Mortgage Paid Off

Mortgage Paid Off

Congregation Council, on November 12, 2019, passed a Resolution to pay off our mortgage with the Mission Investment Fund of the ELCA. The payment in the sum of $53,722.00 will be made immediately and payment will come from the Building Fund.

Some background information will demonstrate the significance of this action. Reformation Lutheran Church commenced a major building project in 2005 that provided new administrative offices, a new narthex (lobby, welcome center), bathrooms, elevator and other needed improvements. The total project cost was $1,770,000.00 and resulted in a mortgage of $1,300,000.00.

By 2014 the mortgage was $957,208.00 and the monthly payment over $8,000.00. This was not a good situation for a congregation that wants to focus on service and outreach.

As a result of wonderful bequests and the Always in Mission Campaign, we have been able to substantially reduce the principal and make the satisfaction possible at this time. We give thanks to you, the members of the 1517 Society and financial leaders in our congregation who have provided sound advice. We also thank the Mission Investment Fund for its assistance over the years. Our satisfaction of this loan provides addition funds for the Mission Investment Fund to provide to other congregations.

Now, how shall we celebrate? Let us know what kind of mortgage burning ceremony and party we should have.

President Dick Hughey