Per our 2019 Annual Report released earlier this year, our overall debt balance is $6.6 million. Our annual budget currently includes $1.5 million for debt reduction, which will pay off the loan in five years. However, with additional gifts of $300,000 per year toward debt reduction, we could be debt-free in 2023. This accelerated payoff would save us more than $230,000 in interest expense and free up $1.5 million every year for ministry opportunities.
So far, our church family has given $754,727 to our Reduce the Debt fund. We are amazed by God’s faithful provision and your generosity, and we are grateful for everyone who felt led to give.
You are welcome to give to this cause any time you feel led in one of these three ways:
- Check: Mail or bring a check to the church office, or place it in the offering plate during worship. Please write Reduce the Debt in the memo line.
- Text: Text DEBT followed by the amount you want to contribute (ex. to give $1,000, text DEBT1000) to 469-275-9473.
- Online: Visit our online giving portal to give via debit or credit card. When filling out the online donation form, please select Reduce the Debt in the dropdown menu.
In 2007, our total indebtedness for land and buildings was $24 million. The annual payment on the loan was $1.7 million and was included in our operating budget. The loan structure did not allow for early pay-down prior to February 2019, but freedom from debt has consistently been a priority. At the direction of the elders, an additional $8.7 million was set aside for debt reduction over the past six years as part of our annual budget.
In February of 2019, the pre-payment penalty expired. We were then able to use the reserve fund along with additional designated gifts from individuals to reduce our debt by $9,714,224. Our loan has been renegotiated with very favorable terms and no pre-payment penalty. The current balance is $6.6 million.