Jan 1st 2008, 00:00

At the last Project Legacy committee meeting, a financial plan was discussed, and we would like to share it with you. If you have any questions, I would be happy to chat with you. This is an exciting chapter in our Temple’s history, and with a lot of hard work and prayers, we can look forward to creating a legacy for future generations in creating The Asa Center for Lifelong Jewish Learning.
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The scope of Project Legacy includes the replacement of the obsolete and substandard modular classrooms with a new building including 11 classrooms, 6 administrative offices, a library and workroom.

All funds raised in excess of the amount needed for construction ($2.9 million) will be used to pay off the present mortgage.

An additional project has been identified: The existing social hall can be expanded to a capacity of 225 people, a more practical size for lifecycle celebrations (our current capacity is 150). This will generate rental income for the Temple. The kitchen will be moved to the northwest corner of the present building (where the offices are now) to expand the sanctuary and reorient the lobby.

The funds will be collected during a five-year pledge time period. Since the construction timetable will be approximately one year long and the cash requirements front-end loaded, construction and short term borrowing will be required to fund the differences. It is anticipated that bank and member financing will be available using signed pledges, the Temple building and its property as collateral. An estimate of the interest expense is included in the capital budget.

The soft areas of the Source projections are the major gifts. Several gifts of $100,000 have been committed to the Project. The other significant non-member gifts of $50,000-$100,000 and beyond are being explored by Committee members.

Additional gifts are expected to come from tributes to Rabbi & Elaine, who have been so instrumental in the nurturing of the spiritual growth of our children, our grandchildren and ourselves for over 30 years. The major gala planned for January 13, 2008 will be a culmination of our efforts to contact these people who so love our Rabbi Emeritus and his wife.

Sources of funds (5 years):
General Membership $1.5 million
Major Lead Gift $.5 million
Non-member major gifts $.3 million
Asa’s “100” Gifts $.3 million
Restricted Capital Fund $.6 million
Total funds available over 5 year period $3.2 million

Use of Project Funds:
Replacement School Building and furniture $2.5 million
Short Term Interest expense (5yr) $.4 million
Total funds required over 5 year period $2.9 million

Surplus Funds ($.3 million)
Repayment of current capital debt ($.3 million)
Expand and refurbish Social Hall $.5 million
Long Term Debt (Mortgage) $.5 million
Annual Debt Service $30,000