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Building Campaign Immediate Funding

Building Campaign Immediate Funding

A Note from SHPC Foundation President Kathryn Michael

SHPC was recently the recipient of a generous gift from the estate of our long-time member, Julia Jones.  Those who knew Julia knew her to be a faithful and gentle soul who loved to paint angels.  No one anticipated that upon her death, she would generously bequeath SHPC $1.6 Million.  It is important to understand that her bequest was unrestricted—not designated for any named purpose—and given to the church.

Upon receipt, it was prudent to move the funds from a checking account to the SHPC Foundation Fixed Income Account for safekeeping and the possibility of earning income and interest until decisions could be made regarding disposition of the funds.

Important to note! According to our Book of Order, the foundation is “under the direction, control, and oversight” of the Session of SHPC, and empowered to take the decisions it has taken.  When Session determined that the loan offer from the Presbyterian Investment and Loan Program for our capital campaign was unacceptable, the decision was made to borrow from the Jones fund and repay with pledge income.  The Foundation agreed to hold a promissory note requiring repayment of the $1M within 24 months.  

FAQs About This Funding

  1. Who decided to borrow Jones funds to fund the initial phase of the Capital Campaign? The Session of SHPC
  2. What is the role of SHPC Foundation in using Jones funds to finance the Capital Campaign? The foundation will hold the promissory note requiring repayment in 24 months.
  3. Where is this payment coming from? SHPC pledges
  4. What is the rate of interest for the loan? Zero. It is a zero-interest loan.
  5. Are any other foundation funds or resources being used in this loan agreement or in any way to underwrite expenses of the capital campaign? Absolutely not. 
  6. What happens when the funds are repaid? SHPC Session is responsible for determining the eventual use of the $1M proceeds from the loan.

It is my hope and prayer that this information will clarify and explain the decisions that have been made regarding the Jones funds and our capital campaign.

Would you join me in thanking God for this amazing gift, given to us at just the right time, by a faithful servant who loved the Lord and loved her church. May we all be faithful stewards as was Julia Jones.

Grace and Peace,

Kathryn Michael, President SHPC Foundation