The Internal Revenue Service has established the end of January as a time of documenting where the money is: companies are issuing W-2s and 1099s to those persons who worked for them and churches and non-profits are sending out charitable giving statements for people to use as they prepare for itemizing their deductions. In the world of corporate income (or loss), the first week of February is one of the weeks that many of the largest companies report on their previous fiscal calendar. With this season of reporting and transparency for the good (more on that later) I would like to share some numbers.
This month marks the three year anniversary of the first worship services held in the new building that houses our main sanctuary, our offices, our music and children's ministry areas, and many of our Sunday School classrooms. It is both functional and beautiful. Bonaire Church started a Capital Campaign in October 2012 to pay down the principal on the $2 million mortgage on our new facility. While the three-year Campaign officially ended in October 2015, we are still receiving donations. We welcome them, if you feel led to continue to pay down the cost of living into this new building. To use the language of an election year, "This is Scott and I approve that message!" The loan was a 10-year agreement that included monthly payments of $11,200, which are now also included in our approved ministry budget for 2016. That means we are paying down the debt every month, in small ways, with money our church has already committed through the Estimate of Giving Cards on Consecration Sunday. Of course, the large payments received from our Capital Campaign over the past three years made the biggest different, as principal payments are much more efficient at reducing our mortgage balance. As of 12/31/2015, the numbers associated are:
Now, look closely at that last row. The bank confirmed last week that if we only made our minimum monthly payment for the remaining seven years, we will owe $917,000. That number seems really large (because it is). But, join me in thinking through it. First, we have an awesome building to show for it. Second, we will make more than the minimum payment over time because of how generous our people are. Third, we have some key assets that can be used toward paying this down if/when our leadership wants to; namely, a cash reserve earmarked for the building and property nearby that is not currently being used. So, this is a big number but we have some big options, as well.
As I said before, we still welcome Capital Campaign donations and apply them to our mortgage principal. If you have any questions about this, contact our treasurer John Teague or seek out Charles Lee, Finance Committee Chairperson, or anyone on that team.
For me, all of this is good news. God is with us. Our history is grand. Our people are generous. Our hope is in Jesus. Grace and peace, Scott
This month marks the three year anniversary of the first worship services held in the new building that houses our main sanctuary, our offices, our music and children's ministry areas, and many of our Sunday School classrooms. It is both functional and beautiful. Bonaire Church started a Capital Campaign in October 2012 to pay down the principal on the $2 million mortgage on our new facility. While the three-year Campaign officially ended in October 2015, we are still receiving donations. We welcome them, if you feel led to continue to pay down the cost of living into this new building. To use the language of an election year, "This is Scott and I approve that message!" The loan was a 10-year agreement that included monthly payments of $11,200, which are now also included in our approved ministry budget for 2016. That means we are paying down the debt every month, in small ways, with money our church has already committed through the Estimate of Giving Cards on Consecration Sunday. Of course, the large payments received from our Capital Campaign over the past three years made the biggest different, as principal payments are much more efficient at reducing our mortgage balance. As of 12/31/2015, the numbers associated are:
Now, look closely at that last row. The bank confirmed last week that if we only made our minimum monthly payment for the remaining seven years, we will owe $917,000. That number seems really large (because it is). But, join me in thinking through it. First, we have an awesome building to show for it. Second, we will make more than the minimum payment over time because of how generous our people are. Third, we have some key assets that can be used toward paying this down if/when our leadership wants to; namely, a cash reserve earmarked for the building and property nearby that is not currently being used. So, this is a big number but we have some big options, as well.
As I said before, we still welcome Capital Campaign donations and apply them to our mortgage principal. If you have any questions about this, contact our treasurer John Teague or seek out Charles Lee, Finance Committee Chairperson, or anyone on that team.
For me, all of this is good news. God is with us. Our history is grand. Our people are generous. Our hope is in Jesus. Grace and peace, Scott
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