On August 21st, the Finance Team announced a $200,000 campaign to pay down the principle on our mortgage. As we are all aware, interest rates have risen significantly, and we are anticipating our mortgage interest to increase to 5.5% for 2023. This will cause our monthly payment to increase from $6000 to $8000. This is a concern for the Finance Team, as it could limit the funds available in our operating budget to do daily ministry.
Thus the "$200,000 Building Fund Campaign".
We have been advised that a $200,000 payment directly on the principle of our mortgage would keep our monthly payment at $6000, the same as 2022.
In order to accomplish our goal of $200,000, it will require us all to participate. It will be important for us all to consider how we can support this campaign.
It is important that any gift to campaign be above your regular tithe, so as not to disrupt our operating budget. Please mark your envelope or e-transfer "Building Fund Campaign" to simplify our recording.
We have already reached over 25% of our objective. God is good !!!!
Please pray for Finance Team as we strive to do God's will here at Hillsborough Baptist Church