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The Growing Power of a Grateful Heart Campaign

History of the New Wing and Financial Details

• In 2005, the Session of Fourth Presbyterian Church approved construction of a new education wing and a major upgrade of all the electrical and plumbing systems in the church. The addition and the improvements provide a new, larger platform to fulfill the church's mission.
• The congregation responded quickly to the financial challenge presented by the new wing. The first fundraising campaign in support of the new wing raised a total of $9.7 million in cash and commitments, but debt remained. An outstanding mortgage in the amount of $8.3 million remained as of September 2011. The congregation has continued to pay principal and interest totaling $640,000 per year on that mortgage.
• That mortgage has an interest rate of 5.28 % and a monthly payment of $53,000, which is made from the Development Fund.
• In September 2011, Fourth launched a three-year campaign dedicated to eliminating the remaining mortgage by the end of 2014. 
• The current loan requires a balloon payment of $7M in November 2016.  The church must pay that amount to terminate the mortgage at that time or refinance the loan at the prevailing rate. 
• If the church does not have the funds to cover that payment, the annual cost of the new loan will be included in the regular operating budget, normally used to support Fourth’s core mission of “Holding Forth the Word of Life.”  Each payment made against the current mortgage would potentially take funds away from Fourth's core mission. 

New Wing Enlarges Fourth’s Opportunity for Outreach

• The project more than doubled the size of the Upper Room, which now seats 900 people in chairs or 600 at tables.  The kitchen has also more than doubled in size and is now furnished with professional appliances and facilities.  A new elevator provides access to the Upper Room directly from the bus and car drop-off area.
• The youth and children's ministries may have benefitted most from the new space. The new addition prominently features a dedicated entrance for the youth.  It includes a spacious Youth Lounge and new offices for youth staff.  The senior high meeting room is now twice its previous size.  The junior high meeting room is 40 percent larger.
• The new addition has hosted weekly classes and meetings, as well as numerous children's productions, concerts and events for members and guests of Fourth.  The new Upper Room has also hosted special events such as a talk by evangelical speaker Ravi Zacharias, who was welcomed by more than 800 people in February 2010.  The Missions Committee held its banquet in the Upper Room. 
• Office space was provided for the finance personnel, who used to be located in the house across the street that is now occupied by a pastor and his family.
• The Special Blessings ministry now has a room of its own.  Previously the ministry members had to move their supplies around on a cart as they travelled from room to room.
• Adult classes have been expanded in number and the furnishings in the classrooms are more comfortable.
• The beautiful parlor or "green room" meets the needs of members at funerals and weddings.