Chapel of the CrossMaster Plan - Phase 1Vestry Roadmap for Approving Key Decision Pointsupdated as of January 1, 2013

Lead Committee Responsible CommitteesPrerequisite Approvals

Target Dates for Approval

Decision Point - 1 • Vestry - Approval of Architect Contract MPSC March 2011 Vestry Meeting

Decision Point - 2 • Vestry - Go-Ahead to Prepare Schematic Drawings MPSC DP 1 March 2011 Vestry Meeting

Decision Point - 3 • Vestry - Selection of General Contractor MPSC May 2011 Special Vestry Meeting

Decision Point - 4 • Vestry - Selection and Authorization of Other Professionals As determined by Senior Warden

As required

Decision Point - 5 • Vestry - Approval of Recognition and Memorial Designations Stewardship December 2011 Vestry Meeting

Decision Point - 6 • Vestry - Approval of Schematic Drawings MPSC August 2011 Vestry Meeting

Decision Point - 7 • Vestry - Approval of the Preliminary Financing Plan Finance September 2011 Vestry Meeting

Decision Point - 8 • Vestry - Go-Ahead to Prepare Design Development Drawings MPSC DP 6, DP 7 October 2011 Vestry Meeting

Decision Point - 9 • Vestry - Approval of Design Development Drawings MPSC February 2012 Vestry Meeting

Decision Point - 10 • Vestry - Approval of the Intermediate Financing Plan Finance April 2012 Vestry Meeting

Decision Point - 11 • Vestry - Go-Ahead to Prepare Final Drawings MPSC DP 10 April 2012 Vestry Meeting

Decision Point - 12 • Vestry - Approval of Loan Submission Package Finance DP 10 July 2012 Vestry Meeting

Decision Point - 13 • Vestry - Approval of Diocesan Submission Package Finance DP 10, DP 12 August 2012 Vestry Meeting

Decision Point - 14 • Vestry - Approval of Final Financing Plan Finance ____________ 2013 Vestry Meeting

Decision Point - 15 • Vestry - Approval of Construction Contract MPSC DP 13, DP 14 ____________ 2013 Vestry Meeting

Decision Point - 16 • Vestry - Go-Ahead to Begin Construction Wardens DP 14, DP 15 ____________ 2013 Vestry Meeting

Chapel of the CrossMaster Plan - Phase 1Vestry Roadmap for Approving Key Decision Points

3 - Responsible Committee. For most Decision Points, there are several different elements of Required Information, and for each different numbered element, a committee (the "Responsible Committee") has been charged by the Vestry with the responsibility for ensuring that the appropriate review, analysis and assembly of Required Information is indeed carried out. In many cases, the Responsible Committee (indicated in Bold next to the description of each respective element of Required Information) will actually perform the necessary review and analysis and gathering of information. However, it will also be responsible for interacting with the other supporting committees shown as having a role to play with respect to the same element. The supporting committees, while not required to make a recommendation with respect to any given Decision Point, are free to do so in the event they feel it is important for the Vestry to hear from them directly.

4 - Information Date. In taking action on each Decision Point, the Vestry expects to rely heavily on the committees to which it has delegated the specified responsibilities. However, the Vestry is responsible for making the ultimate decisions, and in so doing it will need to evaluate a great deal of information, including the information designated as Required Information. It is therefore imperative that the Vestry have an adequate amount of time to review the Required Information submitted in connection with each Decision Point, and, where necessary, adequate time to clarify and/or discuss the submitted information in order to obtain a better understanding of it prior to the meeting at which action may be taken. The Information Date thus represents the due date by which all Required Information with respect to a particular Decision Point must be in the hands of each Vestry member. For most Decision Points, the Vestry has set the Information Date to be five days prior to the anticipated date on which it will take action. This will generally mean that Required Information must be provided to Vestry members by the Saturday prior to the regular (Thursday) Vestry meeting. The Information Date is not meant merely as a suggested date for submitting Required Information. Rather, it is intended to be an essential part of the roadmap process. While the Vestry may obviously waive the Information Date requirement, it will do so only where it is highly confident that all members have had adequate time to review the Required Information and to make a well informed decision with respect to it.

5 - Target Date. The date on which the Vestry may take action on a particular Decision Point is the Target Date. The Target Dates for Decision Points are highly likely to change, as the process evolves. Together with the Wardens and Rector, the chairs of the Lead Committees will provide updated Target Dates to the Vestry as the roadmap process progresses.

The Vestry has identified certain key decisions in the planning, design, construction, and transition process as those requiring Vestry approvalin connection with the implementation of Phase 1 of the Master Plan. For each such “Decision Point,” the Vestry has identified the “LeadCommittee”; and for each numbered element of each Decision Point, it has designated a single committee as the “Responsible Party”. TheVestry has also specified the “Required Information” that the Vestry believes is essential to have in hand prior to taking action with respect toany decision. In addition, for each Decision Point, the Vestry has specified the Information Date by which all Required Information should bein the Vestry's hands prior to its taking action. The attached roadmap also includes the estimated target date for taking action with respect toeach Decision Point. While it is highly likely that the estimated target dates will change during the process, the Required Information and theInformation Dates will not change without Vestry approval.

Roadmap Terminology

1 - Required Information. For each Decision Point, the Vestry has listed specific information that it believes is essential for the Vestry to have in hand prior to taking action. Most Decision Points have more than one separate piece, or element, of Required Information. Each such element is numbered. For example, Decision Point 1 (Approval of Architect Contract) includes four different elements of Required Information: (1) a description of proposed Phase 1; (2) a preliminary estimate of construction costs; (3) a preliminary estimate of non-construction costs; and (4) a preliminary financing plan.

2- Lead Committee. For each Decision Point, the Vestry has assigned a committee to be primarily responsible for overseeing the process leading up to approval of the particular Decision Point. The Lead Committee is responsible for ensuring that all Required Information is provided to the Vestry in a timely manner, not later than the Information Date. However, while the Lead Committee is ultimately responsible for overseeing the process for each Decision Point, the Vestry has assigned a specific committee to be responsible for the review, analysis, and assembly of each different numbered element of Required Information for each Decision Point. The Lead Committee is charged with effectively coordinating the work of each such committee, so that all necessary input is gathered, assembled and submitted to the Vestry. The Lead Committee should regularly advise the Wardens, and where appropriate the Vestry, of its progress and Target Date with respect to a Decision Point.

AbbreviationsCommittees

B&G Building & Grounds CommitteeCCC Capital Campaign CommitteeENV Environmental Stewardship CommitteeFIN Finance CommitteeHOSP Hospitality CommitteeMPSC Master Plan Steering CommitteePERS Personnel CommitteeSTEW Stewardship Formation CommitteeTECH Technology CommitteeTRAN Transition Committee

Staff, Clergy, Warden, and Professional AdvisorsADMIN Walker Mabe, Chief AdministratorCHFORM Boykin Bell, Christian Formation DirectorECM Tammy Lee, Associate for University MinistriesEYC David Frazelle, Associate for Parish MinistryJRWAR Junior WardenLAW Outside Legal CounselMUS Van Quinn, Organist & ChoirmasterPAS Vicky Jamieson-Drake, Associate for Pastoral MinistriesREC RectorSRWAR Senior Warden

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 1 • Vestry - Approval of Architect Contract MPSC Preview - February Vestry Meeting

Description of Decision that Vestry is being asked to make:To approve a comprehensive contract with Hartman-Cox Architects, covering Schematic drawings, Design Development drawings, and Final Construction drawings, in addition to construction oversight. The contract should be structured so that the Vestry can exercise close control over the pace of work throughout the project, with the right to terminate the contract without penalty with 30 days' notice.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

March 2011 Vestry Meeting

1. Description of proposed Phase 1, specifying major program needs that will be addressed by Phase 1, along with major program needs that will not be addressed by Phase 1.

MPSC, CCC, B&G

2. Preliminary estimate of construction costs, obtained on the basis of input from four different potential contractors who have been provided our existing concept plans along with a common description of key construction requirements.

MPSC, CCC, Finance

3. Preliminary estimate of non-construction costs (architectural fees, engineering fees, furnishings and equipment, interim transition costs, contingency reserve).

MPSC, Finance, CCC, B&G, TECH

4. Preliminary financing plan, showing: CCC, FIN, MPSC4.1 - Cash on hand

4.2 - Pledge commitments, with estimated timing of receipt and qualitative assessment of risk associated with pool of pledges.

4.3 - Proposed loan amount, with preliminary plan for servicing debt.

4.4 - Planned gifts designated for support of Master Plan, with estimated timing of receipt and qualitative assessment of risk associated with pool of pledges.

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 2 • Vestry - Go-Ahead to Prepare Schematic Drawings MPSC

Description of Decision that Vestry is being asked to make:To authorize the architect to proceed with preparation of the Schematic drawings based on the current (i.e., March 2011) Phase 1 concept drawings.

The approval should be subject to this work not exceeding a stated limit, without additional authorization by the [Vestry].

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

March 2011 Vestry Meeting

1 - The Vestry shall have approved a comprehensive contract with Hartman-Cox (Decision Point 1).

MPSC, B&G, REC, SRWAR

2 - Description of substantive changes to Phase 1, if any, proposed to be incorporated into the Design Development Drawings.

MPSC, [committees or program staff directly affected by proposed changes], REC, SRWAR

3 - The MPSC shall have submitted a recommendation regarding whether to move forward with the preparation of the Schematic drawings.

MPSC

4 - The Finance Committee shall have submitted a recommendation regarding whether to move forward with the preparation of the Schematic Drawings.

FIN, CCC, REC, SRWAR, JRWAR

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 3 • Vestry - Selection of General Contractor MPSC

Description of Decision that Vestry is being asked to make:To approve the selection of the general contractor. The rationale for selecting the general contracting firm early in the design process is to enable the architect to have the benefit of the contractor's perspective as critical design decisions are being made. This approach should result in more accurate construction cost estimates, along with a greater ability to design the project within specific cost constraints. In effect, the general contractor is playing the role of consultant during the design phase. Much later in the overall roadmap process (Decision Point 15), the general contractor will submit a fixed quote (based on subcontractor bids) that will be the basis for approval of the actual contruction contract itself.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

May 2011 Special Vestry Meeting

1 - Recommendation by the MPSC, including a description of the process by which the proposed general contractor was evaluated and selected; a summary of the general contractor's relevant experience and qualifications in managing comparable projects; a description of the way in which the general contractor will interact with the respective Chapel of the Cross committees and Hartman-Cox Architects; and a schedule showing the proposed fee and fee structure.

MPSC, FIN

2 - Prior to submitting its recommendation, the MPSC shall have: MPSC

2.1 - Reviewed the qualifications of each of at least four different general contractors;

2.2 - Presented its recommendation, including the Required Information listed in Item 1 above, to the Finance Committee.

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 4 • Vestry - Selection and Authorization of Other Professionals

As determined by Senior Warden

Description of Decision that Vestry is being asked to make:To approve the engagement of professional advisors whose expertise is necessary for the effective implementation of Phase 1 of the Master Plan, and to extend the engagement of previously-approved professionals.

The Vestry has previously approved Hartman-Cox Architects to serve as architect for the project; and Civil Consultants to provide engineering services. The Vestry will need to approve legal counsel, a real estate appraiser, and possibly other advisors.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information should be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken. However, in the discretion of the Wardens it may be presented to the Vestry one day prior to Vestry meeting at which action is to be taken.

As required

1 - Recommendation from the Committee having direct responsibility for the tasks with respect to which the professional advisor will contribute. Prior to making the recommendation, the Lead Committee shall have carefully evaluated the proposed advisor's experience and expertise. If it is necessary to engage such an advisor quickly, in order to best serve the interests of the Church, the Senior Warden, in consultation with the chair of the Lead Committee, is authorized to take such action; provided, however, that the Vestry shall ratify the engagement (or terminate it) at its next regular meeting.

REC, SRWAR - In addition to the Lead Committee.

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 5 • Vestry - Approval of Recognition and Memorial Designations

Stewardship

Description of Decision that Vestry is being asked to make:To approve a general plan for recognizing donors or others who have contributed to the life of the Chapel of the Cross by (i) naming rooms and/or areas within Phase 1, in consideration of specified financial commitments; and (ii) providing appropriate recognition for donors to the Development Fund. This approval will enable preliminary commitments to be made to prospective donors, with the proviso that final approval of each proposed name designation shall be subject to approval by the Vestry.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

December 2011 Vestry Meeting

1 - A written plan that describes the criteria for naming rooms and/or areas within Phase 1 or for otherwise recognizing the contributions of donors or others who have contributed to the life of the Chapel of the Cross. The plan should:

STEW, CCC, MPSC, REC, SRWAR

1.1 - Describe the process by which commitments to recognize donors will be communicated to donors or prospective donors.

1.2 - List the rooms and areas eligible to be named in recognition of donors and/or prospective donors, and the level of required financial commitment corresponding to each such room and area.

1.3 - State that all prospective donors will be informed that final approval of a proposed name designation will be subject to approval by the Vestry and satisfactory fulfillment of the required financial commitment.

1.4 - Set forth any necessary terms that should govern the naming of rooms and/or areas within Phase 1 (e.g., how to deal with situations where two or more prospective donors wish to propose a name for the same room or area; what happens if the donor fails to fulfill the entire required financial commitment).

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 6 • Vestry - Approval of Schematic Drawings MPSC

Description of Decision that Vestry is being asked to make:To approve the Schematic drawings.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

August 2011 Vestry Meeting

1 - Final Schematic drawings that have been approved by the MPSC, with input from other relevant parties.

MPSC

2 - Description of substantive changes to Phase 1, if any, that have been incorporated into the Schematic drawings, since the Vestry authorized the preparation of the Schematic drawings. This information should also include an updated construction budget reflecting the collective wisdom of Hartman-Cox and the General Contractor.

MPSC, B&G, [committees or program staff directly affected by proposed changes], REC, SRWAR

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 7 • Vestry - Approval of the Preliminary Financing Plan Finance

Description of Decision that Vestry is being asked to make:To approve the first of three levels of review of the overall financing plan for paying for the implementation of Phase 1 of the Master Plan. The three review levels are: Approval of the Preliminary Financing Plan; Approval of the Intermediate Financing Plan, and Approval of the Final Financing Plan.

A sound Financing Plan is essential to good stewardship of the Church's financial resources. Dividing the review of the Financing Plan into three separate levels, with each level subject to increasingly rigorous information requirements, has several benefits. It offers a framework with which the Vestry may make interim determinations to proceed with the architectural design process on the basis of preliminary (or incomplete) financial information, thereby allowing the Vestry to make good judgments about how much risk it wishes to take in spending on the design process before the Final Financing Plan is available. The incremental approval process will also allow the Vestry to directly shape the Financing Plan as it evolves; and finally, the phased approach should ensure that the Vestry is exceptionally well informed by the time it is asked to approve the Final Financing Plan.

Approval of the Preliminary Financing Plan is a prerequisite for authorizing the architect to prepare the Design Development drawings (Decision Point 8).

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least 5 days prior to the Vestry meeting at which action is to be taken.

Because of the nature and amount of Required Information to be reviewed, the Vestry may elect to hold a special meeting that will be devoted entirely to consideration of this Decision Point.

September 2011 Vestry Meeting

1 - A summary of the likely impact that the implementation of Phase 1 will have on future Operating Budgets and future Capital Budgets. This summary shall include preliminary estimates of incremental costs and savings, as well as a preliminary analysis showing how any such additional costs will be supported under expected budget scenarios.

FIN, MPSC, STEW, B&G, REC, SRWAR, JRWAR

2 - A preliminary Development Fund budget for non-construction "operating" items for the years 2011 through 2013 (including such items as: payroll / benefits for director and assistant of stewardship development, printing, postage, supplies, equipment, etc., etc.)

CCC, FIN

3 - Preliminary construction cost estimates provided by the General Contractor, based upon the approved Schematic drawings. These preliminary estimates should include the expected cost of both new and retro-fit construction, as well all site improvement costs and all fees associated with implementation of Phase 1 (architectural fees, engineering fees, legal fees).

MPSC, FIN, CCC

4 - Preliminary estimates of non-construction transition costs associated with the implementation of Phase 1. Examples of such costs might include any expense likely to be incurred in connection with the relocation of the Preschool playgroung; and any interim costs likely to be incurred in connection with the relocation of staff and clergy office space and parking.

MPSC, TRAN, B&G, FIN, CCC

5 - Preliminary estimates for cost of furnishings and equipment to be purchased in connection with the implementation of Phase 1.

MPSC, B&G, FIN, CCC, TECH

6 - Preliminary Financing Plan, including each of the following elements: FIN, CCC, REC, SRWAR, JRWAR

6.5 - Summary of any other material source of funds expected to be used in support of the project.

6.1 - Cash on hand6.2 - Schedule of outstanding pledges, stratified to highlight relevant risk concentrations. For each relevant category, the schedule should show: (i) total pledge value; (ii) amount paid in to date; (iii) committed "pay-by" dates; and (iv) assessment of likelihood of full payment (if this can be estimated). The Capital Campaign Committee should stratify this schedule as most appropriate, based on an objective of highlighting any particular risks that might be material to an assessment of the likelihood of default and the consequences of default. For example, it might be instructive for the Vestry to be aware of the extent to which pledge dollars are attributable to a small number of pledgers. While this schedule should not identify individual pledgers, a subcommittee of the Finance Committee shall have specifically reviewed each of the underlying pledges on a parishioner by parishioner basis.

6.3 - Schedule of outstanding planned gifts, stratified to highlight relevant risk concentrations. For each relevant category, the schedule should show: (i) total planned gift value; (ii) estimated five-year period in which gift will be received; and (iii) assessment of the likelihood of full payment (if this can be estimated). While this schedule should not identify individual pledgers, a subcommittee of the Finance Committee shall have specifically reviewed each of the underlying planned gifts on a parishioner by parishioner basis.

6.4 - Proposed borrowing plan, based on detailed review of loan requirements by at least three potential commercial lenders. The borrowing plan should:

a - Identify the potential lender(s)b - Set forth the proposed amount, and expected rate of interest and repayment period of the loan;c - Set forth the proposed timing of the initial drawdown of the loan, and the anticipated schedule for subsequent drawdowns of the loan; andd - Set forth the anticipated schedule and source of payment of interest and principal ("Debt Service"). Debt Service that is to be supported by dedicated pledges and/or planned gifts should be identified on a separate schedule meeting the requirements of Items 6.2 and 6.3 above; ande - Summary of requirements and likely timeline for securing Diocesan approval of proposed loan.

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 8 • Vestry - Go-Ahead to Prepare Design Development Drawings

MPSC

Description of Decision that Vestry is being asked to make:To authorize the architect to proceed with preparation of the Design Development drawings. The Design Development drawings are based on the previously-approved Schematic drawings. The Design Development drawings show what the building will look like in detail including the main characteristics of the primary rooms and the exterior. These drawings, which will include most everything that affects the overall design, will also reflect a more refined cost estimate for the project as a whole.

The approval should be subject to this work not exceeding a stated limit, without additional authorization by the Vestry.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

October 2011 Vestry Meeting

1 - Schematic drawings that have been approved by the MPSC, with input from other relevant parties.

MPSC, B&G, TECH, REC, ADMIN, ECM, EYC, MUS

2 - Description of substantive changes to Phase 1, if any, proposed to be incorporated into the Design Development drawings. The list of proposed changes should also include a list of substantive potential changes that are not being proposed at this stage, but which have been identified as optional changes in the event budgetary constraints require cost reductions.

MPSC, [committees or program staff directly affected by proposed changes], REC, SRWAR

3 - Approval by the Vestry of the Preliminary Financing Plan (Decision Point 7). FIN

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 9 • Vestry - Approval of Design Development Drawings MPSC

Description of Decision that Vestry is being asked to make:To approve the Design Development drawings.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

February 2012 Vestry Meeting

1 - Design Development drawings that have been approved by the MPSC, with input from other relevant parties.

MPSC

2 - Description of substantive changes to Phase 1, if any, that have been incorporated into the Design Development drawings, since Vestry approval of the Schematic drawings.

MPSC, B&G, [committees or program staff directly affected by proposed changes], REC, SRWAR

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 10 • Vestry - Approval of the Intermediate Financing Plan Finance

Description of Decision that Vestry is being asked to make:To approve the second of three levels of review of the overall financing plan for paying for the implementation of Phase 1 of the Master Plan. The three review levels are: Approval of the Preliminary Financing Plan; Approval of the Intermediate Financing Plan, and Approval of the Final Financing Plan.

A sound Financing Plan is essential to good stewardship of the Church's financial resources. Dividing the review of the Financing Plan into three separate levels, with each level subject to increasingly rigorous information requirements, has several benefits. It offers a framework with which the Vestry may make interim determinations to proceed with the architectural design process on the basis of preliminary (or incomplete) financial information, thereby allowing the Vestry to make good judgments about how much risk it wishes to take in spending on the design process before the Final Financing Plan is available. The incremental approval process will also allow the Vestry to directly shape the Financing Plan as it evolves; and finally, the phased approach should ensure that the Vestry is exceptionally well informed by the time it is asked to approve the Final Financing Plan.

Approval of the Intermediate Financing Plan is a prerequisite for authorizing the architect to prepare the Final Construction drawings (Decision Point 11).

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least 5 days prior to the Vestry meeting at which action is to be taken.

April 2012 Vestry Meeting

1 - Description of substantive changes that have been made or which are expected to be made to the Required Information listed below, since Vestry approval of the Preliminary Financing Plan. While it is not essential to re-submit Required Information that has not changed, the Responsible Committee must identify any Required Information that is missing or which is materially incomplete.

In determining what constitutes the "intermediate" information required by this Decision Point, each Responsible Committee should consider whether the accuracy, completeness and finality of the Required Information being submitted is sufficient for the Vestry to make an informed decision to proceed with preparation of Final construction drawings, at

1.1 - A summary of the likely impact that the implementation of Phase 1 will have on future Operating Budgets and future Capital Budgets. This summary shall include intermediate estimates of incremental costs and savings, as well as a intermediate analysis showing how any such additional costs will be supported under expected budget scenarios.

FIN, MPSC, STEW, B&G, REC, SRWAR, JRWAR

1.2 - An intermediate Development Fund budget for non-construction "operating" items for the years 2011 through 2013 (including such items as: payroll / benefits for director and assistant of stewardship development, printing, postage, supplies, equipment, etc., etc.)

CCC, FIN

1.3 - Intermediate construction cost estimates provided by the selected / contracted construction company, based upon final Design Development drawings. These intermediate estimates should include the expected cost on both new and retro-fit construction, as well all site improvement costs and all fees associated with implementation of Phase 1 (architectural fees, engineering fees, legal fees).

MPSC, FIN, CCC

1.4 - Intermediate estimates of non-construction transition costs associated with the implementation of Phase 1. Examples of such costs might include any expense likely to be incurred in connection with the relocation of the Preschool playgroung; and any interim costs likely to be incurred in connection with the relocation of staff and clergy office space and parking.

MPSC, TRAN, B&G, FIN, CCC

1.5 - Intermediate estimates for cost of furnishings and equipment to be purchased in connection with the implementation of Phase 1.

MPSC, B&G, FIN, CCC

1.6 - Intermediate Financing Plan, including each of the following elements: FIN, CCC, REC, SRWAR, JRWAR

1.6.1 - Cash on hand

1.6.5 - Summary of any other material source of funds expected to be used in support of the project.

1.6.2 - Schedule of outstanding pledges, stratified to highlight relevant risk concentrations. For each relevant category, the schedule should show: (i) total pledge value; (ii) amount paid in to date; (iii) committed "pay-by" dates; and (iv) assessment of likelihood of full payment (if this can be estimated). The Capital Campaign Committee should stratify this schedule as most appropriate, based on an objective of highlighting any particular risks that might be material to an assessment of the likelihood of default and the consequences of default. For example, it might be instructive for the Vestry to be aware of the extent to which pledge dollars are attributable to a small number of pledgers. While this schedule should not identify individual pledgers, a subcommittee of the Finance Committee shall have specifically reviewed each of the underlying pledges on a parishioner by parishioner basis.

1.6.3 - Schedule of outstanding planned gifts, stratified to highlight relevant risk concentrations. For each relevant category, the schedule should show: (i) total planned gift value; (ii) estimated five-year period in which gift will be received; and (iii) assessment of the likelihood of full payment (if this can be estimated). While this schedule should not identify individual pledgers, a subcommittee of the Finance Committee shall have specifically reviewed each of the underlying planned gifts on a parishioner by parishioner basis.

1.6.4 - Proposed borrowing plan, based on detailed review of loan requirements by at least three potential commercial lenders. The borrowing plan should:

a - Identify the potential lender(s)b - Set forth the proposed amount, and expected rate of interest and repayment period of the loan;c - Set forth the proposed timing of the initial drawdown of the loan, and the anticipated schedule for subsequent drawdowns of the loan; andd - Set forth the anticipated schedule and source of payment of interest and principal ("debt service"). Debt service that is to be supported by dedicated pledges and/or planned gifts should be identified on a separate schedule meeting the requirements of Items 6.2 and 6.3 above; ande - Summary of requirements and likely timeline for securing Diocesan approval of proposed loan.

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 11 • Vestry - Go-Ahead to Prepare Final Drawings MPSC

Description of Decision that Vestry is being asked to make:To authorize the architect to proceed with preparation of Final drawings based on the approved Design Development drawings. The Final drawings include detailed specifications about the building project including the structural, mechanical and electrical elements of the building. The Final drawings, including written specifications, will become a legal attachment to the construction contract.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

April 2012 Vestry Meeting

1 - Final Design Development drawings that have been approved by the MPSC, with input from other relevant parties.

MPSC, B&G, TECH, REC, ADMIN, ECM, EYC, MUS

2 - Description of substantive changes to Phase 1, if any, proposed to be incorporated into the Final drawings.

MPSC, [committees or program staff directly affected by proposed changes], REC, SRWAR

3 - Approval by the Vestry of the Intermediate Financing Plan (Decision Point 10).

FIN

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 12 • Vestry - Approval of Loan Submission Package Finance

Description of Decision that Vestry is being asked to make:To authorize the Finance Committee to submit a formal loan application to a commercial lender (or other financing source) to secure funds for use in implementing Phase 1 of the Master Plan. The maximum loan amount and other key terms must be consistent in all material respects with the previously-approved Intermediate Financing Plan (Decision Point 10).

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

July 2012 Vestry Meeting

1 - The proposed loan application. The application should: FIN, CCC1.1 - Identify the property to be encumbered;1.2 - Set forth the reasons for the proposed loan;1.3 - Set forth the name(s) of the proposed lender(s);1.4 - Set forth the amount, rate of interest and repayment period of the loan;

1.5 - Set forth the anticipated schedule and source of repayment, and the terms of any repayment privileges or penalties; and1.6 - Set forth the proposed timing of the initial drawdown of the loan, and the anticipated schedule for subsequent drawdowns of the loan.

2 - The supporting materials should include: FIN, CCC

2.1 - A loan application, completed in all material respects and including all supporting schedules and supplementary information required by the prospective lender;

2.2 - A summary of the key elements of the Intermediate Financing Plan (Decision Point 10), confirming that there have been no material changes since the Intermediate Financing Plan was approved by the Vestry, except as noted;

2.3 - A representation by the Finance Committee that it has evaluated at least three potential lenders and recommends submitting the loan application to the proposed lender.

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 13 • Vestry - Approval of Diocesan Submission Package Finance

Description of Decision that Vestry is being asked to make: To approve a resolution along with required supporting materials for submission to the Diocese of North Carolina for the purpose of securing the Standing Committee's and the Bishop’s approval for an encumbrance to real property. Such Diocesan approval will be necessary in order for the Chapel of the Cross to enter into a loan agreement with respect to which (A) the proposed loan is secured by real property, and (B) the loan amount (i) exceeds 50% of Normal Operating Income or (ii) requires repayment beyond a term of 12 months.

The Lead Committee should consider submitting a Supplementary Resolution authorizing the Senior Warden to sign the required loan documents, as submitted to the Diocese and subject to first obtaining the requisite Diocesan approval.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

August 2012 Vestry Meeting

1 - A request to encumber real property, prepared in accordance with the Diocese's requirements for such actions. The request should:

FIN, CCC, REC, SRWAR

1.1 - Identify the property to be encumbered;1.2 - Set forth the reasons for the proposed loan:1.3 - Set forth the amount, rate of interest and repayment period of the loan;1.4 - Set forth the anticipated schedule and source of repayment, and the terms of any repayment privileges or penalties.

The Standing Committee meets on the third Monday of each month, except July. The resolution and accompanying documents MUST be received by the President of the Standing Committee and the Bishop at least 14 days prior to the date of the meeting where the material is to be considered. It was suggested by the Bishop’s Executive Assistant, Margo Acomb, that we call the President of the Standing Committee in advance of our submission of the materials to discuss matters, and to be sure we are proceeding in a timely and proper fashion. The President of the Standing Committee is the Reverend Lorraine Ljunggren, Rector, St. Mark’s, Raleigh. Our Rector, Stephen Elkins-Williams, is also a member of the Standing Committee.

Diocesan approval, once obtained, is effective for 12 months, assuming no change in the circumstances represented in the submission documents.

2 - The supporting materials should include:2.1 - A copy of a recent appraisal of the real property that is proposed to be encumbered;2.2 - Copies of any closing documents to be signed;2.3 - Financial records, including an audit report, parochial report, current year budget (and next year’s budget, if available), most recent balance sheet and year-to-date statement of revenues and expenditures;2.4 - All other information required by the Standing Committee or the Bishop. See Attachment 13.1 for a more detailed summary of the Diocesan requirements that must be satisfied in order to undertake a loan encumbering real property; and2. 5 - Confirmation by the Finance Committee that there have been no changes in the previously-approved Intermediate Financing Plan, except as noted.

FIN, CCC, LAW, SRWAR

3 - The Lead Committee shall have secured a representation by Outside Legal Counsel that the required materials have been reviewed and are in satisfactory form.

FIN, LAW

4 - Prior to the Vestry taking action on this Decision Point 13, the Vestry shall have approved Decision Points 10 (Intermediate Financing Plan) and 12 (Loan Submission).

FIN

Note: SUBMISSION OF FINAL LOAN DOCUMENTS to the Diocese is required within 30 days of the closing.

FIN

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 14 • Vestry - Approval of Final Financing Plan Finance

Description of Decision that Vestry is being asked to make:To approve the final financing plan for paying for the implementation of Phase 1 of the Master Plan. This approval will provide the basis for entering into the Construction Contract.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least 5 days prior to the Vestry meeting at which action is to be taken.

____________ 2013 Vestry Meeting

1 - A final summary of the likely impact that the implementation of Phase 1 will have on future Operating Budgets and future Capital Budgets. This summary shall include specific estimates of incremental costs and savings, as well as an analysis showing how any such additional costs will be supported under expected budget scenarios. In approving the Final Financing Plan, the Vestry should have a high degree of confidence that it will not negatively impact future Operating and Capital Budgets.

FIN, MPSC, STEW, B&G, REC, SRWAR, JRWAR

2 - A final Development Fund budget for non-construction "operating" items for the years 2011 through 2013 (including such items as: payroll / benefits for director and assistant of stewardship development, printing, postage, supplies, equipment, etc., etc.)

CCC, FIN

3 - Firm construction cost bid provided by the selected / contracted construction company, based upon the Final Construction drawings that have been approved by the Vestry (Decision Point 11) and on which the Construction Contract will be based. The final construction cost bid should include the cost of both new and retro-fit construction, as well all site improvement costs and all fees associated with implementation of Phase 1 (architectural fees, engineering fees, legal fees).

MPSC, FIN, CCC

4 - Final estimates of non-construction transition costs associated with the implementation of Phase 1. Examples of such costs might include any expense likely to be incurred in connection with the relocation of the Preschool playgroung; and any interim costs likely to be incurred in connection with the relocation of staff and clergy office space and parking.

MPSC, TRAN, B&G, FIN, CCC

5 - Final estimates for cost of furnishings and equipment to be purchased in connection with the implementation of Phase 1.

MPSC, B&G, FIN, CCC

6 - Final Financing Plan, including each of the following elements, along with a summary of material changes, if any, since approval of the Intermediate Financing Plan:

FIN, CCC, REC, SRWAR, JRWAR

6.1 - Cash on hand6.2 - Schedule of outstanding pledges, stratified to highlight relevant risk concentrations. For each relevant category, the schedule should show: (i) total pledge value; (ii) amount paid in to date; (iii) committed "pay-by" dates; and (iv) assessment of likelihood of full payment (if this can be estimated). The Capital Campaign Committee should stratify this schedule as most appropriate, based on an objective of highlighting any particular risks that might be material to an assessment of the likelihood of default and the consequences of default. For example, it might be instructive for the Vestry to be aware of the extent to which pledge dollars are attributable to a small number of pledgers. While this schedule should not identify individual pledgers, a subcommittee of the Finance Committee shall have specifically reviewed each of the underlying pledges on a parishioner by parishioner basis.

6.3 - Schedule of outstanding planned gifts, stratified to highlight relevant risk concentrations. For each relevant category, the schedule should show: (i) total planned gift value; (ii) estimated five-year period in which gift will be received; and (iii) assessment of the likelihood of full payment (if this can be estimated). While this schedule should not identify individual pledgers, a subcommittee of the Finance Committee shall have specifically reviewed each of the underlying planned gifts on a parishioner by parishioner basis.

6.4 - Proposed borrowing plan, based on detailed review of loan requirements by at least three potential commercial lenders. The borrowing plan should:

a - Identify the potential lender(s)b - Set forth the proposed amount, and expected rate of interest and repayment period of the loan;c - Set forth the proposed timing of the initial drawdown of the loan, and the anticipated schedule for subsequent drawdowns of the loan; andd - Set forth the anticipated schedule and source of payment of interest and principal ("debt service"). Debt service that is to be supported by dedicated pledges and/or planned gifts should be identified on a separate schedule meeting the requirements of Items 6.2 and 6.3 above; ande - Summary of requirements and likely timeline for securing Diocesan approval of proposed loan.

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 15 • Vestry - Approval of Construction Contract MPSC

Description of Decision that Vestry is being asked to make:To approve the final Construction Contract.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least five days prior to the Vestry meeting at which action is to be taken.

____________ 2013 Vestry Meeting

1 - Final drawings that have been approved by the MPSC, with input from other relevant parties.

MPSC

2 - Description of substantive changes to Phase 1, if any, that have been incorporated into the Final drawings, since Vestry approval of Design Development drawings.

MPSC, [committees or program staff directly affected by proposed changes], REC, SRWAR

3 - Proposed Construction Contract, along with a summary of key terms, including:

MPSC, FIN, LAW, SRWAR

3.1 - Total contract cost;

3.2 - Description of contingencies that could increase or reduce total contract.

3.3 - Description of expected construction schedule, including anticipated start date and completion date.

3.4 - Description of process by which Church representatives will oversee the performance of the general contractor. This should include a description of any dispute resolution procedures built into the construction contract.

3.5 - [Terry and Alan to add any additional necessary information pertaining to the decision to approve the Construction Contract.]

4 - The Lead Committee shall have secured a representation by Outside Legal Counsel that the proposed Construction Contract has been reviewed and is in satisfactory form.

MPSC, LAW

5 - Prior to the Vestry taking action on this Decision Point 15, the Vestry shall have approved Decision Point 14 (Final Financing Plan) and the requisite Diocesan approval (Decision Point 13), if required, shall have been obtained.

FIN

Master Plan - Phase 1Roadmap - Vestry Approval Process

Required Information Lead Committee Information Date Target Date

Decision Point - 16 • Vestry - Go-Ahead to Begin Construction Wardens

Description of Decision that Vestry is being asked to make:To authorize the general contractor to proceed with construction of Phase 1, in accordance with the approved Construction Contract.

The Lead Committee is listed above and is responsible for coordinating the work to be carried out by the Responsible Committees (listed in bold below) and the supporting committees, and for bringing the motion for approval, together with the required materials, to the Vestry.

The Required Information must be submitted to all members of the Vestry at least three days prior to the Vestry meeting at which action is to be taken.

____________ 2013 Vestry Meeting

1 - Confirmation by the MPSC that no material changes have been made to the Final Construction drawings since the Construction Contract was approved by the Vestry.

MPSC

2 - Confirmation by the Finance Committee that there have been no material changes to the Final Financing Plan or the Required Information provided in support of the Final Financing Plan, including any of the underlying expectations and assumptions, since it was approved by the Vestry.

FIN

3 - An update on the most important transition issues, and how they are being addressed (e.g., Preschool playground displacement, interim office space).

TRANS, MPSC, B&G

4 - A proposal regarding how the Church will commemorate the initiation of construction of Phase 1.

SRWAR, JRWAR, REC