Gladeville United Methodist Church

FINAL BUILDING COMMITTE UPDATE

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Posted on September 9, 2009

FINAL CONSTRUCTION COMMITTEE UPDATE

This final report from the Building Committee is intended to provide our membership with the final outcome from a financial perspective. The following is a summary of the financial status of the completed project:

TOTAL PROJECT COST PROJECTED 1,831,930
ACTUAL 1,594,304 B(W) PLAN 237,626
   
LOAN AMOUNT PROJECTED 1,100,000
ACTUAL 925,000
B(W) PLAN 175,000
 
LOAN INTEREST RATE-SIX YEAR LOCK ON RATE
PROJECTED 5.375
ACTUAL 5.000
B(W) PLAN 0.375
 
LOAN PAYMENT PROJECTED 7,600
ACTUAL 7,600
B(W) PLAN 0

We extend a special thanks to our entire membership for you loyal support during the mess and confusion of our building program. Your prayers and financial support during this period of economic uncertainty enabled us to successfully complete our building program.

Our project was completed significantly below budget due primarily to the efforts of our contractor, Gene Jones. His attention to detail resulted in the best quality possible at the
lowest possible cost. We appreciate his efforts on our behalf very much.

Thanks again for your support of our building program.