Why did CHS ask the Diocese for a loan

Why did CHS ask the Diocese for a loan for $50,000?

The Vestry and Finance Committee of CHS work tirelessly to ensure that we are faithful stewards of the funds that are entrusted to us.  It became apparent that three major renovations/upgrades needed to be completed to our facility to keep it safe and in good repair.  First, a new roof was needed over “Dove Hall” due to several leaks and the age and condition of the roof.  Next, our fire alarm system is out of date and we need to upgrade this system to keep the church protected in case of a fire.  Lastly, the entrance to the church near the memorial garden floods with any major rain storm or snow melt.  This needs to be repaired to ensure the safety of those entering our building.  The total cost of these projects is close to $50,000.  The Diocese offers a loan assistance program to churches at a rate of 4%.  We opted for a term of 10 years, with no penalty to pay it back early. 

Why not use our savings account instead?  Again, as good stewards, we feel it is important to keep about 4 months of our monthly expenses in reserve (as many of us are advised to do in our personal finances).  The rate on the Diocesan loan is close to the rate we are making in our savings account.  It made good fiscal sense to apply for the loan.

If you have any questions or concerns, please reach out to me or either of the wardens.

Sally Bird
Treasurer
[email protected]