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Major Capital Campaign Update - Rick Parrett

Thursday, May 15, 2008

We’ve used several of these columns to write about the financial challenges the BBVFC faces in the coming years. Our principal strategy for addressing those challenges is our Major Capital Campaign, which kicked off in early 2006. We’d like to bring you up to date on that effort. The campaign target is $3 million in tax-deductible gifts and pledges. We are using proceeds to pay off loans on our HQ and aerial ladder. If successful, we would greatly strengthen fire-side finances and could pursue timely replacement of other fire apparatus and important capital needs. The major capital campaign is in addition to our annual fund drive, which is critical for covering recurring costs like maintenance, fuel and utilities. Through the end of April, we have 1,128 donors, or just over 11% of owners, who have pledged or given $558,000. There are 988 one-time gifts totaling $135,000, or about $135 each, and 140 pledges totaling $423,000, or $2,100 each excluding one $125,000 donation. The average for all gifts is $385 excluding the big one and $495 with it. Of the $423,000 pledged, $113,000 has already been paid. If we could replicate these results from remaining homeowners, we would meet our goal and eliminate existing loan payments. Those funds would be allocated to apparatus replacement and other necessary capital expenditures. We will shortly make our third mailing, which will be a reminder to those who may not have gotten an earlier letter. We ask that you give this request your most serious consideration. We know we are asking a lot. The combination of this campaign, the annual fund drive and the new ambulance service fee or subscription purchase is a significant financial commitment. Please consider how quality fire and rescue services available 24/7 contribute to the safety of your family, your guests, your renters and your property values. The members of the BBVFC are your friends and neighbors and are committed to this community and those who live, work and visit here. Our commitment is validated every day in the face of call volume that increased almost 20% in 2007 and that is up again in 2008. We need your help in meeting the challenge of maintaining and improving a tradition of service dating back to 1948. Rick Parrett is president of the BBVFC, where he has been a member since 1987. He has held virtually every line position in the Company, including fire chief for 6 of the past 11 years. He is the facilities supervisor at Sea Colony and lives in Bethany Beach with his wife, Betsey, and their son. Rick can be reached at [email protected]


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