Our Operation Zero Debt campaign began with a commitment to pay off the balance of the loan on the construction of the Worship Center - $2.94 million.
December 6, 2006...We were able to make an additional payment of $250,000 to the loan principal. The balance is now $2.69 million.
January 11, 2007...We have some exciting news: our end of the year giving will enable us to pay down an additional $500,000 on the loan!!! We had $360,000 directed to the Worship Center, and the Elders have authorized $140,000 from the general fund that was above our end-of-year cash reserve. That means in three months we have paid down ¾ of a million dollars!!! Our new balance is $2.19 million.
February
5, 2007...We're moving forward!!! We received $44,000 in January offerings for the Worship Center and the Elders authorized another $40,000 from the general fund that was above our end of year cash reserve. This enabled us to pay our monthly payment along with an additional principal payment of $60,000. The loan principal was reduced by another $20,000 from regularly scheduled monthly payments over the last few months. Our new balance is $2.11 million.
March 6, 2007...We were able to reduce our loan balance by $50,000, paying an additional principal payment of $40,000 and applying $10,000 from our Feb. scheduled payment. That brings our new balance to $2.06 million!!!
April 4, 2007...Exciting news! We broke the $2 million barrier!!! Donations received in March enabled us to pay $70,000 toward principal, $20,000 from our monthly payment and $50,000 in additional principal. Our new loan balance is down to $1.99 million. Let's keep going strong!!
May 1, 2007...Every month we're working our way down to Zero Debt on the Worship Center Loan!! This month we paid $30,000 toward principal, bringing our balance down to $1.96 million. Thank you for your generous giving.
May 31, 2007...Gifts received during the end-of-month offering enabled us to make another $30,000 principal payment this month along with the $20,000 principal portion of our monthly payment. And encouraging news!! In the last six months we've paid over $1 million toward the WC debt! Let's keep going.......!
July 11, 2007...The monthly loan payment in June reduced our loan balance by $10,000. Then, thanks to your generous giving to the end-of-month offering, we were able to pay an additional $20,000 in July.
August 2, 2007... We were able to pay an additional $20,000 toward the pay down on our loan!!! With that payment, our loan balance is now down to $1.85 million!
August 28, 2007...Your generous giving to Operation Zero Debt allowed us to pay another $30,000 on our loan. With the two additional principal payments made in August and our regularly monthly payment, we were able to reduce our loan balance by $70,000!
October 5, 2007...We reduced our loan by $30,000 bringing the balance down to $1.77 million!! The total amount paid included $10,000 from our monthly payment and $20,000 from an additional principal payment.. Operation Zero Debt is moving strong thanks to your faithful giving!
November 7, 2007...We paid $10,00 in October and $20,000 in November toward principal on our building loan. That brings our balance down to $1.74 million.
December 4, 2007... Every gift counts!!! Your faithful giving made it possible for us to make our monthly loan payment in November as well as an additional $10,000 principal payment in December. Our loan balance is now down to $1.71 million!!
January 3, 2008... Generous year-end giving enabled us to pay $60,000 toward principal ($10,000 from our December scheduled payment and $50,000 in an additional principal payment). We start the new year with a loan balance of $1.65 million!
April 2, 2008...In February and March we made our scheduled monthly payments. We were able to pay an additional $20,000 principal payment in April!! Our balance is now down to $1.58 million!!
May 12, 2008...We've reduced our loan balance down to 1.5 million, thanks to generous giving from generous givers! This month we made one of our largest additional principal payments since we began the Worship Center expansion. Other good news is that we were able to reduce our loan rate by 2%. This decreased our monthly payments, which allows us to pay more toward principal each month!!
June 28, 2008...We were able to make another $20,000 additional principal payment in June to help reduce our loan balance to $1.47 million!! That gets us that much closer to ZERO DEBT!!!
Monthly Worship Center Offering
Pray for these special monthly offerings. The focus of this offering will be to accelerate the pay down of the existing loan.
Remember to mark all checks “Worship Center” (WC). If you are currently finishing a Letter of Intent (WC, GAP, or LC), please indicate that on your memo line.
July 5,6
Aug 2,3
Aug 30,31
Sep 27,28
Oct 25,26
End of Year: Dec 27,28 2008
