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SAINT ATHANASIOS CAPITAL CAMPAIGN

The Capital Campaign is a long term three phase plan to eliminate barriers and plant seeds, to achieve our goal, “So that all may be saved and come to the knowledge of truth”

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PHASE ONE

The Phase One Goal is to raise additional money above and beyond stewardship in order to pay off the mortgage by June 2025, the Church’s 60th anniversary. Our goal is $200,000.

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PHASE TWO

The Phase Two Goal is to identify the structural needs of our current building and to develop and execute a plan to meet those needs. 

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PHASE THREE

The Phase Three goal is to thoughtfully reflect on how to best plant and nurture the seeds of the future using all of our assets including the vacant land.  

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WHY DO WE NEED A CAPITAL CAMPAIGN

In order to achieve our goal, “So that all may be saved and come to the knowledge of truth”, we need to place our Church on a sound financial footing. This includes eliminating the barrier of our current mortgage and planting seeds by identifying the structural needs of our current building, and developing and executing a plan to meet those needs. Once we have achieved these goals we can begin to think about the use of the additional property and how we will pay for whatever we decide to do with the property. 

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GIVE ONINE

To make an online donation towards the Saint Athanasios Capital Campaign click the button below.  Please fill out the Capital Campaign Pledge Form before making your donation.

MAIL PLEDGE PAYMENT TO:

St. Athanasios Church

1855 E. Fifth Ave. Aurora, IL 60504

CAPITAL CAMPAIGN PLEDGE FORM

Payable:
Method of Payment:

Thank you for your support!

FREQUENTLY ASKED QUESTIONS

  • What is the Capital Campaign?
    It is a long term three phase plan to: 1) raise additional money above and beyond stewardship in order to pay off the mortgage by June 2025, the Church’s 60th anniversary; 2) to assess the current building’s needs/repairs and to meet those needs; and 3) to begin to think about the use of our vacant property next door and how we will pay for whatever we decide to do with the property.
  • Why do we need a Capital Campaign?
    In order to achieve our goal, “So that all may be saved and come to the knowledge of truth”, we need to place our Church on a sound financial footing. This includes eliminating the barrier of our current mortgage and planting seeds by identifying the structural needs of our current building, and developing and executing a plan to meet those needs. Once we have achieved these goals we can begin to think about the use of the additional property and how we will pay for whatever we decide to do with the property.
  • What are the three phases and how much are we trying to raise?
    The Phase One goal is to raise additional money above and beyond stewardship to pay off the mortgage. Our goal is $200,000.The Phase Two goal is to identify the structural needs of the current building, what major repairs are needed and to develop and execute a plan to meet those needs. The Parish Council is currently identifying how much the building repairs will cost but early estimates indicate that replacing three of our existing HVAC units will cost over $240,000. The Phase Three goal is to plant and nurture the seeds of the future through the use of the vacant land, what we want to do with the vacant land and how we will pay for anything we decide to do with it.
  • Isn’t the Capital Campaign just a fancy way of saying we want to pay off the mortgage?
    Yes and No. Yes, the Phase One goal is to raise additional money above and beyond stewardship to pay off the mortgage by June 2025, our Church’s 60th anniversary but that is only Phase One. In Phase Two, the goal is to identify the structural needs of the current building, what major repairs are needed and to develop and execute a plan to meet those needs. The Phase Three goal is to plant and nurture the seeds of the future through the use of the vacant land.
  • How much is our monthly mortgage?
    The current principal balance is approximately $200,000, at an interest rate of 4.4%, with a final mortgage payment due on October 2028. The interest rate will reset on November 2025 to about 7.4%. Our current principal and interest payment is $5,281 per month or $63,372 per year. At a parish general assembly, we also voted to make an additional principal payment of $1,000 per month or $12,000 year. Therefore, the total amount we pay per year towards the mortgage is $75,372.
  • Why should we pay down the mortgage?
    We are paying $75,000 per year for principal and interest on our current mortgage. As it stands today, we do not generate any funds from our budget to meet major building needs. Stewardship only covers 60% of our operating expenses. The balance of operating expenses is met by fundraising such as the festivals, the golf outing, seasonal donations, candles and trays. As a parish, Saint Athanasios, absent two successful festivals, does not generate any positive cash flow. The Phase One goal is to raise additional money above and beyond stewardship to pay off the mortgage by the Church’s 60th anniversary. By paying off the mortgage, we will free up $75,000 per year to put towards building repairs in Phase Two.
  • What building repairs are needed?
    The Parish Council through its Buildings and Grounds Committee is in the process of identifying what major repairs are needed. It should have a full report by the Spring General Assembly. However, many of the systems are original and therefore almost 50 years old. For example, three of the HVAC units are original. Current replacement cost is approximately $80,000 per unit for a total of $240,000.This is just one example. Others include re-surfacing of the parking lot and adding proper drainage.
  • Don’t we have money in the restricted account that can be used for building repairs?
    The restricted account includes all money that is restricted in its use by the donor. It includes for example money that is restricted to only be used for scholarships and memorial funds. The portion of the restricted account that can be used for building repairs is approximately $210,000.This would not even cover the replacement of the three HVAC units; let alone leaving anything for any other needed repairs.
  • How will the money raised in Phase One be used? When and how will the mortgage be paid off?
    As money is raised in Phase One, we will put it into a restricted account and on a regular recurring basis we will use it to pay off the mortgage.
  • How will we know when the mortgage is paid off?
    Progress towards our Phase One goal will be updated and made public in various ways including the Champion, in the Saint Matthew Hall and on the Church’s web site.
  • Can we just use the money in the restricted or operating accounts to pay off the mortgage?
    Although technically, this can be done, the Parish Council thinks this is highly inadvisable and not prudent. The restricted building account has an approximate balance of $210,000 which would cover the outstanding mortgage balance of $200,000.However, this would leave no money in the restricted building account to cover the anticipated replacement of the three HVAC units during 2024 at an approximate cost of $240,000. The operating account does have a balance of approximately $273,000 which could be used to pay off the mortgage. However, this would not be prudent for several reasons including: a) money from stewardship only covers about 60% of our expenses leaving us heavily reliant on two successful festivals and the golf outing, about $180,000. The operating account provides a safety net if those fundraisers are either not successful or are canceled like during the pandemic; and b) the costs to repair and maintain the building in the next 3-5 years may far exceed the amount in the building restricted account making us rely on the operating account to make up the difference.
  • Why take money from the bank account to pay down the mortgage?
    The Phase One goal is to raise additional money above and beyond stewardship to pay off the mortgage by the Church’s 60th anniversary. Other than the regularly scheduled principal and interest payments and the $1,000 per month in extra principal previously approved, no money from existing accounts will be used to pay off the mortgage. Any money raised above what is needed to pay off the mortgage will be placed into the restricted account for exclusive use on building maintenance and repairs.
  • If we use the money to pay off the mortgage, we won’t have any left for a major building repairs. Doesn’t that mean we will have to borrow more money?
    Bottom line – we need to raise money above stewardship. The Phase One goal is to raise additional money above and beyond stewardship to pay off the mortgage by the Church’s 60th anniversary. No money from the restricted building account or the operating account will be used; those accounts will still be there to pay for any immediate building needs. Any money raised above what is needed to pay off the mortgage will be placed into the restricted account for exclusive use in Phase Two of the capital campaign which is to address the building maintenance and repairs. Finally, once the mortgage is paid off, we will save approximately $75,000 per year; money that we can use to also pay for any building repairs.
  • Isn’t the interest rate on our current mortgage low?
    The interest rate on the mortgage is 4.4% but it will reset to a much higher rate in November 2025. (at this time, approximately 7.4%)
  • Why not do nothing and just pay the mortgage on time? When do we plan on paying off the mortgage?
    Bottom line – doing nothing is not an option; we need to raise money above stewardship in order to be able to pay for the building’s anticipated repair needs. The current restricted building account will pay for some but not all of the anticipated needs. The sooner we pay off the mortgage, the sooner we can save our current mortgage payment and put it towards the Phase Two building repairs and maintenance. Many of the building’s systems are original and therefore almost 50 years old. For example, three of the HVAC units are original. Current replacement cost is approximately $80,000 per unit for a total of $240,000. The Phase One goal is to raise additional money above and beyond stewardship to pay off the mortgage by the Church’s 60th anniversary. Any money raised above what is needed to pay off the mortgage will be placed into the restricted account for exclusive use on building maintenance and repairs.
  • Once the mortgage is paid off what will happen to any extra money raised?
    Any money raised above what is needed to pay off the mortgage will be placed into the restricted account for exclusive use in Phase Two of the capital campaign which is to address the building maintenance and repairs.
  • I already give all I can through stewardship, how can I help?
    There is a lot you can do including: a) continue to give all you can of your Time, Talent and Treasure; b) actively participate, by working or spreading the word about the Church’s fundraisers, the festivals and golf outing; and c) spread the word within the community and positively describe the Capital Campaign.
  • Can I donate stock? Use my IRA account? Include the Capital Campaign in my will?
    Yes, to all of these. After first consulting your tax and legal advisors please contact the Church’s office on how to potentially make tax advantaged donations of stocks and other items.
  • How can I donate? Can I donate on a monthly basis? A yearly basis?
    Please request a pledge card or visit the Capital Campaign’s web page https://www.saintathanasios.com/capital-campaign
  • I want to make a pledge but wish to remain anonymous?
    Please mark on pledge card that you want to remain anonymous. Although, please note, Father Panagiotis will send all donors a letter of acknowledgment.
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