This is to thank you for your support, prayers, and financial contributions over the last eight years as we have worked to pay off our church debt. As many of you are aware, we started this journey to pay off our debt in 2010, and have had four Capital Campaigns which generated $750,000. This has reduced our debt to the current $30,000. At the same time, we have reduced our principal and interest payments for this debt in the operating budget from $73,000 per year to the current $3,500 per year.
At the same time, we paid down our debt, we have paid out over $147,000 in capital projects from these funds, either associated with our fund-raising or special capital projects. These include a capital fee paid to our consultant for one campaign ($46,000), principle and interest payments to the loan ($46,000), a commitment to the Cathedral Ridge Camp and Conference Center fund-raising Campaign ($37,500), supplemental money needed for our new roof ($8,200), basement renovations ($5,000) and a new air-conditioning Unit ($5,000).
We are now trying to include these capital projects/ maintenance issues in our operating budget. We will take a one-year break from trying to retire our debt and see if we can include the remaining amount in our 2021 operating budget.
Thank you all for your fantastic support, prayers, and participation over these last eight years – a job well done!!