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Debt Retirement Appeal: September Update
September 20, 2023
As was reported by Associate Treasurer Jim Cairns at our Regathering Luncheon, First Church currently has $301,000 pledged towards our total goal of $450,000. When we shared an update in July, a few members of the congregation made a “match” challenge of $50,000 to encourage new and accelerated pledges to help pay down the debt more quickly. As of today, $230,000 has been pledged to be paid in 2023, which is an increase of $110,000 since July. We have more than met the match! If all the funds pledged for this year are paid by December 31, we will have cut five years off the loan repayment period and saved over $63,000 of interest payments.
This is a significant step in our efforts to improve our financial sustainability. However, we still have a way to go to fully retire this loan. At the moment, we have $71,000 pledged to be paid in 2024 and 2025. We need at least another $100,000 in pledges for 2024 if we are to maintain our momentum. So, if you have not yet made a pledge we encourage you to prayerfully consider what you might be able to do.
Please reach out to Jim Cairns (assoctreasurer@firstchurchcambridge.org) or Karen McArthur (karenmc@firstchurchcambridge.org) if you have any questions. You can make a pledge by filling out this form or emailing Karen. We continue to feel gratitude for the generosity and commitment of this congregation – thank you!