Capital Campaign Fund (2/5/2002)

Status and Outlook:

• The Board of Directors authorized the Boathouse Committee to structure a 25-year lease with the East Bay Regional Park District for the Tidewater site and we are very close to a successful conclusion of this process.

• The Committee currently estimates development and construction costs at roughly $1,000,000. We have three years in which to obtain permits (at which time our ground rent begins) and develop the road. Construction may be completed at any time thereafter.

• The Board approved an Oakland Strokes Capital Campaign to raise funds for the new boathouse at Tidewater and an account has been opened at Wells Fargo.

• In a "soft opening" of the Campaign, we have raised $92,875 to date from 14 contributors- $63,8 7 5 in cash and an additional $29,000 in pledges

  • 100% of the directors have pledged to support the Capital Campaign. To date, eight directors (50%) have made donations (4 for $61,000, including one gift of $50,000) or pledges (6 for $29,000)

  • An additional 6 Friends of the Strokes, primarily alumni parents) contributed $2,875 in response to a year-end appeal

  • Ergathon contributions met budget, equal to last year.