The Summit Davis Building | facts & figures

Contents Summit Background | Overview The situation | Challenges Evaluating the Opportunity | Davis Building Increasing Membership Financial Growth Good Location Income Property Figures ($) Questions | Comments ?

Summit Background | Overview The Summit is a new church plant in Sault Ste. Marie. We started out as a campus church located at Sault College and then Algoma University. Over the past few years we have grown considerably and as a result we’ve morphed into a full intergenerational congregation. New church plant Started as campus student church Grown considerably Now intergenerational congregation

The Situation | Challenges Inconsistent meeting locations Burnout among volunteers (set-up and tear down each week) Limited options to gather at other times during the week The Summit is continually faced with challenges such as inconsistent meeting locations within the University as well as burnout among volunteers who set-up and tear down each week. We also have very limited options to meet at other times during the week.

Evaluating the Opportunity The Davis Building

Evaluating Our Strengths Increasing Membership Financial Growth Good Location Income Property Our Strengths Evaluating Our Strengths

The Summit | Strengths Increasing Membership Year after year, The Summit has experienced significant growth in new members. We anticipate this trend will continue for many years to come. This year average attendance has been 85 people , last years was 60 and the first year was 30 on average. Note… many of our ‘new’ members are new Christians! – not just Christians from area churches.

The Summit | Strengths Increasing Membership Financial Growth 2008 As a result of our growth in new members we are starting to see growth in finances. As many of our members mature in their faith, many are beginning to understand the importance of supporting our church through tithes and offerings. Summit Income / Year 2008 $ 151,901* 2007 $ 84,443 + 85 people avg 2006 $ 69,000 60 people avg 2005 $ 36,000 30 people avg

The Summit | Strengths Increasing Membership Financial Growth Good Location The Davis building is in a very high profile location – across the street from our brand new Steelback Centre. This building is in the heart of the city on our main street downtown. The primary benefit is visibility however this could also be a very attractive investment opportunity.

The Summit | Strengths Increasing Membership Financial Growth The Davis building property is an income property with office space currently generating $36,000/yr. This property has the potential to generate an additional $21,000/yr for space which is currently vacant. Increasing Membership Financial Growth Good Location Income Property $36,000/yr rental income zero property tax (church) Tax rebates available Renovation grants available

The Davis Building | Downtown

Financial Analysis | Figures ($)

Figures ($)| Financial Overview 2004-2008 2005 2006 2007a 2008b Opening Balance - 7,565.00 4,223.00 11,315.00 28,223.00 Income 9,041.00 36,391.00 68,800.00 84,443.00 151,901.00 Expense 1,476.00 39,723.00 61,718.00 74,735.00 151,810.00 Total (Net Income) 4,233.00 28,314.00 % Change (income) 302% 89% 33% 80% % Change (net income) -44% 167% 149% >1% a - YTD (Oct 25) & Projected Nov/Dec b - Budget

Figures ($)| 2008 Budget Opening Balance 28,223 Income Church Income 116,009* Property Income 35,892 20,900 Potential Income (Vacant Space) Total Income 180,124 201,024 Expenses Church Expenses 70,482 Property Expenses 81,328 Total Expense 151,810 Total (net income) 49,214 (Potential Net Income) Tithes & Offerings = $97,109 2007 = >$70,000

Figures ($)| Building Acquisition Costs Davis Building | 302 Queen St. & 18 King St. Building Purchase Price 315,000 (List = $419,000) Legal Fees 10,533 Property Inspection 1,643 Renovations 50,000 Total Expenses 375,533 Financing The Summit 25,000 PAOC 350,533 Total Financing

The Summit Davis Building - facts and figures QUESTIONS? COMMENTS? The Summit Davis Building - facts and figures