All Saints Orthodox Church

November 15, 2009

Dear All Saints Parishioners,

By the grace of God and the generosity of the All Saints Parishioners we have been able to make significant progress towards the construction of our new Temple and Education Wing.

With the Groundbreaking on November 1, 2009 we have taken a major step towards our goals: A nave to seat 300 people, an enlarged Sanctuary and Solea, a building with an Byzantine appearance, 6 classrooms, additional bathroom facilities, and an enlarged kitchen and parish hall at a cost of about $1.5 million. Our current plans and expectations are that we will meet these goals and move into our new temple by the end of the 3rd quarter of 2010.

We have secured a loan (credit line) of $1 million through Paragon Bank. The loan is a 7 year balloon amortized over 20 years at an interest rate of Prime (currently 3.25%) plus ½%; with a floor of 5.5% and a cap of 8.5%. These result in a monthly mortgage payment range of about $6900–$8700. With our $600K of current cash and schedule, we will probably not need to draw funds until Feb/March 2010

We thank All Saints Parishioners for their generous financial support which has allowed us to secure the required mortgage and move ahead with the project. We pray for, and are confidant about, continued growth of that giving. Our current estimates of giving/offerings, if maintained, should be sufficient to cover anticipated monthly mortgage payments. Our mortgage payment goal is to reduce our principal by 50% by the time we must refinance our loan in 7 years. This will require monthly contributions to the Building Fund of about $10,000/month vs. our Building Fund estimated contributions for 2010 of about $8000/month.

In order to plan our expenditures, it is necessary to have an accurate estimate of future income. To that end we are asking parishioners to look into their hearts and their finances and to provide updated estimates of their projected giving over the next 3 years. As you do this, please consider the following:

• At $10,000 month (and at an average interest rate of 6.5%) we would pay down the mortgage/loan in 12 years vs. 20 years and this accelerated payment would save us as much as $350,000 in interest charges.
• While some of these payments will be contributed by future Parishioners, if we are to meet this target most should come from current parishioners for the first few years. Only 70% of our voting members contributed to the building fund in 2008. It is our church and we need to increase participation to 100%.
• Some people may not be able to maintain or increase their historical Building Fund giving in the short term, so it is up to the rest of us to “step up” as much as possible. If we have been waiting on the sidelines for a building project, now is the time to open our hearts and our wallets.
• Obviously, as we grow our Building Fund contributions, we must continue to support the current operating needs of the church. If you are already giving as much as you can/want to the General and Building Funds, we are blessed; please don’t cut back on your General Fund donations in order to increase your Building Fund donation: We need your General Funds contribution to meet budget. Any General Fund excess at the end of the year will be allocated to the Building Mortgage.
• Please be generous in worshipping God; you and your church family will be blessed by your generosity.
• “Unless the Lord builds the house, They labor in vain who build it.” Psalm 127v1

The enclosed “Estimated Giving Form” is being sent to all Parishioners with a request to complete and return before the end of 2009. If you have any questions regarding the Building Fund Contributions, please see Father Nicholas or Ray Azrak, coordinator of the Building Project for the Parish Council.

When your Estimated Giving Form is completed, it may be folded, inserted in an offering envelope, and placed in the offering plate any Sunday, or mailed to the church. We need all voters and friends of All Saints to participate. May God bless you for your generosity and for your offering of Thanksgiving to God.

Sincerely,

Ray Azrak
(for the Parish Council)