I have been asked recently to provide my best estimate on where we will be on paying off our debt in the next year. So, here we go:
Effective 1/1/2019 – Estimated Debt - $44,000
Effective 4/1/2019 – Estimated Debt - $30,000
This date is important because we renegotiated our loan 2 years ago and paid a slightly higher interest rate with a balloon payment due in April 2019. Our Treasurer will need to negotiate with Wells Fargo.
Effective 8/1/2019 – Estimated Debt - $20,000
This date is the end of our last one-year debt reduction campaign.
I know it is a little disappointing to still have this amount of debt left to pay off, but let’s put this in perspective. When we renegotiated our loan two years ago, we had debt of $120,000. So, over the last two years we have paid the debt down to $30,000, which I consider to be very good. Secondly, over the last eight years we have paid down our debt from $750,000 to $30,000, which I believe is tremendous. Remember, this was all done over and above our operating budget expenses.
As I mentioned last month, we have been approached by a parishioner who has offered to contribute up to $5,000 after January 1, 2019 as a matching gift for any funds we receive going forward. As a reminder, there are pledge cards for this Capital “Ask” on the newcomers table in the hallway. We hope that parishioners will still consider pledging so we can match the $5,000 proposal and get $10,000 closer to our goal. You might consider that for every dollar you contribute, Good Shepherd will receive two dollars toward our goal.
I am very hopeful that by August 1, 2019 we will have enough parishioners come forward with donations or pledges to finish paying off this debt. We have enjoyed the renovations that were done in 2003, that created this debt all these years, and now it is time to pay off that debt. If you do donate for the debt, please make sure you make a note on your check or payment that this contribution is for the debt. I realize with the Stewardship Campaign and the fund-raising for the new organ this is a busy time for asking for any additional contributions.
Thank you for participating in our Capital “Ask” program. We are continuing to move toward paying off our debt (mortgage) and we are getting close to this goal.