Society for the Advancement of Vedic Culture SAVC

1
Society for the Advancement of Vedic Culture
(SAVC)
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Short Introduction

• S.A.V.C. was incorporated in 1987.
• This Temple was bought in 1988 for 400,000.
• Through the Loan/Donation Program and extreme
  austerity, the loan was paid off in 3-4 years.

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Congregation Demand

• This Real Estate Committee was established in a
  General Body meeting to improve services.
• Provide more seating and better parking.
• Adequate cooking, refrigeration, and serving
  facility.
• Better amenities.
• More space, better facilities.

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Purchase of Adjacent Land

• For expansion of the Temple, 3 options were
  explored
• New land for a new facility.
• Conversion of a church to a temple.
• Adjacent land .
• Purchased the adjacent property for 1.5 million
  consisting of one SFR and 4 units giving us a
  total of over 55,000 sq. ft. (includes the
  current Temple property).
• 300K cash paid.
• 454K carry back note at 1-Payable in
  half-yearly installments of 50K.
• 328K at 5.125 for SFR.
• 428K at 5.764 (variable).

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Current View of the Property
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Future Views of the Property
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Temple Finances

• After down payment, money market balance of
  140K.
• Investment in CD approx. 500K (maturing July
  onwards).
• Plan a reserve fund 100K of operating cash.
• Collections Avg. around 125-150K per year.
• Expenses Avg. around 125K.
• No plan to reduce services Hence collections
  essentially cover our expenses at the current
  level of services.

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5 Steps of Achieving Goal

• Acquire the Property
• a) Clean-up Property
• b) Expand Property
• c) Improve the Amenities to Congregation
• a) Pay off the loans
• b) Draw the maps
• c) Acquire city permits
• Construction of the Temple
• Expansion of Parking Lot, Refurbishment of
  Kitchen, and Assembly Hall

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Our Objective

• Build a new Temple ASAP.
• Preliminary plan shows enough space (per city
  code) for a facility of double the current size.
• Since demolition of some of the current
  facilities must precede new construction, our
  goal is to clear a loan within 2 years so new
  construction can start.

• Loan payment 1.25M.
• Cash in hand 540K
• New property Cash Neutral
• Short-term improvements
• Parking
• Kitchen Refrigeration
• Rest Rooms
• Estimated Cost 200K
• Planning Permits for New Building 100K

WE NEED 1.00M !!!