"If we live by the Spirit, let us also walk by the Spirit." Galatians 5:25
2021 Financial Update
I pray you are all doing well. It has been a truly amazing year so far. By God’s grace and the wisdom He has given to our rector Alex and the staff, we have stayed connected this year and have successfully navigated the various stages in the process of coming together both in person and virtually. We have been a most creative body of Christ indeed.
God has called us to be generous and because of your generosity, that even during this difficult time of the COVID-19 pandemic, we have been able so far to accomplish the mission God has given us to be a biblically faithful community that connects people to Christ through love in action. By giving of both your time and financial resources, and because of your response to God’s call, we have seen a growth in our congregation and an increase in our budgeted revenue. Indeed, as we generously give, we are blessed in return.
At the beginning of 2021, our GAP, or the amount our expenses and mortgage principal payments exceeded our donations was $173,954. As of the end of June, we are now projecting that shortfall to only be $124,125.
In addition to your generous giving, due to the diligent efforts of the staff, the Vestry and the Finance Committee, we have been able to secure a loan refinance that gives us some breathing room financially as we exit the COVID-19 era. The original loan at a 4.8% rate with a monthly payment of $12,690 has been refinanced to a lower rate of 1.99% for the first year with a monthly payment of $6,988, and 3.8% for years 2-10 with a monthly $8,493 payment. This reduction in payment per month allows us to continue the mission work God has called us to while also seeking a buyer for our northern parcel of land. Finding a buyer and selling the unused parcel will give us the ability to pay off our loan prior to the 10-year refinance period.
While the GAP is still a substantial amount, we are confident God will continue to move within our congregation.
Attached is your giving statement year to date. Please review and prayerfully consider fulfilling or even exceeding your pledge. If we stay on trend, we should finish the year on a near balanced budget. If we increase our giving this last 6 months of the year, we will start 2022 on a strong note, out of the COVID-19 era. It will enable us to continue the programs we love and reach more people, sharing the Gospel of Christ’s love and grace.
May the grace of the Lord Jesus be with you all.
God has called us to be generous and because of your generosity, that even during this difficult time of the COVID-19 pandemic, we have been able so far to accomplish the mission God has given us to be a biblically faithful community that connects people to Christ through love in action. By giving of both your time and financial resources, and because of your response to God’s call, we have seen a growth in our congregation and an increase in our budgeted revenue. Indeed, as we generously give, we are blessed in return.
At the beginning of 2021, our GAP, or the amount our expenses and mortgage principal payments exceeded our donations was $173,954. As of the end of June, we are now projecting that shortfall to only be $124,125.
In addition to your generous giving, due to the diligent efforts of the staff, the Vestry and the Finance Committee, we have been able to secure a loan refinance that gives us some breathing room financially as we exit the COVID-19 era. The original loan at a 4.8% rate with a monthly payment of $12,690 has been refinanced to a lower rate of 1.99% for the first year with a monthly payment of $6,988, and 3.8% for years 2-10 with a monthly $8,493 payment. This reduction in payment per month allows us to continue the mission work God has called us to while also seeking a buyer for our northern parcel of land. Finding a buyer and selling the unused parcel will give us the ability to pay off our loan prior to the 10-year refinance period.
While the GAP is still a substantial amount, we are confident God will continue to move within our congregation.
Attached is your giving statement year to date. Please review and prayerfully consider fulfilling or even exceeding your pledge. If we stay on trend, we should finish the year on a near balanced budget. If we increase our giving this last 6 months of the year, we will start 2022 on a strong note, out of the COVID-19 era. It will enable us to continue the programs we love and reach more people, sharing the Gospel of Christ’s love and grace.
May the grace of the Lord Jesus be with you all.
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2020 Actual and 2021 Budget
When we started 2020, no way could we have anticipated the challenges we would face during the year, but it is through your continued generosity in these difficult times that we remain able to keep our ministries whole so that we can accomplish the mission God has given us: a Biblically faithful community that connects people to Christ through love in action. The Vestry has faith that God provides through you so that we can continue His mission.
We have closed the books for 2020 and the results are below. You should have received your giving statement in the mail and can contact Donna Matthews at donna@cotha.org if you need an additional copy or have questions.
We want to keep our momentum going in this coming year and stay true to our mission, vision, values and growing as followers of Christ. The Vestry has approved the 2021 budget which keeps our Children and Student Ministries going full force. Adult Ministries and Outreach Programs are also supported.
BUT in order to do this, we have a line item in the budget called “GAP”. This represents the shortfall between the pledges and funding of the Ministry in 2021 at COTHA. These funds will come from you and me as God works through us. God has proven time and again that He will open our hearts and bless us when we give sacrificially. We ask that you pray that this giving will move from “unidentified” to “identified” enabling COTHA to work mightily in all our ministries. God will do amazing things for the church and for us individually.
As you read over the budget and 2021 updates below please pray that God will provide for all our ministries.
Grace and Peace,
Dr. Ucheoma Longe on behalf of the Vestry
nebechi2000@yahoo.co.uk, (832) 330-8458
We have closed the books for 2020 and the results are below. You should have received your giving statement in the mail and can contact Donna Matthews at donna@cotha.org if you need an additional copy or have questions.
We want to keep our momentum going in this coming year and stay true to our mission, vision, values and growing as followers of Christ. The Vestry has approved the 2021 budget which keeps our Children and Student Ministries going full force. Adult Ministries and Outreach Programs are also supported.
BUT in order to do this, we have a line item in the budget called “GAP”. This represents the shortfall between the pledges and funding of the Ministry in 2021 at COTHA. These funds will come from you and me as God works through us. God has proven time and again that He will open our hearts and bless us when we give sacrificially. We ask that you pray that this giving will move from “unidentified” to “identified” enabling COTHA to work mightily in all our ministries. God will do amazing things for the church and for us individually.
As you read over the budget and 2021 updates below please pray that God will provide for all our ministries.
Grace and Peace,
Dr. Ucheoma Longe on behalf of the Vestry
nebechi2000@yahoo.co.uk, (832) 330-8458
