Carolina Beach Presbyterian Church
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September 10, 2010


Land Loan Paid in Full After Only Three Years

The following was written by Jack Anderson to our financial services consultant. It makes an excellent summary of where we are with the building expansion process, and so if Jack doesn’t object, I’ll post it for you here with just one or two slight emendations for clarity. K.G.


To follow is an update of our status as of March 30, 2007.

The church bought land about 3 years ago for $475,000. We sold our manse for $225,000 and at the end of 2006 had about $113,000 remaining to be paid. This existing debt was troublesome to many in our congregation as we embarked on a building campaign. An anonymous couple in our church generously offered to match any amount given toward this debt in the month of March, up to $50,000. Well, today we have $50,000 in March giving and this amount will be doubled to total $100,000. Last night, Session voted to pay off the entire debt from our existing capital fund plus March's effort. So, we are debt free.

We have almost settled on the architectural plans. We know the amount of additional space we want, but have not decided on the functions for certain spaces that will be freed (fellowship hall, kitchen). The Design and Construction Committee will meet after Easter to work this out with much guidance from Keith and Vivian who are in desperate need for additional space for offices and programs. Then, these changes will be communicated to our architect and the final plan can be prepared.

At our direction, the architect provided 2 plans, one which only addressed needs for CE space (Phase 1) and the second, which included a new fellowship hall, kitchen and some other space (Phase 2). The sense of the congregation and Session was that we should try for the whole enchilada which has a budget estimate of $1.7 million, not including any renovations to our current space. Session also decided last night that Phase 1 and 2 were misnomers and we will drop this terminology. Instead, we will have Plan A, the desired space, and a fall back position if we don't believe we can afford the entire project.

Our congregation demonstrated the ability to rise to the occasion and glorify God in rather short order. However, some on session are a little concerned about beginning a capital campaign so shortly after this success. Nevertheless, we must move forward and your guidance will be valuable and appreciated.

That's the news from CBPC where it is sunny, warm and the azaleas are in bloom. Eat your hearts out, Minnesotans!

Jack Anderson









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