As a Jewish community, we need the space to pray, learn, gab, nosh, celebrate, mourn and contemplate. This project is vital to the nourishment and growth of our congregation. And as a young family putting down roots in Oakland, we intend to delight from a radiant synagogue for many years to come. - Aviva Black
What is the capital campaign goal?
Our goal has always been to build a building the congregation could not only afford but that would also meet our community’s needs. To that end, the Board of Trustees initially set a goal of $10 million for the campaign based on the assessment of an independent fundraising consultant.
The campaign has always had two fund raising goals. First, we set a $10 million fundraising goal for the campaign. Second, we set a goal for all member households to contribute to the project. As of this writing, we have raised $10.9 million in cash, stock donations, and pledges which is a tremendous accomplishment in its own right. While we would certainly like to raise more, the capital campaign anticipates raising at least $11 million, $1 million over our original goal.
At this point, only 62% of our member households have made a gift to the project, and we would like to see this number increase. All of us will benefit from this new expanded facility, and ideally most of our membership will make a gift toward our collective future.
Why were the fundraising goal and the cost of the project not the same?
Through many meetings with Temple leadership, various Temple Sinai groups, Clergy and Staff, a space planning program was designed that would meet the current and future needs of our community. Although early estimates indicated that the program would cost more than what we would be able to raise, the Facilities Committee has worked closely with the architects to find ways to reduce the overall cost of the project.
t is important to note that while the total budget for our project is $15.3 million, this includes (1) our acquisition costs on 2820 Summit and 2828 Summit, (2) amounts necessary for bridge financing during construction and debt service thereafter, and (3) relocation costs. The total amount we plan to spend on actual construction of the building (hard and soft costs) is $11.45 million. If we could only spend in total on this project what we raised in the capital campaign, we would not end up with a facility that meets our needs.
Based on projections done by the Finance Committee, the Executive Committee and the Board we believe that our congregation can afford to build a project that is within the proposed $15.3 million budget.
Will we continue to raise funds through the campaign?
Absolutely. Throughout the next year, the capital campaign committee will continue to talk with congregants about supporting the project. If you haven’t yet had an opportunity to make a gift, please consider doing so soon. Imagine how wonderful you will feel knowing you participated in making our new Temple home a reality. To make a gift, please contact Paul Geduldig, our Executive Director, at 451–3263, extension 216.
How are the campaign funds being managed?
he building funds are currently invested in medium to short-term investments and cash equivalents. These investments will change as necessary to pay for construction costs.
As of June 2008, we have collected $5.6 million of the total pledged amount of $10.8 million. As the Temple received initial pledges from congregants in four calendar years (2005-2008), and most congregants pledged to pay their contribution over a period of five years, we expect that the campaign will be collecting pledges through 2012.
Note that the earlier we receive pledged funds, the less we will need to borrow in construction cost (bridge) financing. Also, to the extent we receive increased donations as the project progresses, borrowing will be decreased. If you are able to pay down your pledge earlier, or if you can increase your pledge, it will greatly help the Temple by reducing borrowing costs.
Still have questions? Please contact us!
We want to hear from you. If you have any questions about the campaign, or would like to make a gift, please contact the Temple office, and someone from the capital campaign will get in touch with you.
