In 2001, Pearce took out a loan for $3,600,000 to help fund the construction of the newest addition to the building. This addition includes what we now know as the atrium, education wing, café, Family Life Center, and main kitchen. The loan, which was provided by the Free Methodist Foundation, had an initial interest rate of 8.25%.
Since our first payment in 2001, several changes have transpired including several interest rate decreases, over $300k in extra principal payments, and paying over and above our required weekly payment each week in efforts to reduce our outstanding debt. Although the current due date is September 2034, we are on track to pay off our debt in 2028.
The loan rate has been 5.45% since June of 2013. Our current outstanding balance as of May 2, 2018 is approximately $2,012,240. Our required minimum weekly payment is approximately $4,162 per week, but we pay $4,866.25 each week, with the difference going toward additional principal payoff.
On June 17, 2018, the interest rate will be dropping to 4.95%! Over the next five years, this will mean that over $46,000 more in payments will go toward principal rather than interest.
After five years, in June 2023, the rate may change again. However, if the rate were to remain at 4.95%, this change from 5.45% to 4.95% will save us $82,500 in interest, and the payoff date will be 17 weeks sooner—in May 2028 rather than September 2028.
We are thankful for the continual generosity of Pearce to enable paying off the debt for such a wonderful addition to our building. Some of us can’t imagine Pearce without those areas! We are also thankful for such a great relationship with the Free Methodist Foundation and their offer to reduce our interest rate for the next five years. Let’s continue to work toward being debt-free as a church once again!
“The Day Fear Died: Love Drives Out Fear”
from 1 John 4:7-21
Sunday, April 29, 2018
with Pastor Chris O’Brien
I love this church. There’s no place like this place any place! This is the place to be! (more…)
It seems hard to believe, but summer is coming soon! We would like to thank our Roberts Wesleyan College nursery workers for all that they did for our little ones. RWC workers are headed home for the summer, so now it’s time to find some summer help! If you enjoy working with children, please consider ministering to Pearce’s youngest members by volunteering in the Nursery. Stop by the table in the lobby this weekend to sign up for a weekend or two this summer. Contact Abby Monroe, Children’s Ministry Director, at email@example.com with questions.
Do you like food, karaoke, and coffee? Then come to Pearce’s Common Grounds Café on Tuesday, May 1, from 8-10pm. Take a break from finals and stress by joining us for our de-stress event. All are welcome! Our regularly scheduled conversations have drawn to a close for the summer, but fear not! We have plenty of fun events scheduled for this summer.
Stay connected with us on social media to hear about these special events: (search: Overflow- College Ministry on Facebook, Twitter, and Instagram).
Want to join our mailing list or have any questions? Contact Pastor Chris at firstname.lastname@example.org.
Do you like food, friends, and fun? Then come to Pearce’s Common Grounds Café on Wednesday, June 6, at 6:30pm. In addition to our regularly scheduled gatherings on the 1st and 3rd Wednesdays of the month, we also have a special event each month.
For more information on discussion topics, food, and special events, stay connected with us on social media: Facebook (20-somethings at Pearce), Instagram (Pearce20somethings), and Twitter (Pearce20s). Contact Pastor Chris at email@example.com to learn more.
Change. Will life ever stop changing? (more…)
VBS 2018—Amped: Live Fully Alive, June 25-28
Download a registration form: Child Registration
- Kids: Kids who are currently in Preschool-5th grade are invited to join us for a summer of extreme fun discovering how God wants us to be overloaded with confidence in Him! Find registration forms at the atrium Information Kiosk or download one above.
- Everyone Else: Anyone—kids currently in 6th grade, teens, college students, and adults—are also invited to join the fun and ministry of VBS! We are looking to fill many volunteer opportunities, including Small Group Leaders. Small Group Leaders get to be the primary disciple maker for a group of up to 10 kids. You’ll stay with the same group all week, encouraging spiritual growth, relationships, and discussion. Find volunteer registration and screening forms at the atrium Information Kiosk, along with a list of volunteer job descriptions. If you have an interest in joining our team, we’d love to hear from you! Contact Krys Merriam at firstname.lastname@example.org with questions or interest.
- Decorating Needs: This year’s decorating style will be extreme sports and garage industrial. We’re hoping to borrow some items to use for that purpose. Here’s what we’re looking for:
- Chain link fence (3-8 ft. sections)
- Corrugated metal panels (3-8 ft. sections)
- Hub caps
- License plates
- Roller blades
- Skate boards
- Knee/elbow pads
- Bike tires/rims
- Wood or metal crates/boxes
- Cement blocks or bricks
If you have items to donate, please contact Annette Miriam at 820-1796 or email@example.com. Be sure to label all items so they are returned to the correct owner. Items can be brought to the church any time between June 9-20, when the building is open. Items will be available to pick up on June 28, in the afternoon.
- Supply Donations: This weekend, we will begin accepting supply donations for the week of VBS. Stop by the VBS kiosk to see what is needed and sign up for what you can bring. We also have a list of needs on Amazon. Flyers with information on how to order those items is also at the kiosk.
It’s time to register for camp! Teens 6th-12th grade are invited to join us for Never the Same Camp, happening this summer, July 8-13, at Houghton College. This is a whole youth group event, full of fun, new friends, and incredible times of worship. Trust us, you won’t want to miss this! Register today at ntscamp.com by clicking on New York, then clicking Register, and then selecting Pearce Memorial Church. We can’t wait to go to camp with you! Cost: $332 if registered by May 6. If your teen needs a scholarship, let Pastor Kayleigh know. Contact Pastor Kayleigh with questions at firstname.lastname@example.org.