April 17, 2020
Dear Friends in Christ,
I want to thank you for your continued financial giving as we navigate through these challenging times. Your continued giving helps Crown of Glory remain financially stable.
During these unpredictable times many businesses, families, and congregations face financial hardship and uncertainty. The federal government has deemed churches to be eligible to receive a loan from the Federal CARES Act.
The funds from such loans are intended to support mortgage payments, staff salaries, and utility costs. There are many congregations across the country that are taking the necessary steps to secure a loan that would support them over the next two months.
Together, the Crown of Glory Finance Team and Church Council diligently researched the details of the Federal CARES Act loan and saw it as a way to mitigate risks for our congregation.
Under the provisions of the loan, congregations that qualify and receive funds can at a later time apply for "loan forgiveness" as long as the funds are used for mortgage payments, staff salaries, utility costs. Further details of the loan include: deferred payments for the first 6 months and a 1% interest rate.
The Church Council held a special meeting on Friday, April 3rd, 2020 to review the details of the Federal CARES Act loan and the powers of the Church Council. In accordance with our congregation’s constitution the Church Council voted unanimously to move forward with a loan application. On Monday April 6th, 2020 the loan application was submitted and later approved by our mortgage partner BankVista.
On Thursday, April 9th, 2020 we learned that Crown of Glory Lutheran Church was approved for a $63,000 loan from the Federal CARES Act to support our mortgage payments, staff salaries, and utility costs over the next two months. On April 17, 2020 we learned that our congregation received this loan.
Over the next two months these funds will be designated to maintain our mortgage payments, staff salaries, and utility payments, and will only be used if necessary. At the end of the loan time period any unused funds will be paid back toward
s
the principle of the loan.
I want to assure you that our Church Council is taking all the necessary steps to help guide our congregation through these unpredictable times. If our congregation uses these funds to support any unpredictable decline in giving, we will apply for loan forgiveness in the coming months.
I want to offer a word of thanks for the leadership of our Finance Team, Ashley Pederson our Director of Finance, and excellent leaders on our Church Council. Their intuition, confidence and expertise has helped guide our decisions throughout this process.
If you have any questions regarding this action or would like more information regarding the Federal CARES Act, please contact me by phone at 952-448-3230 or by email at
pastorreggie@crownofglory.org
.
Together we remain committed to living out our mission to be a congregation where families and friends grow in their faith.
In Christ,
Rev. Reggie Klindworth
Senior Pastor
Crown of Glory Lutheran Church
