First: Thank you to everyone who gives and has given so generously to St Basil—members and friends, recent and long-time, near and far. We have never been more financially stable than today. Most of us have given out of our abundance; quite a few have given out of your penury (Luke 21). Keep it up!
Second: I am often asked when we will build the Church building. Realistically, the answer is: when we have paid off our debts and raised a significant portion of the building costs! This is a long row to hoe, but with consistent, sacrificial giving it is possible, just as generations of our forefathers have done.
Finally: In consultation with the Parish Council, I decided a comprehensive update on our current mortgage debt is in order. This will be coming in the next week or two, but here is a brief overview:
We have made significant strides in the last two years, paying back over $40,000 owed to parishioners for our current buildings.
Our current mortgage debt is $508,366.16. This is owed to two organizations: (1) $284,031.94 to the Diocese of the South (DOS), and (2) $224,334.22 to the Russian Brotherhood Organization (RBO). Our monthly mortgage payment of $2,525 services principal and interest of the RBO portion only (the original loan was $300,000 (3/18/2016), with a 6% interest rate, repaid over 15 years). NB: This means that, by paying only our monthly mortgage, we would not repay all of our debt until after 2040.
Through September, the basket collection at the end of liturgy will go to mortgage debt repayment. To maintain a proper spiritual attitude toward our money, 10% (a tithe) of this will go to a mission church in Korea that needs building repairs; the rest will go directly to pay down our own principal.
Even more helpful would be pledges of consistent contributions to repay our mortgage debt. Look for more information soon, and begin prayerfully considering whether you may pledge a monthly contribution. Mortgage repayment is not as glamorous as giving to a “new building fund”, but (for once the banks and our moral teaching agree:) it must come first.
Thank you for your continued generosity. May God bless it and continue to give the increase!