We have had an exceptionally busy season for the New School Campaign in May, June, and July and we expect to keep things moving along for the rest of the summer.
Building and Construction Progress
Over the summer, our team has worked in an innovative partnership with GBD Architects to complete Schematic Designs for the new school. Through that process, we have been able to value-engineer the plans in response to changing prices for materials. We have also established a revised budget that is not only attainable, but keeps all of the essential features of the building intact while also keeping energy efficiency and durability in mind.
Other accomplishments include a successful presentation to the Portland Archdiocese, securing full approval of the project and budget. In August, we will begin to request construction bids from 5 local companies, and we will enter the Design Development phase when we dial in specific details of the indoor and outdoor spaces.
Total Project Cost: $12.4 million
Of the total budget HALF (51%) of the funds have been secured from individual donations, land sale, endowment support, and a loan. The following is a breakdown of project revenue sources:
Committed Funds $3,388,000 Pre-Approved Bank Note $2,960,000
Total Funding Committed $6,348,000
In-kind Contributions $500,000
Grant Funding $1,500,000
Individual Giving $4,052,000
Remaining to Raise $6,052,000
We continue to be in a major-gifts phase of the project, seeking 5-6 figure contributions from individual donors, grant funding from several foundations, and commercial sponsorship for materials and construction. As we get closer to reaching our goal, the campaign will broaden to more individuals and small groups. Eventually all members of the community including school alumni will be asked to donate as part of a public campaign to help us reach full funding for the project.
We have been invited to complete our application for funding from the M. J. Murdock Charitable Trust which could result in a grant of a few hundred thousand dollars. We are also applying for funding from other organizations, and we are moving through the steps as quickly as possible.
Several of our our own contributors are stepping up to help us expand our network to new donor candidates beyond St. Anthony. In July, we also presented to a small group of leaders within the St. Anthony Vietnamese community, and we are excited to have enthusiastic support from more members.