Neringa100 is a three-year capital campaign designed to successfully transition the camp property from the founders, the Sisters of the Immaculate Conception, to Camp Neringa Inc.
What is the goal of the Neringa100 Capital Campaign?
The goal of the Neringa100 Capital Campaign is to raise $1,000,000 in order to purchase the camp property from the Sisters of the Immaculate Conception.
Why do the Sisters need to sell the property now?
In planning for the future of their community, with decreasing numbers, the Sisters realize that they can no longer keep the property. However, they want the mission of Neringa to continue, and they would like the property to stay within the Lithuanian community.
Why can’t the Sisters simply give the property to Camp Neringa, Inc. (CNI)?
The Sisters are obligated by Canon Law (which prescribes the lifestyle of consecrated life and directs its practices) to not alienate things of value without regard for their worth. Moreover, the property is an asset of the whole congregation, so they must be prudent not to jeopardize what is a legitimate resource of the community.
What will the Sisters do with the money from the sale?
The Sisters will continue to do what they have done for the past 100 years: they will see where the need is greatest to do good! Currently, there are nine Sisters in the United States whose ministries include maintaining a spiritual renewal center and nursing home in Putnam, CT and performing pastoral work in the largest Lithuanian parish in the diaspora, in Lemont, IL. In Lithuania, there are 45 Sisters whose apostolate includes a social service center, two nursing homes, a low-income student residence, and ministry to orphans and children at risk. The Sisters in Lithuania also have programs for the homeless and work in parish pastoral ministry.
What is the value of the property?
2018 Real Estate Appraisal Estimated Market Value: $1,450,000
2018 Town of Marlboro, VT Tax Assessment Value: $1,140,300
What comprises the Camp Neringa property?
The Neringa property is 91.69 acres of wooded and cleared land and includes 31 buildings, three of which are winterized.
What is the selling price?
CNI to purchase the property, have set the sales price at $1,000,000 which is below the fair market and tax appraised value of the property.
CNI's Profit and Loss report currently shows significant assets/funds available in its bank accounts. Will any of those funds be used to achieve the Capital Campaign target?
No. CNI uses accrued savings to fund capital improvements, to keep facilities properly updated, and to enhance the program for our campers. In 2019 at least $100,000 in liquid assets will be used on several projects and property maintenance. CNI also understands the importance of maintaining reserves for possible unexpected large expenses/losses. For example, recovery after Hurricane Irene (i.e. bridge and dock replacement) depleted Neringa’s savings in 2011-2012.
We have been extremely fortunate with the ongoing generosity of our individual supporters and grants to be able to meet our annual expenses and have rebuilt our equity gradually since Hurricane Irene.
Available liquid assets could possibly be leveraged if needed at the time of the acquisition of the Neringa property. However, the goal of the Neringa 100 campaign is to fully achieve the required purchase price of $1,000,000 on its own merit and to preserve savings assets for the types of needs outlined above.
Will there be financing of the property?
The Sisters have agreed to finance a portion of the agreed price, if necessary. The goal is to raise the funds to purchase the property rather than take on the burden of debt.
When will the closing be?
The closing will occur no later than November 1, 2023.
Who will own the Camp Neringa property?
Camp Neringa, Inc. (CNI) will own the property.
Where will the assets be distributed in the case that CNI is dissolved?
The dissolution clause of the CNI Bylaws state that the assets will be distributed to a Lithuanian organization/s with similar values.
Who governs the capital campaign funds as they are collected?
The funds are governed by CNI. The Director of Mission and Capital Campaign is responsible for day to day management with the oversight/guidance by the Executive Leadership Team. The Executive Team is comprised of the CNI Board of Directors President, Vice-President, Treasurer and Secretary. Funds will be deposited in a designated capital campaign account at TD Bank. The Investment Policy Statement (IPS) guides how the money is invested until the time of the transaction.
Who is on the Capital Campaign Steering Committee?
The Capital Campaign Steering Committee is the president of the Board of the Directors, L. Linas Orentas, and the Treasurer, Vytas Bazikas.
What if an immediate need arises for which funds are needed – will these funds be available to use?
No, the capital campaign funds are restricted for the purchase of the property.
Who currently donates to Neringa?
Hundreds of generous individuals, including camp alumni and members of the Lithuanian community at large, make financial donations to Neringa each year and many organizations provide grants. In an effort to keep camper fees affordable for most families, Neringa relies on the support of donations and grants to cover annual operating costs.
Which organizations support Neringa?
• ICC Matulaitis Fund
• ICC Sagys Fund
• Kazickas Family Foundation
• Knights of Lithuania
• Lithuanian Catholic Religious Aid
• Lithuanian Foundation
• Lithuanian National Foundation
• Ministry of Education and Science of the Republic of Lithuania
• Rochester Lithuanian Fund
• Taupa Lithuanian Federal Credit Union
What do the Sisters think about the transition?
Sister Ignė speaks on behalf of the North American Sisters’ Council: “We are hopeful, overjoyed and enthusiastic to be working together with the Neringa community. We are especially glad to see that this next historic step is being taken with such dedication and care.”