Keizer Heritage Foundation Where the history of Keizer celebrates the spirit of Community, Culture and Art. 980 Chemawa Rd. N.E.   ·   P.O. Box 20845, Keizer, OR 97307 Phone: (503) 393-9660   Fax: (503) 393-0209

Our Finances

One of the first questions asked when Keizer Heritage Foundation brought the matching grant issue to the attention of Keizer’s City Council was, "How will this building be funded in the future so it does not become a drain on the City?" This became one of the focal points in the Business Plan.

The tenants, all 501(c)(3) non-profit corporations, are paying rent that is predicated on the building being self-sufficient. The rent is broken into two parts.

The first part is the annual estimated operating costs of the entire building divided by each tenant's share of the square footage. This figure will be adjusted annually based on the actual costs incurred in the previous year. Each tenant will then be charged or credited with the difference between estimated and actual costs.

The second part is a long-term maintenance fund (commonly called the "Sinking Fund") for replacement and repair of items such as roof, furnaces, air conditioning, handicapped lift, paint, landscaping, parking lot and other items. The future costs have been projected, using inflation and estimated replacement and repair time frames. Then those future costs were factored back into a monthly amount. Tenants, based on their share of the square footage, will also pay this monthly amount. This "Sinking Fund" will be placed in a separate bank account specifically for those purposes. As repairs and replacements are done, the account and the monthly estimates will be re-evaluated.

Keizer Heritage Foundation does not intend to make a profit on the operation of the building for the tenants. The premise is for the tenants to pay for operation and maintenance of the building in perpetuity. The funds raised through the large rental room, separate from the building operation, will be used for the growth of the Keizer Heritage Museum and for the operation of the Foundation.