BY FAITH, we are beginning a journey toward a debt-free ministry model. We’re inviting our community to invest in this journey for the mission and future of McDowell. We’re encouraging everyone to do something, above and beyond your regular giving. Not everyone can give equal amounts, but everyone can do something. Will you join us?
CURRENT DEBT: $2,125,000
Our interest rate is floating, and is currently close to 5%. Our loan is a Line-of-Credit that only requires a monthly interest payment. However, we make payments of $20,000 each month toward principal.
No (but also yes). Our goal is to be debt-free as soon as possible. We know it would take a few incredibly large gifts to get there in 2023. We want to encourage 100% participation in this campaign, and believe we could see in excess of $500,000 given by May, above normal income, as we all give generously.
No. We are so thankful for the ongoing, regular generosity of our church family. It is this giving that allows us to pursue the mission God has given us. The BY FAITH campaign is intended to be above and beyond regular giving to McDowell.
McDowell does maintain cash reserves at around 4 months of expenses in accordance with healthy financial principles. We do this in order to fund unexpected expenses, repairs, etc, and also to maintain margin during the leaner months of giving/income.
HOW MUCH DO WE SPEND PER MONTH ON DEBT PAYMENTS? AND WHAT WILL WE DO WITH MONTHLY SAVINGS WHEN WE ARE DEBT-FREE?
We are currently paying around $30,000/month on debt payments. We have significant plans to increase ministry to the next generations, outside of traditional ministry models, that we would be free to pursue with these additional funds. We believe this is a major part of the mission God has given us in this larger community.
We don’t have any plans for additional capital campaigns through the next two years.