Debt Free Plan

In a Nutshell What

We Owe: $1,652,639.81 Paid on Loans

Thus Far: $2,021,031.89

In Romans 13:7-8 the Apostle Paul tells us to, “Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor. 8 Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.”

A few years ago, we began a building project to add a much-needed worship center, children’s wing, and foyer to our facilities. Today the Lord has blessed us in tremendous ways - these are built and being used as tools to help people know God.

In pursuing this build, we incurred some debt. As you will see we have been faithfully paying on this since it was incurred. It is amazing how well we have done. But we want to present a plan to become debt free even more quickly. This is not something we are going to be talking about all the time or putting in everyone’s faces every Sunday. But it is an effort that we as a church will be taking on together.

The Cost:

Total approximate cost of the build: $6.3 million. We paid $2.8 million initially. This, in and of itself, is amazing. We were told that we would only be able to raise about $800,000 in three years. As it happened, we raised over $2 million - with $600,000 thousand already in the bank.

This means we borrowed $3.5 million in the form of three loans.

Loan 1: $2.1 million was loaned to us by an anonymous member who is not asking for any interest.

Loan 2: $1 million at little interest.

Loan 3: $400,000 at no interest (expansion of first loan). This was paid in full in December 2022!

What We Have Paid:

To date, we have already paid approximately $2 million on our $3.5 million in loans.

What We Owe:

We owe approximately $1.6 million on the two remaining loans above

The Goal:

We want to set a goal of paying off $500+ thousand annually, which means that we should be debt free in 5.5 years - sometime in 2027. Now, as already stated, by God’s grace, we were able to bring together over $2 million in a couple of years - so we can do this and perhaps even better!

How can we do this? Below are some ways that you can help pay off the debt quickly. Please know that there is NO PRESSURE here. IF you give and WHAT you give is between you and God. We are asking that you pray about this and do what you feel God is calling you to do.

1. Meet Budget - our weekly budget is $24,405.77. We make minimum payments on the two larger loans simply by meeting budget each week. This also takes care of our ministry, outreach, and day-to-day efforts. Simply by giving a regular tithe to the church you help pay off the debt. So, if you are not already - prayerfully consider this.

2. Continue your pledges (ABOVE regular giving) until debt is paid off - Many of us made 3-year pledges to this project from the beginning and have been faithfully giving ever since. One way we can pay this off more quickly is if we continue to give those pledges until the debt is paid. All money that goes to building fund goes directly to paying off the debt. Many have already been doing this faithfully, and we praise God for that! If you stopped giving to the build fund after your completed pledge time, prayerfully consider continuing your pledge until the debt is paid. But ONLY do this if you feel so led.

3. Make a pledge (ABOVE regular giving) IF you feel so led - Perhaps you have joined Rocklane since we started this project and have not participated. Perhaps you might consider making a pledge to the project. Meaning you would give a certain amount above your regular giving (because we need to meet budget) to the building fund regularly (weekly or monthly etc.) for a certain amount of time or until the debt is paid. Remember, all money that goes to building fund goes directly to paying off the debt. You don’t need to inform the church - it can be between you and God - you simply make it known on your giving how much will go to the build fund. Again, pray about this and only do it if you feel so led.

4. Make occasional donations to the Build Fund - Finally, you may not be able to do anything regularly but perhaps from time to time you might be able to make a special donation to the building fund. These are also great ways to chip away at the debt. Again, you only do this as you feel lead.

You can indicate how much you want to give to the build fund on the check or app.

Paying off our debt is just one small part of all the things we are working to accomplish together in our community and congregation. But it is important. We are in this together so prayerful consider how God might be leading you to participate if you are not already.

As Paul said, “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.” In all of this may we continue to pay on our outstanding debt of love to one another and to God!"