Finance Committee
In the midst of a challenging time, we still have much to celebrate! Thanks to your amazing generosity, we have reached our goal for the Capital Campaign of $350,000! Praise God!! Thank you to all who supported this important initiative; and continue to watch for updates on project progress in the coming months.
View past updates at asburylv.org/capitalcampaign
We’ve made great progress in the Capital Campaign. In fact, we’re nearing the goal! But we still need your help!
Here’s where the 4 projects of the Capital Campaign stand:
Sanctuary Wall: COMPLETE!
The Sanctuary wall was completed along with the pressure washing and sealing of the entire exterior of the building.
Cost: $51,000.
Memorial Garden Retaining Wall: Bid approved!
The Trustees have approved a bid for the retaining wall by the Memorial Garden. We hope that work will begin shortly given the light winter that we had.
Estimated cost: $23,000.
Roof Replacement: Bidding in progress; target of spring replacement
Invitations were sent out to 8 prospective bidders, and we received 4 bids. The Trustees have that information and will be meeting shortly with the bid review committee. The projected timing for replacement is spring.
Cost: TBD
HVAC Replacements: In progress
We’ve replaced nine units in various rooms/ offices as well as the entire HVAC system for the Wesley Center addition hallways.
Cost as part of the Capital Campaign: $40,000.
Here’s where we need your help: as of today, the in-hand amount is just $27,022.67 short of the goal of $350,000 for this campaign. We’re so grateful for all of your generosity and are again asking you to prayerfully consider a contribution to this campaign to help it reach completion!
You can help Asbury change lives! Digital (Electronic) giving makes giving meaningful, simple, and fast! With giving to the Church with PushPay you can choose the frequency, just one time or recurring. Recurring giving can happen every week, every 2 weeks, monthly, or bi-monthly. WIth PushPay you are in control! Contact the church office or visit www.pushpay,com for more information!
Numbers through the end of 2019 are compiled and the total amount received is now $318,372.33; leaving $31,627.67 to reach the goal of $350,000.
A Note From Asbury’s Finance Committee:
Thank you to all who have returned their 2020 Commitment cards! Please also remember that if you are an electronic giver and increased your 2020 contribution(s) you will also need to update your PushPay account.
We’ve rolled the $50K Challenge into the overall Capital Campaign report, which means that the Capital Campaign as is now at nearly 86% of the goal ($299,875 of $350,000). Thanks for your continued generosity! Visit asburylv.org/capitalcampaign for more information on the campaign.
The last opportunity for contributing tithes and offerings to the church in the 2019 calendar year will be Monday, December 30, 2019. Per IRS rules, the effective date of a contribution is when it is delivered to the church:
· A check deposited in the offering in January 2020 cannot be deducted in 2019 even if it is backdated to 2019. Checks that are mailed to the church and postmarked by December 31, 2019 are deductible in 2019 even though not received by the church until 2020.
· Donations made online or charged to a credit card will count as a 2019 contribution as long as they are posted in 2019, even if the credit card bill isn’t paid until 2020.
· If you choose to give physical assets, the delivery and transfer of the title or deed must happen before Dec. 31.
· If you choose to donate stock, that transaction is only recognized as completed once the transfer request has been submitted by your financial advisor or firm.
Please note that the Asbury Church office will be closed on December 24, 25, and 31, 2019. As such, all hand-delivered contributions must be dropped off by Monday, December 30, 2019.
If you have any questions, please contact Israel Olivieri, Business Manager, at the church office at 610-398-2577, or at iolivieri@asburylv.org. Thank you for your tithes and offerings to Asbury Church throughout the year!
An opportunity has come for Asbury to purchase a lift that would assist with maintenance duties around the church. Currently the custodial staff needs to erect scaffolding to service lights and some equipment in the Sanctuary and Wesley Center. The parking lot lights have to be serviced by a contractor because of our inability to reach the light standards with the equipment we have on-hand. The purchase of this lift will allow these tasks to happen more quickly and safely by in-house staff. The Finance Committee is looking for an Asbury “angel” who would be willing to fund the purchase of this lift. The cost of the lift is $6,000. If desired, the person or group who funds this purchase will have a small plaque attached to the lift to commemorate their generosity. Please direct all questions to Israel Olivieri, Asbury’s Business Manger, at iolivieri@asburylv.org.
As a congregation, we’ve matched over 75% of the $50K Challenge! If you’re not familiar with this challenge, an anonymous family made a $50,000 contribution to Asbury’s Capital Campaign, but with a challenge to the congregation to match that amount. We’re so grateful for your contributions to this challenge so far. Asbury’s Church Council, Trustees, Finance Committee view this as Asbury’s top priority and if you have not yet contributed, ask that you’ll consider making a donation to this cause a priority in your giving so that we can celebrate its completion by collecting the remaining $12,425 by the end of 2019.
Get more information on the Capital Campaign, and the $50K Challenge, at asburylv.org/capitalcampaign.
November 26, 2019 Update:
Thanks to your generosity, the amount needed to complete the $50K Challenge is now down to $2125.00!!
The Finance Committee is happy to announce that so far this year we have collected $62K towards the mortgage reduction and a payment has been made to Wells Fargo in that amount.
Please continue to support this effort to make Asbury debt free.
Questions or comments? Contact the Finance Commitee at finance@asburylv.org.
Stop by our Gift Card Station at the lower church entrance by the Welcome Center between 10:00 AM and 11:00 AM on Sunday mornings to purchase a Weis or Giant gift card or to pick up an order form for additional retailers. Additional retailer cards available to order include: Starbucks, Outback Steak House, Kohls, Nordstrom Rack, Olive Garden, Talbots and many more. Order forms will be collected by the end of November so cards will be available for pickup in early December.
A full list of retailers is available on the order form. Print and return the order form; or pick up a copy from the church office during regular business hours (Monday through Friday 8am-4pm). Please deliver filled out order form with your check payable to “Asbury UMC” to Craig Reber at the Gift Card Station on Sunday mornings, or to the church office during regular business hours.
Asbury’s Mystery Dinner Theater supporting the Capital Campaign is on September 21; and we need your help to make it a success! Volunteers are needed for setup (12 PM – 4 PM), food service (6 PM – 8 PM), and cleanup (8 PM – 10 PM). If you’re able to help, please contact Vendel Peter at finance@asburylv.org.
More information on the Mystery Dinner Theater can be found at asburylv.org/mystery.
As you may or may not know, Asbury has Three (3) mortgages on our property. Two (2) of the mortgages are with Wells Fargo. The first of these mortgages is the original mortgage and was refinanced in 2013 in the amount of $1,245,130.31 at 3.90 %, with a balloon payment due in 2023. The monthly payment for this mortgage is $7,533.50. This is a typical commercial loan amortized over 20 years with a balloon after 10 years.
The second Wells Fargo mortgage was for the Sanctuary roof and the parking lot repair. This mortgage was refinanced in 2017 in the amount of $221,738.51, at an interest rate of 4.850% with a balloon in 2023. The monthly payment is $2,343.34. This loan was amortized over 10 years. This mortgage has a prepayment penalty of 4% if we pay it off before 2023.
<p”>The current balance on our first mortgage is $913,774.37, and $192,416.85 on our second mortgage. We have made recent progress in reducing our mortgage debt and we will continue to do so in the future. Our long term goal is to be debt free.
The third mortgage mentioned above dates back to 1974 when the church was first built. This $25,000 loan was secured through what is now called the General Board of Global Ministries (GBGM) and was used to make the necessary improvements to the intersection at Springhouse Road and Walbert Avenue as required by South Whitehall Township at that time. GBGM has not demanded any payments toward this loan to date nor has the church made any payments towards this loan as a subrogation agreement was signed in the same year (1974) as the loan itself.
Any questions on the mortgages should be directed to the Business Manager (Israel Olivieri, iolivieri@asburylv.org) or the Chair of Finance (Vendel Peter, finance@asburylv.org).
Buy your tickets now to the Golden-Girls themed Mystery Dinner theater, September 21 at 6 PM. Tickets are $50/individual or $400/table of 8.
Proceeds support the Asbury Capital Campaign. Dinner includes Pot Roast and Chicken with Potatoes, Vegetables, Dessert, Coffee and Tea. Doors open at 6 PM. Dinner is served at 6:30 PM
More Info: asburylv.org/mystery
Tickets: https://whennow.com/event/asbury-murder-mystery-theater-golden-girls
