Total Project Need: $36.4 million
Total Project Raised to Date: $22.1 million
Since the original $25 million budget was set in 2010, the costs of the Newman Center’s expansion project have grown beyond the initial estimate to $35.6 million. The 2010 budget for the Newman Center – Church Construction was $17 million and current costs are $24.5 million – a net increase of $7.5 million.
Several factors, both positive and negative, have increased our cost beyond the initial estimates.
In 2010, a 51,000 square foot facility had been envisioned. In response to the continually growing number of students, the church and Newman Center was increased to 60,000 square feet which was a 17.6% growth and an additional $2.5 million.
Due to local market conditions at the time of bidding, construction costs exceeded the general contractor’s estimates by $1.2 million. In response, design and construction changes reduced the cost increases to $0.7 million.
Sanctuary furnishings have been funded beyond our initial plan. The beautiful altars, podium, stained-glass windows and other pieces were underwritten by donors and, in doing so helped to finance general construction as well. These pieces added $2.75 million to the project cost.
Accrued interest to date (as of 9/30/16) on our construction loan totals $1.5 million, which was not included in the initial project budget.
The initial budget called for $2.0 million in Operational Ministry Support during construction over five years. An additional year of capital campaign fundraising, as well as the blessing of increased student participation has increased the costs to $3.7 million; $1.7 million more than the 2010 assumption.
We anticipated $1.5 million in Endowment and Deferred Contributions through the capital campaign. To date, the Newman Center has been blessed to receive $3 million in estate commitments, which will strengthen its endowment and provide a lasting source of ministry funding in the long-term. In the short term, we need to raise $1.5 million more than anticipated in current gifts.
Join us in praying the Newman Center Capital Campaign Prayer for the students, staff and benefactors of the Newman Center and the success of our "Great Problem to Have" Capital Campaign.
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