Determining Feasibility

See right side column for all the ways to pledge support.

The Frassati House—Determining Feasibility

We hope you are as excited about this beautiful and unique way to cultivate faith and community. Your support makes the Frassati House happen. The property is in the process of being purchased by a third party who will hold on to it during this feasibility phase. When we have enough support the third party will renovate and prepare the Frassati House and turn over the property and loan into Cor Unum’s name who will place the property into a Foundation.

Objectives of the Feasibility Study

• 1. Raise $1,000,000 for Down Payment on the Loan.

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  • The property with renovations will come to around $1.8 million. Reducing the debt on the property to $800,000 allows the Frassati House to flourish.

  • Instead of paying a  large loan repayment, all donations and rent can focus on operating costs. Reducing or eliminating the loan allows Cor Unum to focus on providing a first-rate experience and provide great formation and events for Young Adults.

• 2. Frassati House Sponsors

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  Sustaining sponsors offer one-time or monthly tax deductible donations to help operate the Frassati House and provide the financial means for  high quality formation and young adult events.

• 3. Receive Pledges of Other Contributions.

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  • Other contributions, whether it be a donation, a reduced price for a service, or goods help us lower our operational cost. Take the Feasibility Survey for a list.

• 4. Find Private Loan Lenders Willing to Donate Back the Interest.

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  • We would like to find benefactors willing to offer a loan at a fair market value interest rate and then donate the interest back. On a loan of $800k, this would save us $467,000 in 20 years.

  • Click here to learn the benefits of being a private lender to Cor Unum. 

Expenses

Crunching numbers on loan repayment, utilities, property maintenance, daily cleaning, insurance, and other related property expenses, we will have expenditures around $168k to $231k (if we have to pay interest on a loan) per year. For people interested in learning more about the breakdown of expenses, please reach out and we can discuss the details.

Income

1. Residents—$66,000 a year from 10 residents paying $550 a month. It will take about a year to get this many residents.

2. Sponsorships—Sponsors contributing anywhere from a few dollars to $25 per month is going to be essential to offset the growing intentional community, operate the Frassati House, and fund formation. 

3 Years to Full Vibrancy

The intentional community will take about a year time to fill up due to the application process and potential residents are currently in leases. The Frassati House activities may be somewhat limited to concern over the Corona Virus, but we are confident that in three years the Intentional Community and the Catholic Social Organization will be running smoothly.

Contingency Plan

For those who pledge donations via the Feasibility Survey, we won’t collect these pledged amounts until we are sure we have the support and finances to establish the Frassati House prudently.

If there is not enough support or something else prevents the Frassati House from being established at this time, we would contact you with the option of returning the donated amount immediately. If the complication was around the use of the Highland property, then we may contact you with the opportunity to transfer your donation to a new property. Either way, the money will not be spent on anything other than what has been communicated to the benefactor ahead of time.