Our Treasurer sent me a spread sheet detailing the cost of our facilities. This came in response to questions from parishioners who asked him about my statement about the cost of our facility.

In my blog below, and in my sermon on Sunday, I mentioned that our mortgage costs $5,700 a week. I got this number from a spread sheet used to generate the 2008 Budget.

Our Treasurer tells me that I both over-stated and under-stated the cost of our facilities.
Here’s how:

Our loan balance is $1,817,632.64.

The cost to service this loan is $4,034.69/week. In my previous blog I had calculated the weekly cost of the loan to be $5,700. I over-stated the cost by $1,665.31. (I had used a number from the spread sheet that had other costs associated with the building in addition to servicing the debt.)

My mistake. Please forgive me.

I over-stated the weekly cost of our $1.8 Million dollar mortgage.

But, alas, if this were not enough shame, it seems I under-stated the total costs of our facilities.

Our Treasurer tells me that in addition to service on the loan, our facilities cost includes:

Utilities $ 769.23/week
Insurance $ 298.08/week
Maintenance $ 1,500.00/week (est.)
Fire/Security $ 82.69/week

So our total facilities cost comes to $6,684.69/week. I understated this by $984.69.

My mistake. Please forgive me.

(Why is it that accountants take such joy in calling out the short-comings of their Rectors?)

Thank you Brad Rush for your clarification.

Thank you faithful parishioners who cared enough to raise the question.

For those new to the topic under review, please read the previous post.