SOARING WITH THE EAGLES:
Early Pledge Payments Allow For $100,000 In Debt Repayment
Yes, it is time to soar! The Second Century Campaign is thrilled
to announce that we have received enough gifts to pay off $100,000
of debt on the former building project. This payment will permit us
to save nearly $7,000 in interest over the next 12 months.
As of May 31 we have received early pledge payments of $246,910.
Consistent with our commitment to split the revenue 50/50, we have
made our first payment of $100,000 on our outstanding debt. Another
$100,000 has been placed in a construction account for payment on
building costs as they occur. This account earns interest at very
competitive money market rates. As additional funds accumulate, we
will continue to pay debt and build up the construction account.
We have received pledge commitments from 270 families in our
church, and we continue to seek support from others who are still
considering making a pledge. While we have received pledges of over
$1.4 million, we continue to hope that we can reach our goal of $1.8
million.
There are three frequently asked questions. First, when will
construction begin? We are talking with the architect to see if it
is possible to do our project in phases. If not, we will set a
projected date based on when we receive the funds. We need to have
most of the money in-hand before we begin building. This is a
practical necessity in order to pay once construction begins. And we
want to stress, we are moving forward in a fiscally conservative way
in order to not incur any costs beyond our actual income.
Second, what if we do not receive pledges for the full 1.8
million? The answer is we will live within the pledges we have. It
may mean we will have to scale back on some of the projects, and pay
the debt from the original project on a long term basis. Every
financial gift of any size is vital to the project.
Third, people have asked when they should start paying. While it
is a three-year campaign, the sooner we receive the gifts, the
sooner we can work on both the debt and the up-coming construction.
As you can see, as soon as we receive the gifts, we are ready to
move forward.
We are grateful to God for our life in faith together. And we are
grateful to you for sharing your generous gifts and prayers. Thanks
for helping Westminster to soar!
Sincerely,
Rev. Andrew L. McDonald
Dick Wood, Campaign Chair
Jim Nissen, Campaign Vice-Chair
