Matching Gift Announcement

 
Dear St. Patrick Family,
 
I’d like to share some great news about our parish financial situation.  You may have heard that we have rather large debt of $4.6 million, which was incurred with our building in 2008.  In September our finance council and I met.  We agreed that we would not be able to repay this debt without help from the diocese.  Therefore, we created a plan and, in October, our finance council chairman, Tony Befi, and I presented it to the diocese.  They offered to help.  This is the offer. 
 
The diocese will match dollar for dollar everything we pay toward our loan principal over the next 2 years up to $1.3 million.  If we make this match, we will have paid off $2.6 million and our new loan value will be about $2 million, an amount we believe we can pay.  If all goes well, we could be building a new Church in about 10-12 years. 
 
We are already making progress.  We used extra cash in our accounts to pay about $250,000.  The diocese matched this amount, so now we have paid half a million dollars on our loan.  Our loan value is now $4.1 million.  Additionally, we are selling the rectory which will allow us to pay $375,000 which is $750,000 with the match.  (I’d like to note that I live at the St. Williams rectory and am very happy there.) If the rectory sells as planned, our loan balance will be around $3.35 million.  That means we are half way to meeting the goal for the match!
 
How are we going to fulfill the match and raise another $650,000 in the next 2 years?  Four things:

1. The Encountering Christ campaign – as we receive those funds, we will apply them to our debt.
2. We expect our parish to continue growing; with that tithing in the regular collection will grow.
3. As we pay down the debt, we will pay less interest – we will use this to make payments.
4. We will have a second collection for Debt Reduction on the first Sunday of each month. It is important that you still give in the regular collection and make any additional gifts in this second collection. 

 
Together, we can do this!
 
Thank you to those who persevered through tough times at St. Patrick’s.  Thank you to the finance council for working hard to make this happen and persevering through lean financial times. There is light at the end of the tunnel!
 
While this is very exciting, let us remember that our primary mission is not to pay off the debt.  Our mission is to build up the kingdom of God in this place, to make disciples who know that they are beloved children of God. 
 
In Christ,
Fr. Brian Eilers