586 Birch Bay Lynden Road | Lynden, WA 98264

Ed Building Financial Update

Faith Community Church

Fincancial Update

As of 4/30/2023, the Current All-Inclusive Building Fund Has Gone Beyond Donations by $224,613

Video Overview

God has truly blessed FCC with all the building projects including the complete remodel of the Ministry Center, Campus Utility Updates, and Brand-New Education Building. The total costs for all projects came to $1,446,228 to date. We are happy to say that the final most-recent project, the Education Building, is complete and in action. So much time and effort were placed into planning, building, supplying, and beautifying it. The Education Building is being used for Bible Studies, Prayer Groups, Awana, Preschool, Vacation Bible School, various committee meetings, upstairs storage of Bible study materials, Awana & Childrens materials, general church, and ministry supplies & materials, and so much more. We can’t even imagine not having this new all-purpose building as part of our FCC campus. So many people have given of their time, talents, items needed, and their finances to make all these projects happen. With all expenses on the building projects having been paid, we wanted to update our FCC Family with the current financial position for the all-inclusive Building Fund.
Overall: The total costs for the Ministry Center came to $381,573, the Campus Utility/Grounds Updates came to $225,798 (which includes excavation work, water, cement, fencing, legal documentation/licenses, yard and garden sprinklers, etc.), various Small Campus Projects came to $28,312 (which includes lawn hydroseeding, paving, parking lot striping, updating all security needs/requirements), and the Education Building came to $810,546 (which includes all costs from the ground up, also including bank interest charges to date on our current loan).
As of 4/30/2023, the current all-inclusive Building Fund has gone beyond donations by $224,613. Thankfully, all building project costs have been paid. Prior to the project, FCC had sufficient capital in reserve to cover most of the building costs. Nevertheless, we needed to obtain a Peoples Bank line of credit (LOC) to cover some of the costs as well. The balance owing on the Peoples Bank LOC is currently (as of 4/30/23), $37,000. Included in our 2023 budget, rather than adding to the Capital Funds account each month (a reserve/savings for unanticipated larger costs/emergencies that may come about), we are transferring $4,500 from our General Funds towards the LOC balance each month. If we can continue doing this monthly transfer, the LOC should be paid in approximately 9 months. We are paying a monthly interest charge of about $350 on the LOC. Using General Funds to pay towards the LOC each month (and not adding any to the current Capital Funds account), may become a challenge if any large unplanned expenses come up.

Our Request to FCC

If you are able to give above your monthly giving (any amount helps), we will:
1) Pay down/pay off the Line of Credit first
2) Pay back the Building Fund deficit to the General Funds account and then again start setting aside a monthly amount for unplanned emergencies/large expenses

Be Sure To:
 1) Write a note on the memo line of your check “Building fund” or if giving cash in the offering box please use an envelope and note on it “Building Fund”
2) Choose the Building Fund online – you can choose more than one fund when giving online

Thank You.

If you have any questions about this information, please feel free to contact Treasurer: Jon Olson (360-815-1551) or Bookkeeper: Annette Kooistra (akooistra@fcclynden.org)