$1.85 M Cash in Building Fund

$1.20 M Commitments Due

$3.05 M available cash + commitments

30% of Stewards participated

No gifts or pledges over $150,000

Capital Campaign Results

• $3M available – 50% of our goal !

• 30% participation rate

• Maintain agreed to Byzantine design, features

• Affordability

• Economic difficulties to raise additional funds

• Cost projections to build

• When to build? • Success requires leadership gifts AND full

participation of all stewards

Factors we considered

Phase 1 Sanctuary

• Sanctuary • Lower Level, Shell only - unfinished

(future includes upfit of gathering area, classrooms, storage, bathrooms, kitchenette, offices)

• New auto drop-off & entry drive, landscaping and retaining wall

• Choir Balcony / 3 floor elevator• Expanded administration • Library, Book Store

$6,200,000Recommended: Full build-out of Phase 1

We do not recommend:

• Adjusting design points – i.e. simpler design,

with the same basic features

• Taking out a mortgage

We do recommend:

• Continuing capital campaign

• Continuing to evaluate cost basis

How could we build sooner than later?

• Continue to evaluate cost basis

• Continued discussions with architects

• Planning with City of Raleigh

• Continue Capital Campaign

• Leadership Gifts

• Full participation – no gifts too small

• Legacy & Endowment Society

Next Steps

With full participation we will

accomplish our goal !