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Wisely stewarding our resources, increasingly spreading the fame of Jesus

The issue

The loan on our property is a balloon mortgage, which means when the term ends in April 2027 we will owe a balance of about $900,000. We don’t have the savings to pay this off, so without doing anything “extra” we will need to refinance our loan. Interest rates are higher now than they were when the current loan was initiated, meaning we will see an increase from 4% to likely more than 6%. This has implications on our operating budget (potentially requiring more of a monthly payment) and on how far our money goes (the higher the interest rate, the more of your payment goes to the bank vs. paying down your principal amount). At a 6% interest rate, we would pay approximately $350,000 in interest over the next 7-year period, and potentially still owe over $800,000 at the end of that loan.

The Decision

Due to the impending balloon payment, elevated interest rates, and a desire to make more aggressive advances toward eliminating our debt, we were faced with a decision — boiled down to three options: a) do nothing and simply refinance for the entire amount ($900,000), b) raise enough to pay down the entire $900,000 and eliminate our debt, or c) take a more balanced approach. Through much prayer, discussion, and consideration, the Finance and Elder Teams decided to pursue the balanced approach of seeking to raise $450,000 over the next 15 months and contributing $100,000 from BGC savings to reduce our debt to $350,000.

The Implications

The benefits of reaching our goal are long-lasting. Reducing or eliminating our debt results in the redirection of financial resources from paying the bank in interest to infusing those funds directly into our mission. Using the example of a $900,000 loan vs. a $350,000 loan at 6% interest, consider the following implications:

After 7 years, still owing over $800,000 vs. $300,000
$40,000 per year in savings just for the first 7 years
- Cost savings could be diverted directly back to principal, allowing us a path to pay the entirety of the debt in 7 years without an impact to our operating budget.
- Alternatively, $40,000 could be injected annually into our operating budget. Below are some examples of what that equates to:
  - Multiple part-time staff or part way to another full-time staff
  - Mission Week x2
  - Global Missions Budget = $50k
  - Men’s + Women’s + Kids + Youth + Outreach = $44k

Whether we put the savings back into the ministry of our church or focus on eliminating our debt faster, we believe that reducing our debt in this season is what God is calling us to do. Not only that, but this goal is also achievable.

If every household gives 50% more than they gave last fiscal year, in the next 15 months we would not only beat our goal but we would exceed it. Not everyone will be able to do that, but many can, and some can do more. Regardless of what it may look like for each partner, we believe that this will demand sacrifice and faith in God, who is able to do far more abundantly than all that we ask or think (Eph 3:20).

What's Next?

Please pray for God to help us meet or even exceed our goal!

Pray for him to lead you in how you could participate.
Discuss it with your spouse and family.
Consider what impact you could make and what that looks like for you, whether it’s a one-time gift, intermittent gifts, or a recurring gift. You may not be able to give at all right now, and that is okay too. Consider the possibility of committing to giving a certain percentage more from last year over the next 15 months.

If you are ready to give now, follow the steps below. If you have any other questions, check out the FAQ page.

In order to give, either one time or to set up a recurring gift, follow these instructions and/or watch this video:

Go to the "Give" page in Church Center, or follow this link.
Select the amount you'd like to give, then click Next.
Ensure that "The Stewardship Project" is the selected Fund.
- If you followed the link above, The Stewardship Project will be preselected as the fund. If you navigate through the Give page, you will need to change it from Unrestricted Giving to The Stewardship Project.
Select the frequency of the gift, either One Time or one of the recurring options.
- If you already have a recurring gift set up for regular giving, you can set up an additional one without impacting the other.
Select your desired payment method.
- Note: The fees we pay for bank account transfers are much less costly than credit card payments.
Click the button at the bottom. If you chose to give once, it will say "Give $__ now", or if you selected a recurring gift it will say "Start giving $__".