Since the beginning of his episcopacy, Bishop Gutiérrez and diocesan governance worked intently and deliberately to explore the potential uses of Wapiti, located in Maryland. In 2019, an open call for proposals was issued and an ad-hoc committee to review those proposals was formed. The team that worked on the RFP also actively sought input from existing partners, churches, and external organizations, directly contacting more than 30 entities. Only two proposals, both of which required additional investments of monies by the Diocese, were received. After reviewing many options and weighing their potential benefit against the cost of keeping the property, together, and prayerfully it was concluded that the most faithful thing to do was to sell the property. The property was sold on April 21, 2021, 14 years after it was purchased; and the funds from the sale are currently in a new, board designated, DIOPA endowment fund, “Wapiti Proceeds Fund” the income from which supports the diocesan budget.
Costs associated with the property:
Annual Maintenance Costs since 2015 were between $121k - $178k, totaling $947K for the period. Expenses for each year were: 2015 - $164K; 2016- $163k; 2017- $178k; 2018- $177k; 2019- $144K; 2020 - $121k.
Final Sale Price and Net Cash Proceeds
- Total sale price: $3,893,046.43 less withholding taxes and closing fees of $366,014.84.
- Net cash receipts at closing: $3,527,045.59.
- The Chancellor’s office is working to recover MD withholding tax at closing of $306,075.
