First, the priests, the Finance Committee and the Property Committee thank you all for placing confidence in us, in that these two major problem areas of the Cathedral parish, could be fixed as promised. That promise has been fulfilled.
In December 2016, a letter went out in the bulletin, detailing how much it would cost and what had been done in regards to funding, at that time. Please find below a summary of what had been raised and how it has been disbursed.
Cost of Lighting Project:
$ 149,238 + (HST) $ 19,400.94 = $ 168,638.94
Cost of Sound System:
$ 93,080 + (HST) $ 12,100.40 = $ 105,180.40
Total Cost of the two projects: $ 273,819.34
Funding so far:
The Perpetual Fund: $ 36,619.00
Individual Donations: $ 43,243.83
Parish Term Deposit: $ 64,060.86*
Loan from Diocese: $ 89,182.58*
Total to Date: $ 233,106.27
That leaves us with an outstanding payment, still to be made to the contractors of;
$273,819.34(cost) – $233,106.27(funds raised)
*Please note that the Perpetual Fund has pledged to reinvest the parish term deposit of $64,0606.86 over a period of five years, while the loan from the Diocese amounting to $89,182.58, is our responsibility to pay back with interest.
To that effect, we are looking to raise about $140,000 in order to;
a/ Complete the payment to the contractors
b/ Pay back the loan from the Diocese, as soon as possible to avoid incurring more interests on the loan
So now, we are calling upon families and individuals to please give generously in order to make this possible. Our dream is coming true, seeing that what has “plagued” us for decades, has come to an end in this happy year of 2017. Let us get to the finish line by paying everything off, within a reasonable time frame.
In the pews of the church are envelopes for your donations.
Please ensure that your NAME, ADDRESS and envelope number (if you have one) is on the outside of the envelope, for a tax receipt.
Please make cheques out to St. Peter-in-Chains, with the Memo line of “Light & Sound”.
God bless you and thank you for giving so very generously to your Cathedral.
Fr. Luis Lapinid
Fr. Balonwu Okpe
Fr. Damian Smullen
Mr. Michael Magnus (Finance Chair)
Mr. Tom Fleming (Chair, Property Committee)