REACH 2024
An Opportunity to Advance the Ministry of Browncroft Through Stewardship
The Goal
To financially support our ministries, and steward our resources well, by taking the opportunity to pay down our Reach Initiative loan before an interest rate increase in 2024. This will support Browncroft ministries in the long and short term by reducing the total amount paid over the term of the loan, and keeping our annual payments the same, despite the new interest rate.
(Select "The Reach Initiative" in the designation dropdown)
Key Dates
| Milestone | Date |
|---|---|
| Leadership Dialogue (Sanctuary) | 01.14.24 |
| Giving Goal Cards Collected | 01.21.24 |
| Fundraising Concludes | 04.07.24 |
FAQS
Why is it important for the church to launch The Reach Initiative 2024?
At the close of 2019 and our initial phase of The Reach Initiative, church leadership established a working document of priorities titled ‘Reach 2’. This vision included priorities such as a renewed emphasis on discipleship that spurred the hiring of our Discipleship Pastor and additional staffing commitments to spiritually grow and equip adults. This vision also included developing leaders (that spurred the dawn of our internship program), the exploration of a future campus, additional mission partnerships, digital growth, and debt reduction. In 2020, due to COVID-19, we took a necessary pause to care for our congregation and evaluate immediate priorities. Now, as we begin to look further into the future, we believe lowering our debt is one essential vision-centric step to further sustaining and growing the ministry of our church.
Why is now a good time to start a debt reduction campaign?
We currently hold a 20-year loan with the Wesleyan Investment Foundation. Since its official initiation in 2018, we have faithfully made payments monthly. This loan is a standard commercial loan, which means that our loan will be re-assessed with a new interest rate every three years. This term is coming due on April 24th, 2024. With commercial interest rates now double what they were in 2021, when our interest rate was last adjusted, the opportunity to reduce the principle of our loan has become a greater priority.
What is the current mortgage and the expected rate increase?
Currently, our loan is for 4.2 million dollars at 3.75%. On April 24th we expect the 4.1 million still owed to be re-assessed at about a 7.5% rate. This will significantly increase the amount of interest we pay per year. If we do nothing, we expect our annual payment to move from $357,000 to over $450,000. Achieving our 1.1 million dollar goal would save approximately $100,000 in interest annually.
How are the funds for this Reach campaign being allocated?
Continuing The Reach Initiative’s commitment toward missions, 10 percent of all funds raised will fund strategic partnerships and priorities locally and across the globe. The other 90 percent will go directly toward paying down the principle of our loan. In 2020, due to COVID-19, we took a necessary pause to care for our congregation and evaluate immediate priorities. Now, as we begin to look further into the future, we believe lowering our debt is one essential vision-centric step to further sustaining and growing the ministry of our church.
What is our goal for The Reach Initiative 2024?
Our goal for this campaign is to raise 1.1 million dollars. This is the amount that we believe would be a great celebration for our church and alleviate the added financial pressures of our revised loan interest rate. This would allow Browncroft to continue to pay the same monthly payment after the interest rate increase and re-amortization. Achieving this allows the ministry of our church to continue without disruption and so we believe that this is a greater goal to reach as a congregation.
What is our total debt?
Our current total debt is about 4.2 million dollars. We would love to eliminate a larger portion of this debt should God move through our congregation in this way, but believe the current goal for this campaign is the most beneficial for our church at this time.
How can I give to support the ministry of the church?
You can give in multiple ways, and the fund is currently receiving donations. First, you can give anytime online at Browncroft.org/give. Here you can allocate your gift, and even set a new recurring gift, to "The Reach Initiative." Second, you may send a check to the church at 2530 Browncroft Blvd., Rochester, NY 14625, and indicate “Reach” on the memo line. Third, you can give on campus on Sunday via our offering boxes by selecting “The Reach Initiative” on the offering envelope found on campus. Lastly, we will gladly assist in any stock, legacy, or other gifts. Please contact Michelle Hattori, our Director of Finance, at [email protected] or call 585-586-0930 with any questions about giving.
