Hi,
Alongside everything that everyone else brought up here, I'd like to focus on one thing in particular: if you are to start a community project of this magnitude, it would be best to wait till you have experience in leading community projects. I made many mistakes myself running Community Chest 4 that caused it to be dragged out for years, and I'd been in the community for only about a couple years at the point when it started. You've only been in this community, it seems, since June of this year. The best course of action would be to not repeat history, and save a huge project (let alone Community Chest) for when you have a wealth of knowledge of project management under your belt, rather than bust out a huge project with just a few months' presence in the community to your name. There's a reason Community Chest 5 hasn't been started in all this time: it takes some serious time, effort and patience to run a project like Community Chest without it crashing and burning or being dragged out to an absurd extent, and I haven't been able to do much in terms of planning because, long story short, life was kind of rough to me for the past half-decade.
So, there's some consultation from the last person to run a Community Chest about running Community Chest. I would have appreciated if you asked them for that consultation before trying to start the project, but there's some consultation nonetheless. If I were you, I would put this on the back burner, wait till you have much more experience, and then ask them again. I would much prefer to transfer leadership of a series to someone who has the project management experience to take it on and who makes the effort to communicate with me directly to discuss the idea first, rather than someone rather new to the community who announces "I'm starting this soon" as the second post of a thread about the idea of the project, and then tries to start the project, all without saying a word to me even privately. After all, a person rushing headlong into starting a project without discussing it with me first is another part of why 4 dragged on as far as it did, as while that person had at least already been recruited as a co-leader beforehand, I was forced to run the project without as much planning as I could have, alongside someone who demonstrated little consideration for teamwork in the few months they were involved.