You have probably heard that we had a leak on the church roof that caused some damage to our offices.
Jeff Cline has worked with the contractor and the insurance company all summer to try to come to an agreement on who should pay for the new roof. Unfortunately, the insurance would only pay a little over $17,000 on an $85,000 roof.
The contractor said the new part of the roof was the part that needed to be replaced immediately. The cost for that part was $45,000. We agreed to have it done right away and put off the other half until we were able to fund it. In the meantime, with the insurance money, money we already had in savings, and contributions that have come in since the announcement, we still must finance $15,000.
We were able to work out an agreement with Christian Financial Resources to borrow the money for
1.65%. We can pay the principal over three years, but obviously, the sooner we pay it off, the less it will cost us. We have committed to make payments of interest only, but will pay off the principal as the money comes in.
Rather than ask each family unit to commit to a certain amount of money like we did on the basement we would like everyone to give to the roof fund as generously as you can. This would need to be over and above your current giving. With costs going up, we may need to increase the budget next year too.
Since it will be difficult for many to give much above their regular giving, we would like for people to come up with fundraisers to help fill the need. If you or your small group has ideas for this, please let the office know. We would like to work those around our current programs.
As the money comes in, we will pay down the principal of the loan until it is paid off. Then money will be
invested as we build up the funds to pay the $40,000 for the rest of the roof.
Thank you for your support through all of this. Feel free to direct any questions to Randy or Rita
108 W 2nd St. PO Box 270 Michigantown, IN 46057 765.249.2184