FAQs
Q: How does the new convention resolution, approving a Church Extension Fund (CEF) loan of up to $7M, relate to the previous convention resolution that “construction of the new gymnasium be authorized to begin when contributions have been received to within $3M of the estimated cost of the new gymnasium”?
A: Since we did not have a firm estimate for the Gymnasium Project in 2024, the 2024 Convention resolved that only $3M of the total project cost could be funded by a loan from the CEF. The 2026 Convention increased the CEF loan total to $7M.
Q: What is the current estimate for the Gymnasium Project?
A: While the ILC Building Committee (ILCBC) is still investigating ways to reduce the total cost of the project, and because we are entering an advantageous building cycle where the next round of bids may actually be lower than original estimates, we are working with a “worst case” estimate of $10.6M.
Q: How much money has already been contributed to the ILC Building Fund?
A: The current balance in the ILC Building Fund is approximately $2.6M. That figure is made up of a combination of offerings, bequests, and investment earnings.
Q: What is needed before construction can actually begin?
A: The 2026 Convention established two milestones that must be met before construction can begin. The first is that $7M specifically earmarked for the Gym Project must be available in the CEF through member loans. The second is that the balance of the total cost of the project must have been received into the Building Fund from contributions, bequests, and investment income. That means that if the total project cost is $10.6M, the cash balance of the ILC Building Fund must be at least $3.6M, or $1M more than the balance at the end of June 2026.
Q: Since a previous convention resolved that the CEF must maintain a cash balance equal to at least 15% of promissory note liability (member loans into the CEF), doesn’t that mean that a little over $8M will need to be loaned to the CEF to satisfy the 15% requirement? ($7M x 1.15 = $8,050,000)
A: No, since the current cash balance of $2.5M in the CEF is already more than enough to cover an additional $7M in promissory note liability. Despite having loaned just under $3M to CLC congregations over the past 5 years, the cash balance in the CEF has not fallen below $2.3M over that time period.
Q: What is the construction schedule if sufficient CEF loans and contributions are received?
A: Our architects are working to complete full design development documents (which will be ready in July) followed by full construction documents (which will be ready in August). The final construction documents will be used by our General Contractor to solicit final bids in late November. Final bids will be approved January-February of 2027. If, at that point, we have secured the necessary funding in the form of CEF loans and offerings, construction would begin in March-April of 2027, with a completion date approximately 9 months after the start of construction.
Q: What do I have to do to loan money to the Church Extension Fund to help finance the Gym Project, and what are the terms of those loans?
A: If you want to loan money for the Gym Project, contact CLC Treasurer Steve Lentz at the CLC General Business Office (steve.lentz@ilc.edu or (715) 836-6622) for the Promissory Note Form you will need to fill out. The notes will ordinarily be written for 5 years at the interest rate you choose (maximum of 2.5%). Choosing an interest rate below the maximum of 2.5% will, of course, help to lower the final cost of the project. When the notes reach maturity (5 years after they are written) you will have the option to renew the notes if the funds are still needed to fund the project. By convention resolution, the CEF administrators can return loans prior to the maturity date if it is determined that the funds are no longer needed.
Q: What if I have funds I intend to lend to the CEF but cannot do so immediately?
A: This might be the case if, for example, you cannot withdraw funds from an existing CD without incurring a penalty. To help determine if our lending goal will be met, it is still important that you communicate your intention to lend the money at a future date. In that case, you should complete the Promissory Note Form and be sure to fill out the line on that form that lists the date you anticipate making the loan.
Q: What if I communicate my intention to loan money to the CEF for this project at a future date but later determine that I cannot?
A: While the assumption is that commitments will ordinarily be honored, commitments are not considered legally binding and there is no penalty if your situation changes and you are not able to lend money for the project.
Q: What do I do if I want to donate my CEF loan balance as a bequest to the ILC Building Fund if the Lord calls me home?
A: Please communicate your wishes to the CLC Treasurer, Steve Lentz, for the information you would need so that your wishes may be properly understood and documented.