Update on SCR reconstruction
Published in the parish bulletin, December 2, 2007
In our Katrina Report you will note that our reconstruction, rebuilding
and refurnishing is over $2,000,000. After applying all funding received from
a variety of sources, we had to borrow $833,200 from the Archdiocese. This new
debt when combined with our previous debt of $450,240 means our debt now totals $1,283,440.
Interest charge at 8.5 percent means we must pay $83,423.60 per year before we begin
reducing our debt. Your greater response is needed and greatly appreciated.
|
Source of Funds: |
|
Donations directly to St. Clement | $ 402,021 |
| Donations from Arch. of N.O. | 427,005 |
| Total Donations | $ 829,026 |
| Ins. Proceeds allocated by Arch. | 173,565 |
| FEMA and Other Asst. | 573,314 |
| Loan from Archdiocese | 833,200 |
| Total Source of Funds | $2,409,105 |
|
| Use of Funds |
| Mold Remediation and Demolition | $ 292,000 |
| Construction Costs | 1,665,363 |
| Furn. and Equipment Replacement | 115,638 |
| Total Use of Funds | $2,073,001 |
|
| Change in Financial Position | $336,104 |
|
| Summary of Donations Directly to St. Clement Parish |
| Webster/Penfield Catholic Connection | $49,533 |
| St. James Parish-Arlington Heights, IL | 12,693 |
| Bush/Clinton Katrina Fund | 20,000 |
| St. Barnabas Parish-Bayville, NJ | 7,000 |
| Immaculate Conception-Tyler, TX | 10,274 |
| St. Vincent DePaul-Oshkosh, WI | 10,000 |
| St. John Congregation-Oshkosh, WI | 27,000 |
| American Jewish Comm.-New York, NY | 125,000 |
| B'Nai B'rith International-Washington, DC | 5,000 |
|
| Generous Parishioners of St. Clement and Other
Churches and org. throughout this great country | 135,521 |
|
| Total | $402,021 |
|
| Indebtedness of Parish to Archdiocese |
| Loan from Arch. Prior to Hurricane Katrina: |
| Balance as of June 30, 2007 | $450,240 |
| Hurricane Katrina Reconstruction Loan: |
| Balance as of June 30, 2007 | 833,200 |
| Total Loans from Archdiocese | $1,283,440 |
|