Financing Our Foundation
Rick Hubbard
Co-Chair, 2024 GIFT Stewardship Campaign
$120K Shortfall Expected
To achieve financial flexibility, St. Philip’s refinanced our property loan of $4.75 million in 2020 followed by a successful capital campaign that committed to pay down the principal balance by $2.2 million by the end of 2024.
To date, $1.2 million has been collected and applied toward the loan balance. In good faith, the bank has allowed us to continue making lower interest-only payments through 2023 which has provided significant operating expense relief.
However, next year we will begin to pay around $24,000 per month for principal and interest. Even with a reduced balance, it will be roughly $10,000 extra monthly. That one expense alone will increase the annual budget by $120,000, or about 12% more in pledged giving to break even on operating expenses next year.
Our financial leaders have taken measures to balance the needs with our available funds. I prayerfully ask you to look around you at the community we have built as you reflect on your commitment for 2024.
