To the Friedens Family from the Leadership Board:
I (Tom Holley) reported to you a few months ago that thanks to God’s blessings, the generosity of the congregation, and the conservative management of our resources, Friedens is well positioned financially to weather the current storm. Friedens’ leadership is actively monitoring our financial situation to ensure our essential financial commitments (including missionary support) continue without interruption. This note provides an update to our financial situation.
Starting in September we began paying on the renovation mortgage. The monthly payment of principal and interest in the early months will be about $6800 which comes from our regular operating budget. Since our current monthly minimum necessary expenses are about $30,000, this mortgage payment constitutes more than a 20% increase in expenses. Please note that this mortgage payment is over and above the renovation pledges we have made. The pledges will be used to pay down the principal on the renovation loan to minimize the final cost of the project.
What should we do now? First, continue to pray for God’s support. Secondly, please examine your own financial situation. Pledges are being fulfilled in a responsible manner already, just as we have come to expect of the Friedens congregation. Payments for 2018 slightly exceeded the pledges, 2019 pledges are almost fulfilled, and 2020 pledge fulfilment is approximately 50% with several months still remaining in the calendar year. However, while regular budget giving is doing well on average to cover pre-mortgage expenses, the giving is sporadic week to week and is not yet sufficient to cover the new mortgage payments on an ongoing basis. Nevertheless, I am confident that with everyone’s help, the congregation will act responsibly as it has done in the past.
Notwithstanding this request, we all recognize that many members of the congregation are enduring completely different personal finances than when they made pledges. As in all things, this is a time for love, understanding, grace, and support.
As we benefit from the improvements brought by the renovation, including the ability to spread out more (due to COVID) that we did not anticipate needing, the Leadership Board and the Finance Committee thank you for your faithfulness.
Leadership Board Chair