Funding sources identified for Stony Point Center work

Committee now knows where the needed $631K is coming from

by Mike Ferguson | Presbyterian News Service

LOUISVILLE — The sources to pay for the nearly $631,000 in deferred maintenance that a consultant says is needed at the Stony Point Center north of New York City have been identified.

Last month, the Presbyterian Mission Agency Board learned that a consultant hired to identify the most pressing repairs, Run River Enterprises, recommended six fixes be completed as soon as possible. Those include $250,000 for HVAC, water damage repair and roofing on the Gilmor Sloane House; $240,000 for remaining roofing work on the Maple Building; and $80,000 for the completion of heating and air-conditioning upgrades on the Evergreen Building.

The Presbyterian Mission Agency Board’s Coordinating Committee learned during a conference call Thursday that the three largest funding sources available to complete the work include a terminated trust for the former Worldwide Ministries Division, about $169,000; Extra Commitment Opportunity accounts for National Mission, about $159,000; and unrestricted bequests, about $262,000.

The Rev. Dr. Ray Jones, who reported to the coordinating committee on behalf of the Stony Point Center Roundtable, said that during both 2019 and 2020, the approved PMA budget includes an investment of $100,000 each year toward Stony Point’s operational expenses. He said it’s not expected those funding sources will be needed during either year.

If that money is not spent, it will be returned to the unrestricted, undesignated reserve at the end of each year.

“Please keep us in your prayers,” he told the coordinating committee. “It’s a big work.”

The Rev. Dr. Diane Moffett, president and executive director of the PMA, said carefully tracking the work as it’s done and working closely with the consultant will help keep the PMA board informed between now and its next in-person meeting in September — and beyond that, if necessary.

That oversight is being conducted, she said, “so we don’t have a surprise at the end of the year or what have you.”

The Stony Point Center Roundtable was set to meet Thursday afternoon. Jones said that among the items for discussion is a communications plan “so the board feels it is updated very well throughout the process.”

In response to an April request, the coordinating committee also received a report detailing the insurance replacement value for buildings at Stony Point Center. As of Oct. 29, 2018, the cost to replace the more than 20 buildings was nearly $20.4 million.

 


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