A Home of Our Own
The goal for the Home of Our Own initiative is to fully utilize the first-floor rents to fund our growing ministry. To do that, we need to retire the building debt.
The Need
There has been an increased need for our services, but not an equal increase in admin donations to provide our services “Fee Free.” We need a solid and larger source of revenue from the building rents to fund office overhead.
Historical Data:
- Purchased office building in 2015 for $346,574
- Remodeled building in 2020 for $238,428
- $346,574 + $215,000 = $585,002 total debt.
- Based on current comps building value $625,000+
- In 5 years paid debt down by $325k
- Seven large donor gifts
- Our own scrimping and making payments
- Leaving $260,000 to retire debt.
2 Scenarios:
$3k per month income to Orphanos would require:
$700k fundraising campaign with funds invested in something earning at least 5%.
$260k fundraising campaign to retire debt and use 100% of rental income for admin.
Clearly the better option.
The Solution:
17 Year-End Special Gift Donors: | ||
|---|---|---|
| 1 Donor | $50,000.00 | $50,000.00 |
| 3 Donors | $25,000.00 | $75,000.00 |
| 5 (3)Donors | $10,000.00 | $50,000.00 |
| 8 (6) Donors | $5,000.00 | $40,000.00 |
| 10 (7)Donors | $2,500.00 | $25,000.00 |