New Day Capital Campaign
It is time for Cana to be free for faithful ministry. We have two key barriers: our debt of about $730,000 and our shabby buildings. These create barriers to expanding ministry because $144,000 we pay to debt per year is not advancing the gospel, and our building’s condition inhibits our productivity. The New Day Capital Plan is a two-year focused effort to become debt free while advancing our building usage needs.
The Plan requires prioritizing building upgrades and repairs while also raising money to pay off the debt. The total funds needed would be about 1.1 million. The remaining debt is almost $730,000 while building improvements amount to $600,000. The New Day plan works by leveraging incremental building improvements – the seeable results of our gifts – against debt repayment – the unseeable results. Every dollar given to the New Day plan would be split 40% to building improvements and 60% to debt elimination (principal payments) until the debt is eliminated. Once the debt is eliminated, the remaining funds would be used to complete building upgrades. The church budget pays mortgage payments already so the Plan does not make monthly payments – every gift to New Day is a principle payment.
How it Works:
Under the Plan, building improvements would not be done until both the building improvement project AND the debt percentage amount were raised. The Facilities Management Committee would prioritize a list of projects and place funding goals on each project. For instance, sound equipment and lighting updates will cost about 150,000. The project would not be executed until 150K for sound and lights and the 222K for debt were raised. The sound and lights project would go forward when $372K was raised. Principle payments would be made as funds were received because of the interest benefit to doing so.
The good news is that we will eliminate the debt, if we have a good first push, in less than 24 months – DEBT FREE IN 24 MONTHS!! Then, we would focus our giving on the remaining building improvement needs. Our giving would consist of three milestones and the debt dashboard will keep the specific amounts in front of us throughout the journey.
How will my PRINCIPLE ONLY gift be used during the New Day Plan period?
Only gifts made to the “NEW DAY” campaign would be subject to the 60%-40% split. Principal Only gifts would be used to pay principle. Our chief objective is to eliminate debt so we welcome principle only gifts.
When will I know what projects the New Day Plan will target?
The New Day Plan will be segmented into three Milestones. Each new milestone will include a pre-planned cluster of projects, the order they will be accomplished, and estimated project costs. Because cost estimates are subject to change, it is impossible to get hard bids until the project is ready to launch. As Cana introduces each new milestone, the project list will be published along with the giving targets those projects represent. Cana will maintain a central display (the Dashboard) with real-time information to keep important details available to the congregation.
When will the New Day Plan kick-off?
New Day Plan will be introduced on a Sunday morning, September 15. It will be included in the Fall 100 rally we host at 6:00pm that evening. We will begin the effort in prayer and a commitment drive. Once the commitment drive concludes, we will begin the funding drive. Our target for completing the New Day Plan is December of 2021.