Published March 25, 2019
Who provided the cost estimates?
Various contractors with expertise in their area provided the estimates.
What is meant by a “contingency” in the budget?
Repair estimates can change due to a number of factors. To ensure the actual project doesn’t exceed the budget, twenty percent was added to each item. Obviously, we hope there are no major surprises, saving us having to reach into that last 20%.
When would the projects begin?
Assuming the parish survey gives us a ‘green light’ to proceed, we would conduct a fund drive this spring. The start of work would depend upon the availability of those with whom we contract, weather, urgency of a specific repair and cash flow.
How much would we be expected to give?
No one can tell you what you ‘ought’ to do. That is a private decision between you, your family, and God. The Parish Council is confident that if each of us listens to the promptings of the Holy Spirit we will raise the necessary funds. It may be helpful to reference the discussion and giving chart on page 5. It indicates the number of gifts at each ‘giving level’ needed to complete Priority 1 and 2 projects.
How long is the pledge period?
Most people make pledges up to five years, with annual or monthly payments. Others prefer to make a one-time gift.
Are there Diocesan guidelines for parishes regarding projects like this?
Yes. The Diocese of Fargo has a Property Manager on staff who works with us at no charge to protect the best interests of the parish.
To ensure fiscal prudence, the Diocesan Finance Council is a part of a system of checks and balances within the Catholic Church. They review and must approve the financial plan.
Further, to protect the financial health of parishes, the Diocese has two guidelines for major projects. First, there is a requirement of 50% cash-in-hand to begin work. Second, the remainder can be borrowed from the Catholic Church Deposit & Loan Fund provided the parish has secured the pledges needed to eventually repay that loan.
If we need to borrow money, the interest charged by the Catholic Church Deposit & Loan Fund is a variable rate pegged at 1% below prime.