WALK IN LOVE: A CAMPAIGN FOR THE PARISH HALL
We began paying on our $3.225 million of parish hall construction-related debt in July of 2017 after a successful capital campaign that raised over $1.2 million to fund construction costs. This first campaign was called Growing in Grace.
To retire the remaining debt, we launched a second, 5-year campaign in 2019 that we called Walk In Love.
Though we financed our construction with a 20-year note, our plan was to pay off all this debt early in June of 2023. A small portion of our debt is held by a foundation of the Diocese of Texas (called the Crump Foundation) at a 2% interest rate, while the bulk of the debt is held by First Texas Bank at a 4% interest rate.
We were well on our way with an accelerated debt payment plan into the beginning of 2020, having paid off almost half of the total debt.
But, with the changing landscape brought about by Covid-19, the finance team has only been paying the minimum amount to preserve our cash-on-hand due to the uncertainty of our environment and diminished giving to the Walk In Love campaign. We want to get back on track as we head into the final two years of the Walk In Love campaign.
You can see the current status of the remaining debt in the chart below.
WHAT IS OUR PLAN MOVING FORWARD?
As we continue to build back our ministries after the pandemic, we recognize that this is not the time to launch a new campaign. But, as we move forward, we do want to be transparent and clear with you about where we stand relative to our debt and our need to meet our mortgage payments.
Currently, we need $230,084 in 2022 to make our minimum mortgage payments and maintain our cash reserves.
If you have already pledged and/or given to the Walk In Love campaign, we want to extend our sincerest thanks.
Your commitments have enabled us to weather the challenges of the pandemic while maintaining our staff and positioning us for renewal in the years ahead. We need to finish out the final two years of the campaign strong.
HOW CAN I GET INVOLVED?
The Parish Hall has become an integral part of our life together. It has enabled ministries to grow, and has been an indispensable resource during the pandemic. Having such a large, open space continues to help us gather safely for fellowship and spiritual formation.
If you did not make a pledge to the initial five year commitment, we invite you to consider making a two year commitment to the Walk In Love campaign. This two year commitment (from 2022-2023) will help us cover our mortgage and keep our ministries running strong.
For more information about the Walk In Love campaign, please contact our parish offices.
We are happy to answer your questions, provide you with more financial information, or help you make a gift to the campaign.
We are so grateful for your support.