Mortgage Prevention UPDATE: $47,500 left to raise to avoid a Mortgage!

As you know, in August 2024, we crossed over the threshold of needing less than $400,000 to pay off the construction loan we had taken out to support our $4.5M project to complete the transformation of our building and grounds. The Board was authorized to obtain a mortgage in that amount but – we’d rather not have to. So here we are less than 2 years later and we need only $47,500 more in pledges to pay off the loan!

How did we get to $47,500 so quickly?

At the beginning of February we still needed $190,000. With the generosity triggered by our Gateways Glitter and Song party, we landed at $118,000!

We are at $47,500 now because of additional gifts and pledges received since.

But also: we continued to follow up on older pledges that we thought might not come through – and OMG almost everyone DID confirm their pledges, which we had not been counting on! So that was an additional $19,500.

New pledges also came in because the pledge forms for our Generosity Campaign this year included a one-time request to consider a donation to Mortgage Prevention – in addition to the 2026-2027 Operating Budget pledge that is the main event for that Campaign. So far, we have received $49,000 in additional Mortgage Prevention gifts from that single line alone. There’s more but those are the big things.

Fill out your Generosity Campaign Pledge by May 3 – AND

Please consider an additional amount for Mortgage Prevention. REMEMBER: Your additional Mortgage Prevention Pledge does not have to be paid till 2027.

How can you wait till 2027 for my MP pledge if the loan is due in August 2026?

Several large pledges will not be received til 2027 anyway. So in order to enable maximum giving, the Board is planning to extend the remaining balance of the loan to a payoff date of August 2027 on an interest-only basis. IMPORTANT: Part of our pledge goal for the Fellowship of the Giving includes the amount needed to cover the interest to do this.

SO you have till August 2027 to make the additional gifts. Fill out that pledge card for the Generosity Campaign by May 3 (to be paid next fiscal year), and please consider adding an amount for Mortgage Prevention (can wait til 2027 sometime).

PS we won’t update the Gateways Donor Wall till we capture all additional donations by the end of the Generosity Campaign (MAY 3!!!)

Let’s finish this!