August 14 Building Update 014
“Financial Report” is the fourth in the series of summer updates that focuses on financial aspects of the building financing plan – the first three being Exciting News, Summer Surge, and Unity of Effort. If you have not read these important updates, you can do so by clicking here.
Financial Update. Thanks to your generous support, Regular Giving and Building Surge contributions recorded some amazing totals in July! The General Fund received an impressive $58,272.46 and created $8,272.46 in margin for the month. This margin will be used to pay for survey work on the building site by Parker Land Surveying, LLC. The work is ongoing, but results should be available very soon.
Building Surge. Again, thanks to your generous support during the month of July, the Building Surge generated an additional $13,136.82 in contributions which will go toward paying for the land. The Building Surge Fund has received a total $106,694.40 YTD with more coming in every month.
Land Loan. With contributions received from the Christmas Offering in 2019 and the Building Surge this year, Ashley Ridge Church has been able to make several large principle reduction payments on the land loan in addition to making monthly mortgages payments further reducing the loan amount. As of August 10th, we need an additional 167K to finish paying for the land.
While we have made significant progress paying for the land under very difficult circumstances, it is absolutely critical to the building effort that the loan be paid-off as soon as possible as this will allow Building Surge contributions to be used for other building related expenses and clear the way for Ashley Ridge Church to seek bank financing when the time comes. We can get this done – Together!
If you would like to make a contribution to the General Fund or Building Surge, you can do so here.
Derrick Horres, Project Leader