Homestead Budget Report 11/26/2012

My apologies in advance for the length of this message. It is a thorough accounting of the project’s progress and remaining obstacles and I want to make sure everyone understands what is left to do.

Attached is an updated accounting for the Homestead project and the Babb Family Association. As of 11/26/2012 we have $3398 of cash on hand. Of that $3051 is allocated to the Homestead project. We are expecting an additional $1100 in matching funds that have not yet been received. for a total of $4151 available to the project.

We have closed out Phase 2 (Reassembly), which went over budget by $4447. This was primarily due to additional labor costs during reassembly for the 2nd floor & Roofing which could not be completed by volunteer labor as hoped for.

We are 99% complete on Phase 4 (Chinking), which when completed will have exceeded budget by $3106. This was primarily due to our inability to secure the donation of the chink materials needed to complete the job. $280 of labor remains and should be accomplished in the next 2 weeks. This is included in the total above.

Phases 0, 1, 3 & 6 (for Lot Purchase & Prep, Foundation, Chimney & Park Landscaping) are paid by others and have no impact to our budget.

The remaining phase 5 (Interior has been re-estimated given current understanding of the remaining work and will come in approximately $5609 under budget. This accounts for the previously mentioned Door Hardware and Window panes that were previously unbudgeted ($1400). A significant savings has been achieved by removing the Front & Rear porches from the plan. These will have to be considered in a future project, should that be deemed necessary.

Sum Total we have $9246 of work remaining to complete and $4151 available, creating a budget need of $5395 to complete.

The estimated total at Completion is $54,854 which is $1644 over budget and represents a 3% variance from initial estimates. While the overage is within an allowable range, donations have not yet materialized to complete the project.

budget2

Thus, I have greenlighted the completion of the Chinking & Doors & Windows which will secure the homestead and allow for the installation of the Security System by the Museum. This will leave me $1371 cash on hand.

The next logical step is to complete the 2nd Floor (as we already have the wood needed to complete) which will cost $2380. We need to raise $1009 or receive the matching check of $1100 before proceeding with the installation of the 2nd floor.

After that, the next step is to purchase replacement wood for 1st floor: $1100

Install the 1st floor $2143

Install the Stairs & Wall: $2243

I am open to suggestions on how to close this gap and, of course, to additional donations.

Repost: Originally posted on Nov 26, 12

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