Imagine is a church-wide campaign to commit to paying off the mortgage quickly, starting with a “commitment Sunday” this Easter – April 4.
On that Sunday, we’ll collect commitment cards from the church and total them up. We’ll know that day what gifts in April and commitments over a six-month period we’ll have to apply to wiping out our debt.
Debt Retirement Details
Our mortgage balance owed is $116,000 after our April 1st payment. We have $13,000 on deposit with our mortgage holder as security, so our net balance in April will be $103,000.
At the current rate of repayment, our loan will be retired in October of 2023.
Our monthly payment is $4,328, or $51,000 per year, which represents about 17% of our annual spending.
Raising $103,000 in a debt retirement campaign makes that mortgage debt disappear, and frees those funds for ministry.
What is a commitment?
A commitment in this campaign is a prayerfully considered promise to give as God and circumstances allow.
Remember that this is in addition to our regular weekly offerings.
If you commit to give cash in the month of April, it will be used to pay down the principal immediately.
If you commit to give monthly amounts between April and September, those amounts will be applied to the principal as well.
You may choose to do both – commit to a one-time gift in April and further gifts each month over the six-month campaign term.
What if we don’t receive commitments sufficient to retire the full mortgage amount?
If we receive funds that don’t cover the principal balance, we will still owe the monthly payment, but for a shorter term. Put simply, every $4,000 we receive reduces our mortgage term by one month.
If we receive just half of our target of $103,000, it will still shorten our mortgage repayment period by nearly 13 months.
Impact on the SCC budget
Freeing up $51,000 of annual mortgage payments would all us to:
increase our programs budget by 17k (outreach, buildings, youth)
increase missions by 15k
allow for 8k to be allotted to staff salaries, benefits, and development
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If you haven't picked up a commitment card in person and would like to submit one you can use this online form. Please let us know about your commitment before Easter Sunday, April 4th.