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1.
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How much would the proposed building cost?
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The total cost of the proposed building is estimated to be
approximately $3.8 million with roughly one-third being the
restoration of the current Ministry Centre and two-thirds
being the construction of the new facility and accommodation.
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2.
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Why would it be beneficial financially?
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The parish currently receives approximately $330,000 each
year in commercial rental and car-parking income. This is
used to fund around $190,000 of property-related costs, as
well as support people-related expenses. Included in property-related
costs is $80,000 of rental costs in providing accommodation
for staff.
We anticipate that the new accommodation could initially
provide up to $115,000 in additional income – which would
more than offset the current staff rental costs. Alternatively,
some staff could reside in the new accommodation, which would
save the church the rental expense currently incurred.
This rental income stream, like the income from the carpark,
would provide a stable source of funding for future staff
accommodation requirements, as well as providing for growing
ministry activity in the future. In the near term, it could
also provide the funding needed to pay the interest on the
redevelopment loan, which would reduce the impact of this
loan on ministry activities.
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3.
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Where would we get the money to pay for it?
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We currently have around $600,000 in the National Trust Restoration
Fund, which we can use for the restoration of the current
Ministry Centre. This means we would need roughly another
$3.2 million for the entire proposed project. We estimate
that around $800,000 would come from regular donations to
the National Trust and the remainder ($2.5 million) from additional
donations. During 2010/2011, we will be seeking donations
from the congregation to fund this amount.
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4.
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When we seek donations, will they be tax-deductible?
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In the past, St Thomas' has sought donations from the congregation
for the redevelopment / restoration of existing buildings
on the church property, e.g. the Memorial Hall and the church
building itself. Because all the buildings on the property
are listed under the National Trust, donations for work on
these have been made to the St Thomas' National Trust Restoration
Fund, and have been tax-deductible. Funds raised have been
by specific appeal, and also from regular annual donations
made by members of the congregation. St Thomas' regularly
raises around $200,000 – $300,000 each year to fund repair
and restoration work on the buildings on the church site.
This proposed new building is different. The estimated cost
of restoring the existing Ministry Centre (around $1.3 million)
will be tax-deductible to donors, since it relates to a property
that is covered by the National Trust. However, the proposed
new building (costing around $2.5 million) will not be listed
under the National Trust, and accordingly, any donations relating
to these costs will not be tax-deductible.
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5.
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What would happen if we didn't raise enough funds?
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Any money not raised from donations would have to be borrowed
in order to complete the project. This would obviously be
less desirable, as it places an additional financial burden
on the church family in the form of interest payments for
the term of the loan.
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