St. Margaret’s Vestry is
sending this as an update for the entire congregation on our Launching The Ark capital
campaign and the building expansion and remodel.
The total amount pledged to
date is $1,804,490.The goal for the
campaign is to raise $3,750,000.That
amount would allow us to pay off all our existing debt, build the new wing on
the church, and complete some remodeling on the existing building.
Currently we have completed 3
of the 5 stated goals going into the campaign.
-Pay off the
diocesan debt
-Pay off the first
mortgage
-Pay off the line
of credit
Completing these 3 goals
spent $1,007,299 leaving a pledged balance of $797,191 to apply against the two
remaining goals of building the education wing and remodeling our existing
building.
Near term there are some
steps the Vestry believes we can take to lead St. Margaret’s in the direction
of achieving these goals.Some of these
can be done within our current operating budget, including:
-Replace the carpet
in areas where it is worn and/or wrinkled with stained concrete similar to
existing stained concrete in the worship space and the Youth room.
-Fix the lawn sprinkler
system so we can keep our green areas green and growing.
-Seal/stripe the
parking lot to slow its aging process and avoid the need for more serious
repairs in the future.
Steps that we can take toward
the longer term goal of building the new education wing include:
-Continuing to
educate the congregation about our overall Capital Campaign Account balance and
our progress on collecting pledges
-Educating the
congregation on planned giving and how that impacts the capital campaign,
especially regarding the match challenge we have to match dollar for dollar our
contributions once they reach $2,000,000.
-Set realistic
timelines and pledge/collection goals so we know when it makes sense fiscally
to commit to construction.
-Look for design
changes within the architectural design that can save money without sacrificing
the functionality or aesthetics of the building.
This Vestry is committed to
helping St. Margaret’s move toward our ultimate goal of new and remodeled
facilities AND continued fiscal responsibility.We are prayerfully considering all this in an effort to further our
ability to spread the good news of Jesus Christ to our neighbors near and
far.We feel with a clear plan toward
this goal our faith gap between where we are and where we want to be will be
bridged with God’s help.We will
continue to communicate our status and welcome congregational feedback.
Yours in Christ,
The Vestry
The Diocese of Arkansas The Episcopal Church in Arkansas
22 April 2008
The People of St. Margaret's Church 20900 Chenal Parkway Little Rock, AR 72223
Dear members and friends of St. Margaret's:
I want to express my sincere thanks for the great progress you have made at St. Margaret's as you get ready for the next phase in your life as a congregation. Your new capital campaign and the repayment of existing debt are testaments to your willingness to grow as a congregation and follow the vision of where God is leading you.
It is always good to see a mortgage burned and money freed up for other uses. In your case, the payoff of diocesan loans will enable us to start looking at the next place that needs the presence of an Episcopal congregation. So, in your own way, you are already helping birth other churches.
My hope is that we all continue to work together to find new ways to bring good news to people who are hungry to experience God's love. With ever best wish I remain
Faithfully yours,
Larry R. Benfield Bishop of Arkansas
Our Vision for Ministry for St. Margaret's
St. Margaret's continues to grow - in the realization of our mission to build God's Church in west Little Rock; in reaching out to the community through service ministries; by providing a place for worship, for renewal, and for learning; and in growth of our church family.
We embrace the expansion of our community and our programs, and are in need of expanding our facilities to accommodate congregational growth and the further development of our baptismal ministries.
"Launching the Ark: The Incredible Journey" will equip St. Margaret's to respond to our mission to build God's Church through the power of the Holy Spirit in body and soul.
In order to make way for building and renovation projects, we must first retire our debt. It was the vision of the Diocese of Arkansas and support of churches around the state that made it possible for St. Margaret's to be built. In this campaign we would like to pay a ten-year-old debt of $150,000 plus interest to the Diocese.
Construction cost of our current facilities was $2.5 million plus furnishings. Our mortgage balance, as of July 5, 2007, was $490,905. The Diocese also secured a $300,000 line of credit from a local bank to fuel our growth. This campaign must raise $273,991 to retire this debt.
A capital campaign conducted in 2003 raised $1,121,613 in pledges for reduction of our total debt of $1.7 million at that time. Feedback from congregational Cottage Meetings last summer revealed interest in building an Education Wing, as well as the new Worship Center. The Vestry and Finance Committee considered both possibilities and determined that construction of an Education Wing is the logical first phase of St. Margaret's newest building projects.
Construction cost for the Worship Center will be approximately three times that of the Education Wing. The Education Wing will enable us to meet current space needs as well as provide for growth so that we will be in a position to build the new worship facility.
Space in the proposed Education Wing would include classrooms of several sizes, offices, and a multi-purpose auditorium utilized for lectures, audio-visual presentations, and worship. The building will provide space for a center for research, education and training in theology, spirituality, and ministry. This center will serve as a resource for St. Margaret's, the Diocese, and for the broader community supporting programs such as the House of Prayer and the Institute for Theological Studies. (Funding for the House of Prayer is not part of this campaign.)
Since our existing building is 11 years old, an additional goal of this campaign is to address pressing maintenance needs such as painting and replacing worn carpeting, as well as to add a sprinkler system needed to expand our Parents' Day Out program.
If more funds are raised in this campaign, they will be applied toward the building fund for the next phase - the Worship Center.
The Vestry has engaged the services of Allison Architects to work with St. Margaret's leadership in planning architectural design for the Education Wing, renovations to the existing facility, and estimated costs for both projects.
Projected expenses are $2,700,000 for the Education Wing, and $100,000 for upgrades for our present building.
We ask that you prayerfully consider your part in this next step of our call as a church family to make visible the love of Christ.
