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Q. What are the next steps and timeline for the dismissal process? <br /> A. We are two steps into this mandated process. The next step is to appoint a Special Committee of <br /> the Congregation (SCC) which is required to work with the Presbytery Engagement Team to set dates <br /> for town hall meetings, negotiate proposed terms of dismissal and set a date for a congregational vote. <br /> Once these actions are taken, we can hold the town hall meetings to provide information, answer any <br /> questions and discuss the proposal. We anticipate that all this will happen early summer to mid-fall of <br /> this year. In the meantime, please feel free to talk to any elder with questions or concerns you have. <br /> The elders serving on session believe that God is calling us to both a new physical home and to a new <br /> denominational affiliation with like-minded churches focused on ministry and growing God's Kingdom. <br /> If you would like more information about ECO, A Covenant Order of Presbyterians, one of the <br /> Presbyterian denominations we are considering, please use this link: www.eco-pres.org. <br /> Q. What will be the cost of dismissal from the denomination? <br /> A. We do not know the exact amount, which will be negotiated between the Special Committee of the <br /> Congregation and the Presbytery Engagement Team. There are several ways such a payment may be <br /> calculated. The payment could range from $0-$350,000. In moving to a new denomination, we will be <br /> part of a governance structure that recognizes that the local church owns the property and retains <br /> control over it instead of the denomination. <br /> Q. The congregation was asked to respond financially in the March 8 correspondence. What Is <br /> the status? <br /> A. We received special gifts totaling about $50,000 in March that were a great help to cash flow. Our <br /> financial team is still tabulating results from the March request and we know that some people wanted <br /> to see and understand the plan before responding. We will report to you final results as soon as they <br /> are available. In the meantime, please understand that we need to continue to meet our financial <br /> obligations, including paying principal and interest on the mortgage loan, until the real estate <br /> transactions close. We believe closing the preschool and leasing the facilities to another operator will <br /> help alleviate a significant portion of our cash flow requirements. <br /> Q. What about the mortgage payments? Are we still required to pay the loan when a sale is in <br /> process? <br /> A. Yes. It is our commitment and responsibility to continue to fulfill our mortgage obligations until we <br /> pay off the loan. We have built into the sale and into our financial planning a number of elements that <br /> will greatly assist us in making these commitments. As noted above, we may not have sufficient <br /> income to fully meet our obligations in the period before the land sales are complete, so a portion of <br /> the sale proceeds in the form of non-refundable deposits by the buyer will most likely be utilized to <br /> cover mortgage costs. It is also possible though not desirable, to increase by the smallest amount <br /> necessary our line of credit with the Presbytery in order to meet our mortgage expenses. We have <br /> utilized all of the current line-of-credit ($300,000), <br /> Page 3 <br /> www.centerpointechurch.org <br />