Long-Term Reserved Funds

LGMC has historically not planned for long-term needs.  In Jan 2018 it was determined that three funds would be established.  These would cover periodic roof repairs, air conditioner replacements, and a reserve to cover our insurance deductible on our properties.

Needs:

Reroofing  total cost estimate of $60,000 (completed in February 2019 – good for 15 years)

Air conditioner replacement within FLC and Sanctuary needed in three years, total cost estimate of $105,000.

Our reserve for insurance against property loss is 5% of the value of our properties, totalling $181,170 based on 2016 valuation of all four buildings.

Hopefully, we will never need to expend the insurance deductible reserve. 

It is anticipated that we will need to save a little each year to replace the roof again in another 15 years, and the air conditioners 15 years after the first replacement.