Building for Ministry

building for ministry_small

We are engaged in fundraising to pay off the debt incurred as a result of the building renovation project. The most recent quarterly financial report for the Building for Ministry Debt Retirement appeal follows:

Building for Ministry Debt Retirement Appeal

Quarterly Financial Report

March 31, 2018

Total Amount Pledged to Debt Retirement Appeal $364,165
Retirement pledges received since start of appeal $311,298
Retirement pledges received in first quarter $16,314
Member loans converted to gifts in fourth quarter $0
Total  Retirement pledges outstanding $50,342
BMO Harris Loan
     Interest paid during first quarter  $520
     Principal paid during fourth quarter  $66,985
     Outstanding principal remaining $0
MG&E loan
      Principal & Interest paid during first quarter  $107,040
      Outstanding principal remaining  $0
 Member loans
     Interest paid during first quarter $0
     Loan repayments during first quarter $0
     Outstanding loans $120,000
Total Indebtedness $120,000

We have paid off the BMO Harris and the MG&E loans completely this quarter. That leaves only the member loans. We anticipate being able to pay off the outstanding member loans by the end of the current appeal, which is March 30, 2019. At that point, we will again be debt-free!