Capital Appeal Financial Advisory Group Report – Submitted by Bob Frymoyer Next meeting on Tbd. As a result of letters, telephone calls, and personal contacts we have reduced the amount of our loan. We realized nearly $15,000 in August appeal giving. There is over $90,000 in outstanding pledges and we can expect continued non-pledged giving. We have written and verbal commitments to expect at least $40,000 in “significant” outstanding pledges by the end of the year.
As a result of the above we recommended to the Finance Committee to borrow from existing operating reserves to reduce our external bank loan to $200,000, thereby reducing our monthly debt service payments. The Finance Committee took such action at its meeting last week.
We still will have nearly $700/month in interest due in our loan with amortization amounts in excess of $4,000 monthly. How to meet this obligation into the new year (and reimburse our operating fund) as appeal receipts decline needs to be addressed.