| December Finance - HON and Debt |
As we approach December, I have to think about our personal Heart of Nashua capital campaign gift among our other expenses wuch as Christmas gifts, taxes, and a large purchase I need to pay off. Even though our personal expenses are high, we will meet our pledge payment, which we make twice a year. Next year 2019 will result in two more payments for our original HON2 pledge amount.
However we plan to continue to give additionally beyond 2019, and beyond our pledged amount, to help pay off our church construction loan. This is because yours and our combined pledges will get us to perhaps another $100,000--well short of paying off our construction loan.
Our loan amount is illustrated by a paper chain graciously made by the youth of our church. Our youth labelled each loop with its debt figure. Each paper loop represents $5000 in HON debt. We started at considerable length, 67 loops, or almost $335,000 in debt. At the time of this writing we are at loop 64 or $320,000. Our December pledge amount plus your pledge giving will help reduce our debt and representative number of links.
The paper chain is ideal in giving a visual for our debt. In the beginning the length can be daunting, but as the chain gets smaller, I expect to show real progress in eliminating our construction debt. A smaller debt also means less of our money going to pay interest. At the beginning our interest payments were over $1200/month. As we pay down our debt, more of our payment goes toward principal. Your home mortgage or credit card debt (assuming no new monthly purchases) works in the same way.
Your continued giving to HON beyond your pledge amount and schedule will help remove additional construction mortgage strain from our general fund in 2020 and beyond. If we stopped our campaign after 2019, such increase would add a considerable amount to our general fund for years to come, through good times and bad times, and put us at risk. It makes sense to pay off our construction loan as soon as possible and leave a legacy of accessibility and outreach rather than debt.
What are ways for you to give to HON? First is to continue to honor or increase your existing HON pledge. If you haven't pledged yet, please use a time and talent card to write down a pledge amount, and give at least to that figure. Second is to give additional HON beyond 2019 in a manner to pay down our debt. Third is to give as you can to the HON via our two gift boxes. One gift box with a cross-shaped slot is on the narrow stand that we keep in our new space. The second is our scale model of the church building with the slot. These specifically go to our HON capital fund, which is our "second mile" giving over our general fund (which pays for our annual church operating expenses.) I want to thank you for your generosity, which has allowed our construction and our foundation to loan us the money in good faith that we will pay them back.
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