Building Campaign Update
Through your generosity, we have raised over half the money needed to start building our new sanctuary. The current pledge period is scheduled to end October of 2020. When the remainder of the pledged amount comes in, we will be only about $150,000 short of what we need to build the exterior shells of the sanctuary and two additional classrooms, while retaining the existing classroom wing and building a completed larger foyer.
In an effort to be good stewards of the resources God has graciously provided, we are considering various options for use of the money currently in the building fund earning no interest while we wait for God’s provision of the remaining funds needed to start building.
Freedom First Credit Union is working closely with us to explore options to best position us to move forward building the sanctuary. Unfortunately, since we started this journey there has been a significant, unexpected rise in building costs. One option allows us to use cash currently in the building fund to pay down the principle owed for the educational building. A lower debt amount along with a new amortization schedule allows several positive outcomes. First, our mortgage payments can be reduced by nearly $900 per week. The annual savings benefiting our Church would be about $46,500 due to a reduction in interest expenses. Second, our debt-to-value ratio improves by the amount of the pay down, putting us in a better position to obtain funds for future building. Third, the money is used for its intended building expansion, rather than sitting idly in an account. The funds in the building account will then be replenished by continuing pledges and new dollars contributed to the building fund.
While we believe this option represents good stewardship of the resources entrusted to us, we fully realize that others with the same goal of investing in people for eternity may have different opinions as to the best way to use the funds currently on hand. Accordingly, we would like to hear from you prior to making a decision.
You can let us know your thoughts in two different ways. On Sunday, June 30th at 5 PMwe will meet at the church to answer any questions and discuss any suggestions. We will also have available information about the plan for a new sanctuary for anybody who missed it the first time around. In addition, if you have given or will give in the future to the building fund and prefer your contribution remain in the building fund account rather than being used as outlined above, simply let us know. You can call the church office, send an email, or place a request in the Sunday offering. This need not be an all-or-nothing decision and your wish will be honored.
Please prayerfully consider how God is leading us to honor Him and do our part to expand His Kingdom. Please let us know your thoughts on how to be good stewards of the resources God has provided our congregation of His Church. We thank you and look forward to continuing our journey together of investing in people for eternity.