Feb 27 2012

Our church is debt-free! (almost)

After church yesterday, the members were asked by the elders to vote on an issue: Should we pay off the mortgage now?

The church’s property is in year 4 of a 5-year balloon mortgage. Most of the monthly payments were going to interest, and a big lump sum would be due next year. We’d need to pay it off in full at that time, or refinance. Refinancing would potentially be tricky.

Our church has been blessed financially, in that we have a budget surplus. We now have the money to pay the mortgage in full and still have a savings reserve.

After members asked some questions and there was some discussion, we voted. The body voted yes — pay off that debt!

Eliminating the mortgage will cut monthly expenses substantially and we’ll also save a ton of money on interest.

We’re excited that this money-saving move will help our church ministries grow, and we’re looking forward to seeing what God has in store for our congregation and how we can use the resources He’s given us to further His work.

Yay!

 



7 Responses to “Our church is debt-free! (almost)”

  1. That’s awesome!

  2. What a Blessing!

  3. That is great!

  4. That is amazing! If only all churches throughout this country were debt free!

    Not only does being smart financially help us individually, but it really frees up businesses and churches to be generous and wise with all of the resources they’re entrusted with!
    WorkSaveLive´s last post ..Above the Line Deductions, Itemizing, and Standard Tax Deductions 2011

  5. That’s exciting stuff – too many churches are struggling at this time, so enjoy it fully.
    20’s Finances´s last post ..Why You Must Negotiate Your First Job Offer Out of College

  6. That is so amazing! That is such a blessing, and I’m sure you will continue to be good stewards of all God has blessed your church with!
    Sherrian@KNSFinancial´s last post ..Get Your Money Right By Kembala Evans – Book Review

  7. That’s great! I have a friend whose church is in some deep financial trouble because of greedy people and mismanagement of funds.

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

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