Financial Update (English)

Dear brothers and sisters in Christ,

I want to take a moment to discuss our new debt obligation and what it means for our parish. As many of you know, we built the Family Life Center to better serve our congregation and the surrounding community. To fund this important project, we conducted a very successful capital campaign, and also secured loans through the Diocese of Austin to help us achieve our goals more effectively. While taking on debt may seem daunting, it’s important to recognize that this investment will lead to significant long-term benefits for our congregation. Improved facilities and programs will attract new members, enhance our outreach efforts, and ultimately strengthen our community. Our new budget for 2024-2025 reflects some changes that are explained below.
 
Why has our weekly collection goal increased?
The weekly collection goal increased from $15,000 to $17,500, a 14% increase, for three main reasons:

1. The goal has not been updated in several years;
2. Increased utilities and insurance costs;
3. More staff hours are needed to support increased facilities use and programs.

Why did we take out a loan for the new Family Life Center?
The new Family Life Center provides space for parish and community activities, outreach programs, and congregation growth. A loan allowed us to move forward with the project while balancing our current financial obligations.
 
How are the loan payments structured?
Three loans funded the cost of the Family Life Center:

1. Bridge Loan: This loan is $200,000 and has an interest rate of 4%. Monthly payments are covered by designated funds from the remaining Gather & Grow capital campaign pledge payments. This loan will be paid off by the middle of 2025
2. Permanent Loan: This loan is $1,250,000 and has an interest rate of 4.5% with a 20-year repayment period. The loan can be paid off early without penalty. 
3. Supplemental Loan: This loan is $350,000 and has a three-year interest-free period. The loan originated in July of 2023, and the repayment period is to be determined.

 
Will these loans affect other church ministries?
The loans are structured in a way that minimizes the impact on other ministries and programs. We have allocated budget resources to ensure all ministries and programs continue to receive the needed funding.
 
How can the congregation support the church’s financial health?
Continued regular giving, participation in fundraising efforts, and prayerful support are key ways the congregation can contribute.
 
We are committed to keeping you informed about our financial situation and the progress of the projects funded by this debt. Regular updates will be shared through our communications channels. Your support and understanding are crucial as we move forward with this commitment. Together, we can look forward to a vibrant future for our congregation. Thank you for your continued dedication and faith in our mission.
 
Blessings, Fr. Sang Quan