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1744 Payne Avenue
Project Financing
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In December 2004, the MHS Board of Trustees authorized the purchase and renovation of a three-story, 36,000-square-foot office building at 1744 Payne Avenue in downtown Cleveland, Ohio. This purchase launched the Board’s $6 million strategic initiative to create the physical infrastructure to sustain the operations of MHS, and support its continued growth and development. When construction and renovations were completed in April 2007, the structure became the agency headquarters, and houses programs that had formerly been based at three sites. The renovated building also has separate reception and clinic areas for children.
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Project Costs and Revenues
The MHS Board of Trustees and key staff members have established and implemented a fund-raising plan, and its initial milestones have been achieved. All Trustees have made financial contributions to this project, and Trustees review the financial status of the project each month.
Capital expenses and revenues are presented in the tables below. A long-term mortgage of more than $4 million has been secured from Fifth Third Bank, and grants surpassed $2 million. MHS is profoundly thankful for the generosity of the foundations and other funding sources identified below. Total capital commitments are now $6.3 million, representing 91% of total project expenses.
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Capital Expenses
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Amount ($)
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Building Purchase
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1,180,891
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Construction and Renovation Costs
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4,263,456
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Architect, Project Mgmt., & Related Costs
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584,191
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Furniture, Equipment, and Moving Costs
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346,602
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Asbestos Abatement and Related Costs
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122,020
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Interest Expenses
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397,416
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Total Expenses
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6,894,576
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Capital Commitments
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Amount ($)
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Date
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Mortgage from Fifth Third Bank
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4,108,003
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PTI Partners
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175,000
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MHS Trustees
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50,000
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December 2004
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The Cleveland Foundation
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500,000
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21 July 2005
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Jewish Community Federation
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2,700
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5 July 2005
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Citizens Financial Group, Inc.
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15,000
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3 August 2005
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Eva L. and Joseph M. Bruening Foundation
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500,000
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29 August 2005
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Deaconess Community Foundation
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75,000
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8 September 2005
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Giant Eagle Foundation
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5,000
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29 September 2005
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The Thomas H. White Foundation
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80,000
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3 October 2005
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Woodruff Foundation
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25,000
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2 November 2005
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The Abington Foundation
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100,000
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17 November 2005
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Cuyahoga County Community Mental Health Board
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250,000
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22 February 2006
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The Skirball Foundation
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250,000
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24 October 2006
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The George Gund Foundation
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100,000
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9 March 2007
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The David and Inez Myers Foundation
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50,000
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25 June 2007
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Private Contributions
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5,595
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Total Capital Commitments
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6,291,298
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Total Funds Still Required to Fund Project
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603,278
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Operational Support
MHS would also like to thank those who make grants for operational support. MHS incurs critical operational costs (e.g., staff training, and organizational certification) that are not covered by service fees or program revenues, and grants for operational support are particularly valuable.
MHS thanks the Saint Luke's Foundation of Cleveland, Ohio, for its generous grant of $100,000 on 4 November 2005, and an additional grant of $200,000 on 20 December 2006. Both grants support services for critical community needs.
MHS also thanks The Elisabeth Severance Prentiss Foundation for its grant of $250,000 in November 2006, also for operational support.
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William Lipscomb |
Acknowledgement
MHS acknowledges the diligent and talented work of William Lipscomb, who provided expert consultation and advice for our capital campaign. Mr. Lipscomb identified potential funders; helped us to develop strategies for approaching them; helped to structure, write, and edit our funding proposals; and participated in many meetings with foundation officials. He has a warm, respectful manner, collaborated easily with our staff, and his work was instrumental to the success of our capital campaign. Thank you! |
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Copyright ©
Mental Health Services for Homeless Persons, Inc. (MHS)
1744 Payne Avenue; Cleveland, Ohio 44114 U.S.A.
216-623-6555 - TTY/TDD: 216-623-6540
The URL of this page is
http://www.mhs-inc.org/1744a.asp
It was most recently updated on 16 November 2009.
We welcome your comments.
Please write to Joel[at]mhs-inc.org
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