The Church’s Stewardship of God’s Resources
Ministry Financial Operating Results 03-17 Stewardship
Debt Reduction Status The outstanding bank debt is now being paid down through monthly payments from the operating budget and designated giving. As of December 31, 2016, the outstanding bank obligation was $289,000.
How the Debt Was Incurred In 1999, the Church completed a long range plan that identified the need to expand and update our facilities to house our growing and diverse ministries. The first phase of that plan was launched with a capital campaign in 2004. With the bulk of the funding raised, several projects were completed:
- Construction of a new Worship Center was completed in 2007.
- Renovation of Building B (former bank building in the middle of the campus) into youth ministry space was completed in 2007.
- Renovation of the Sanctuary, originally constructed in 1972, was completed in 2008.
During this same time, the Church incurred a large expense, in excess of $1 million, to repair the roof of the Sanctuary. The funding raised through the capital campaign, even when combined with reserves on hand, was not adequate to cover this unexpected expense. The line of credit that was used to complete the projects was converted to a term loan in late 2008. The terms of the note were modified in 2012 and again in 2015.