Sacrifice Sunday Report – and Church Debt Update
We had an incredible Sacrifice Sunday and some great news to report to you! In this report, our desire is to share all of the exact dollar amounts on our church debt and to catch us all up on the progress to pay off our loan.
In March of 2016, we refinanced a loan at $500,000, at a 4% rate without any penalties for early payoff. Our current church vision goal is that we would pay off this loan before the end of the year 2020. Our goal requires us to pay off at least $100,000 a year to be debt free by Christmas of 2020.
Our goal on sacrifice Sunday was $25,000 extra towards the loan to pay down our debt.
Here is the current report of where we are:
Our Sacrifice Sunday Offering brought in a one-day total of $10,043.50!
Pledges on Sacrifice Sunday – processed from June 2016 to December 2016 totaled $8,304.00!
The good news is, since January, many church members have already been contributing to our debt. Contributions since January, and applied to our current loan total an amazing $27,554.71! This means that we had already surpassed our Sacrifice Sunday goal before we even observed it!
Entering into this year, we had set aside $50,000 from previous years to help us with the refinance. Any remainder on the refinance would go towards the principal of our loan. The exact dollar amount left over in March after our refinance is $29,559.46!
One final piece of good news involves an accidental mistake that the pastor made in his May report to the church. The pastor reported that the church would pay approximately $20,000 onto the loan this year through our normal monthly payments. The mistake was that this number reported a calculation of the interest that would be paid in 2016, and not the principal. The actual pay down of the principal, through our normal monthly payments from March-December 2016 will result in a total of $39,791.66!
When you add up all the totals:
Sacrifice Sunday Offering $10,043.50
Sacrifice Sunday Pledges $8,304.00
Contributions to debt since Jan $27,554.71
Refinance Leftover $29,559.46
2016 Principal Payments $39,791.66
Grand Total Estimated for 2016: $115,243.33
This is an enormous praise to God for His faithful generosity through His people! We prayed for the challenge of $100,000 this year, and God has answered!
To God be the Glory, great things He has done!