Dear Northway Church,
If you are a regular reader of the Northway News, you’ve undoubtedly noticed the “Facts and Figures” box at the bottom of the newsletter. In this section, you will find the previous Sunday’s attendance and offering, our current fiscal year giving compared to our budgeted income, and any gifts made to our Faith for the Future designated fund and the balance of that fund.
Additionally, you’ll find reported the balance of the loan that was used for the construction of our student building, expanded parking lot, foyer, and Cathedral Coffee. The total cost of this project was just over $7 million, and the original loan amount was $5 million after the construction loan was converted to a conventional loan in July of 2018.
Our Finance and Lead Ministry Teams have made the reduction of this debt a priority in our budget planning process. Our regular monthly payment on the loan is approximately $17,800 (this amount varies slightly depending on the loan balance and the 30-day LIBOR). For this fiscal year, $12,310 of that payment is applied to the principal balance and approximately $5,500 is paid in interest.
Since the completion of this project, we’ve committed to making extra monthly payments to reduce the debt. For the 2020-21 fiscal year, an additional $17,000 has been paid each month toward the loan balance. Moreover, as gifts have been made to our Faith for the Future Fund, our Finance and Lead Ministry Teams have used these gifts to make added principal payments.
On behalf of both of these ministry teams, I want to thank you for your faithful giving to our general fund and for giving as well to our FFF fund. In the last quarter of 2020, many in our church made generous contributions to this fund. As a result, our Finance and Lead Ministry Teams recently approved using $150,000 from this account to pay toward our loan. If you look at the “Facts and Figures” section in this week’s newsletter, you’ll notice that the loan balance today stands at just over $3.65 million. It’s quite a testimony to the faithful generosity of our congregation that nearly $1.5 million in debt has been paid off in 2 1/2 years!
Again, thank you for your faithfulness in giving and supporting the mission of Northway Church. It is such a joy to pastor a church where the congregation truly desires to see our city changed by the gospel and is willing to work and give toward that end. I look forward to all that the Lord is going to do through Northway in 2021!
See you on Sunday!