Q: Why are we beginning another campaign?
A: Having multiple 3-year campaigns provides a stable flow of funds for paying our mortgage while providing flexibility for parishioners as their financial situations change. As this past 3-year campaign ends, we must begin a new 3-year campaign. The good news is that we’ve renegotiated the terms of our loan, ensuring us a fixed 4.9% interest rate for the next 20 years, removing a large 2017 balloon payment due, and lowering the required monthly payment. We, however, are choosing to continue to make the same $43,800 payment each month. This means more of our monthly payment goes toward principle instead of interest. By doing this, we will save hundreds of thousands in interest, and shorten the life of our loan by up to 10 years!
Q: How many more campaigns will we have?
A: If we continue to reach our campaign goals, we anticipate we will be debt-free within 10 years. This equates to roughly 2-3 more campaigns.
Q: If I give to the capital campaign, do I still need to make my weekly contributions to the parish as well?
A: Yes. The money pledged to the capital campaign goes solely toward the retirement of the debt. We still need regular weekly giving to support the regular operations of our parish. Remember, it is suggested that 70% of your tithe goes toward regular contributions and 30% toward the capital campaign.
Q: What opportunities might there be once the debt is retired?
A: We have been very blessed at Holy Spirit to be able to serve many needs of the church and community. Once the debt is retired, the resources available may enable us to do things which, up to this point, we have only dreamed. Parishioner suggestions have been: a Catholic High School, a community center or gym, and/or more aid to St. Vincent De Paul. All of these ideas and more could be a reality once we are debt-free! It is exciting to think of what God has in store for Holy Spirit Catholic Church!
Q: I can only give a few dollars a week; my family is having some financial hardship right now. Is it even worth it?
A: YES! We are a family and families work together! It does not matter how large or small the gift, what matters is that you give what you can. One of our goals for this campaign is whole parish participation. Our contributions represent us. We have all been blessed by God, therefore, we return some of what we have been given for the benefit of the community. Sacrificial giving is at the core of understanding who we are as God’s children. If everyone does a little, together we can do a lot!
Q: What if my financial situation changes and I can no longer give what I had initially pledged?
A: We understand that changes occur and may make it impossible to continue giving what is initially pledged. Simply let us know if you are modifying your pledge so we can adjust our records.
Q: May I pay my entire capital campaign contribution in one lump-sum payment?