As was discussed at the Annual Meeting in January, we, Old First, have a loan to repay at the end of May: the Refinancing in Faith loan.
A little background: in 2010 Old First had a $77,662 loan from Citizens with a 7% interest rate, secured by a mortgage on the building. To reduce our interest expenses and end the mortgage, the congregation launched Refinancing in Faith which, through a combinations of gifts ($9,000) and 3 year term loans ($65,500) from members, allowed the congregation to repay the Citizens Bank loan. Those 3-year term loans are due on May 31, 2013.
Currently, just over $40,000 is still due in principal (the difference has been generously forgiven). Letters will go out the week of April 29th to those families and individuals to whom repayment will soon be due, confirming the specifics of the amount of principal and interest to be repaid. Then, shortly before May 31st, checks will go to pay all unforgiven principal and interest (10% simple interest over the 3 years). As approved at the Annual Meeting, the monies to make those payments will be borrowed from the Endowment and repaid from the proceeds of the proposed capital campaign.
In anticipation of this event, the Admin. Team sends out a big thank you to those who contributed to this community effort to manage our finances in a way that reflects respect and honor for the contributions we each make, encourages the discipline of stewardship, and provides the experience of the joy that comes with sharing (even when it is sharing the financial load).
If you have any questions or concerns, please feel free to speak with any member of the Admin. SLG (Alice, Beth W., Mark W., Wilma, Gerry W., Adam S, Jonathan V., Mike W., Janice).