Our church has a $202,000 loan which originated in 2011 and is to be paid off in nine years in 2020. The loan was used to improve the drainage on the property, expand and pave the parking lot, add handicap access, improve the curb appeal of the building and add a fire sprinkler system. In short, it was used to get the building and property up to code and pave the way for future use.
We are paying off the loan, but we have been short each month on the payments. We are currently making up the shortage from other church funds.
The $202,000 loan has been paid down to $89,000, and we have borrowed an additional $28,000 from ourselves. So, in total, we still owe $117,000, as of April 2017. Many of our members have given money above and beyond their normal giving to pay down this loan. We want to say thank you and ask you to continue to give as you are led.
As a church family, we have three choices: One, we can choose to give toward the loan as we have been doing. At this rate, the loan will be paid back on time (2020), and we will continue to pay ourselves back, which will take an additional twenty-four months or so; Two, we can choose to give toward the loan as we have been but also give an additional $1,200 per month. We can then pay off the loan and pay ourselves back by the 2020 deadline; Three, we can give a lump sum of $117,000 today, and the loan and the church will be paid off in full.
If we do not make a choice, by default, we have chosen option number one.
By paying the loan and ourselves back early, we free up church funds for emergencies and other future opportunities. If we did not have these funds, we would have defaulted on our loan. These funds, when paid back, also give us money for missions and ministry and serving God where he leads us.
We do not believe this is a money issue. We believe this is a communication issue. Our goal is to fix this by doing a better job of getting you the information you need. With this information, you can now choose to give as you are led, after your normal giving, toward the loan.
We are not asking for a pledge. We are not starting a capital campaign. Give as you feel led, and we believe that that will be enough to pay off the loan on time or even early. We will keep you posted on progress made.
When you give toward the building fund loan, you need to put your money in a giving envelope. The envelopes are located in the back of each pew. You must note on the envelope that your money is for the building fund. There is a space on the envelope to fill in your dollar amount. You can put that into the offering plate with your other giving and your yellow staying connected card.
Here is a math example, if you are interested. One person can pay our loan off on time by giving $1,200 each month above what we are already giving. Any volunteers? Or sixty people/families can give an extra twenty dollars each month above what we are already giving. We have about 250 families in our church. So, if sixty of the 250 give twenty dollars each month or more, the loan will be paid off on time. Wouldn’t that be more fun?
Keep checking this page for updated information.
If you have any questions, please contact one of the Elders.
Thank you,
Your Elders,
Dave Abarta, Ted Schwarz, Harry Sumrok, and Dan Thomas
Have more questions? Check out our FAQ page for more info.