Student Center Project Paid Off!

    We are thrilled to announce that our Student Center Project is paid off!  We praise God for that and we thank the Calvary family for your generosity.

    Two years ago our Capital Fundraising Committee announced a $600,000 pledge goal by March 31st (2019) in the "We Love Our Students" campaign.  As you can read in the blog from that date by that time we had received $425,000 in pledges toward this project above and beyond budget giving.

    We are pleased to announce that the actual cost of the project was $601,986 and our people gave $520,118 above and beyond contributions to the church budget.  That means that 86% of the project came from designated contributions from our people and it represents a 122% pledge fulfillment.  Many of the people who gave toward the project did not make a pledge, thus the percentage.  Still the fact that more money was given than what was pledged is a reason to rejoice!

    As we launched the project our church approved an interim loan from the Baptist Church Corporation that allowed us to complete the renovation as the pledges continued to come in.  The amount we borrowed for this interim loan was $199,967.  As contributions came in they were applied first to renovation costs directly and secondly to the principle of the loan.  By the end of 2020 the loan principal was only $90,268.

    Although we did not meet our 2020 church budget, because of the PPP loan and because of reduced costs, we finished the year approximately $200,000 in income over expenses.  The stewardship committee wisely decided to use part of this amount to pay off the loan with the Baptist Church Loan Corporation.  The interim loan was a two year loan requiring interest-only payments during the campaign time.  The first loan payment would have been due in March of 2021 but praise God we paid it off before then!

    Thank you for your generosity toward this project!  There is no need to continue to give toward this project.  You can choose to redirect your giving to the church budget.  We continue to ask for your support of our church budget, which we are not currently meeting.  If you desire to continue to give toward a student building fund we will apply it for future building projects but there is currently no project in place.

    If you had a recurring electronic gift toward the Student Center Project you will need to go to the webpage to stop it or contact your bank to do so.

    Praise God from whom all blessings flow!