St. Margaret’s is officially debt free!! We have paid off our mortgage, which had a principal balance of about $290,000. Our Verizon cell tower has been paying us about $2,000/month. As technology changes, such income streams become very, very iffy, because the tower may no longer be needed. We found someone who would assume that risk and pay us for the possibility of future income from the cell tower, giving us $377,000 now. We have paid off the mortgage, set aside some funds to replace the cell tower income for two years and replenished the capital account used for the parking lot repaving and kitchen renovation.
Debt free is unquestionably good. But it does not solve a gap in our operating budget which currently looks to be about $33,000 for 2019. If we are all moved to stretch a bit in our 2020 pledges, we can achieve our goals of more formation opportunities, more work with children and youth, more outreach, and catching up with deferred maintenance
Speaking of children, the Nursery is being fully restored (with insurance proceeds) just in the nick of time! Last Sunday, nearly 10 kids used our temporary Nursery space, and we are eager to move them into the restored Nursery.
On September 29, after the 10 a.m. service, we will have a “Burn the Mortgage” celebration and ribbon-cutting ceremony for the new Nursery. We will celebrate at the early service as well. Ladies are encouraged to wear your hats (and gentlemen too, if you like). We want to remember that many who have come before us (going back to the time when ladies wore hats to church) have played a part in paying off all our debt!