Just a couple of months ago, I wrote a short update concerning two new projects that we would soon be starting. Because of congestion in the parking lot, we moved forward with expanding our parking lot so that our capacity for parking would match the capacity of our building. We also started the process of designing and ordering a new playground structure that would fit within the space we have and within our allotted budget. Although moving slower than we anticipated, both of those projects are set to be completed within the next month.
The other update I gave was on our building expansion finances. At that time, we had received 86% of our goal of $2.1 million and we were continuing to pay down the loan with the expectation that it would be paid off by the end of 2017. Because giving to both the Building Fund and the General Fund has remained strong, our Finance Team met recently to discuss the possibility of using our General Fund savings to pay off the construction loan sooner rather than later. As a result of that discussion, we made our final payment on the construction loan last week which means our building expansion is 100% paid for.
Our goal is always to be good stewards of everything God has blessed us with so we will now turn our attention toward paying down the mortgage on our original building that is now ten years old. If you have not yet completed your pledge or wish to help in specifically paying down the mortgage, we ask that you continue to give to the Building Fund. One hundred percent of contributions that are designated to the Building Fund will go directly toward paying down our existing mortgage. Here is a snapshot of where we stand today:
Total Pledged Amount $ 2,116,755
Total Funds Received* $ 1,896,045
Remaining to Reach Goal $ 220,710
*Includes pledged and non-pledged contributions
As you can see, we are now at 90% of our goal with seven months remaining on the pledge. Please continue to pray that we will be good stewards of everything we have been blessed with and that we will be wise in how we approach paying down our existing mortgage.
Please do not hesitate to contact me if you have any questions ( ).