The Be A Part Of The Story capital campaign began in the fall of 2007 with the goal of raising $20 million to fund four endeavors to be addressed in three phases:
On November 18, 2007, the HFBC family rejoiced when it was announced that nearly $24 million had been pledged – surpassing our goal by more than 20%. Two weeks later on December 2 – “First Fruits Sunday” – those who made financial commitments to the campaign made their first contributions.
Year Two Progress Report
As the church marked the end of the second year of the capital campaign on December 6, 2009, the project was proceeding according to the original plan. The church had received $14.1 million -- or 58% of the total commitments. When compared to the initial goal of $20 million, the amount received was equal to more than 70% of what would be required to complete all of the identified projects.
Capital Campaign Progress
Week ending Aug 22, 2010
| Total commitments: |
$25,444,593
|
| Total contributions received: |
$18,632,867 |
| Total outstanding commitments: |
$6,811,726
|
We pray that those who made financial commitments will follow through with their pledges and enable us to do more for His kingdom both at Houston's First and at mission sites around the world.
Plans For Year Three
CHAPTER 1:
Worship Center Renovation
The Worship Center renovation began in late March 2008. On September 7, the Worship Center reopened – on time and approximately $200,000 under budget. On November 1, 2009, Pastor Gregg announced that the Worship Center renovation line of credit had been paid in full! With Chapter 1 closed, contributions toward the capital campaign are now going toward projects in Chapter 2 of the campaign (see below).
CHAPTER 2:
HFBC Capital Projects and Mission Projects
Now that the Worship Center renovation line of credit is paid off, 60% of capital campaign contributions are being allocated to HFBC capital projects, while 40% of contributions are being allocated to HFBC-supported mission endeavors. This allocation will continue until $3 million has been set aside for the capital projects and $2 million has been set aside for the mission endeavors. (Mission endeavors will receive 10% of all contributions given toward the capital campaign.)
Renovating the Preschool Ministry area is at the top of the list of HFBC capital projects. Learn more about how God provided for us years before we faced the need for an expanded and renovated Preschool Suite, and see how we plan to make room for the youngest members of the Houston's First family. In terms of the various identified mission endeavors, church leaders will allocate funds to the most pressing needs as contributions are received.
You may have noticed that several capital projects have occurred at the church, including the renovation of the Christian Life Center, the new multi-purpose Clubhouse for children, new exterior and interior signage, and new carpet on the second floor. These projects were part of the capital campaign, but they were paid for in advance with excess general fund cash. The church will reimburse general fund cash with contributions received during Chapter 2.
CHAPTER 3:
Debt Retirement
When the capital campaign began, the church had approximately $4.3 million in debt. During the 3-year campaign, payments toward the debt continue to be made out of the operating budget. It is anticipated that in the fall 2010 timeframe, campaign contributions will be applied to approximately $1.4 million of remaining pre-campaign debt, with the debt paid off completely by December 2010. Upon paying off the existing debt, this will free up approximately $1 million in funds in the church operating budget to be used for other purposes.