It is hard to believe it has been almost 2 full years since we first started talking about our building expansion. In November of 2014, we started the process of asking for pledges as we focused on the theme “Consider…Building for God’s Glory.” When the request for pledges was completed and we had nailed down the estimate for construction, it was our intent to move forward with the new children’s wing and hopefully someday complete the Worship Center expansion. Fast-forward to today and we can see that we have much to be grateful for as we consider what God has done throughout this process. In less than 2 years we have completed all of construction and are in a great financial position to do all of this without adding any long-term debt. We continue to be grateful for your prayers and your generosity throughout this time.
Although the mess is cleaned up and all of the construction equipment is gone, there is still work to do. I want to give a quick (and hopefully clear) summary of where we stand financially now that construction is complete.
Funding
Total Funding (Savings + Pledge Amount) $3,816,755
Expenses
Phase 1 – Children’s Area, Additional Offices, Restroom/Café Expansion
• Expected Cost $3,415,000
• Actual Cost $3,055,000
Phase 2 – Worship Center Expansion
• Expected Cost $885,000
• Actual Cost $820,000
Total Expenses $3,875,000
As you can see, our actual costs were significantly lower than our expected costs. This put us in position to complete the entire expansion much sooner than was planned and to reduce the amount of short-term construction loans we would have to take.
At the beginning of the project, we anticipated drawing on the short-term construction loan in October of 2015. Due to your continued generosity, we did not have to take that loan until June of 2016. After everything has been completed, the amount of the short-term construction loan is $499,000 which will be due on October 2, 2018. Please continue to pray that the funding from pledges remains steady so that we will be able to pay off this amount well before the loan is due.
As of today, we have received $1,377,017 (65%) of the $2,116,755 that was pledged. In addition, we have received $189,722 that was not pledged which means in total we have received $1,566,739 toward the building project. Once we have received enough to pay off this expansion, we will turn our focus to paying off the mortgage on our original building so please continue to faithfully give as we try to be good stewards of what God has provided for us.
We are thankful for the financial sacrifice so many of you have made and for your continued prayers over everyone who has been involved in the completion of the project. If you have any questions please do not hesitate to contact me.
Pastor Chris
