Funding Requirements
The funding required via alumni donations for the house renovation work is in excess of $200,000. A short term credit arrangement as well as mortgage refinancing have allowed extensive work to be undertaken on exterior and interior improvements to take the house from near condemnation status in 2005 to its current state. A breakdown of capital expenditures over the past four years is shown below. These expenditures are in addition to the ongoing care and maintenance costs of the house as well as the costs associated with running the alumni organization. An additional $100,000 of capital donations are required to replace the short term credit facility with a RLF second mortgage whereby we would be investing in our own property. Currently house residents sign individual room leases directly with the alumni organization. As such the rents are structured to cover the mortgage, insurance, taxes, and upkeep on the property.
[PROJECT COST SUMMARY TO DATE TO COME]
Exterior work has been for the most part completed in 2005 and 2006. The first major phase of the interior work was done in 2007 and 2008. Additional work is dependent on your support.
The first phase of the interior work of the project, which started in July 2007, included: demolition of old construction; installation of the new attic stairway access; reconfigured and rebuilt the second floor bedrooms accordingly including replacing all interior doors and frames with metal frames and solid core doors; installed new attic subflooring which required extensive structural reinforcement; framing and interior finishes for the new attic rooms; proper insulation of attic flooring as well as walls and ceiling; installation of central air systems for the second and attic levels and completely renovate the second level bathroom. In additon, a fire protection sprinkler system was installed for all areas of the house including the first level and basement levels. The work was completed in time for use by Fall 2008.
Our capital fund requirements are based on incurred expenses for work done by suppliers, contractors and the architect and only take us through the attic and second level renovations. This is considered the minimum required for renovation work but does not cover future items on the wish list. (See the Renovation Plans page for more information.)
Interim funding to date has been provided by initial Capital Campaign donations from members of the Board of Directors, refinancing of the mortgage with a private investor, vendor credit provided by Home Depot and short-term working capital loans provided by a Director.
The Capital Campaign will pay back existing debts and allow the Alumni Association to complete this ambitious project.
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