Money Matters 9/1/2025
Money Matters – Great News – Major Gift Received!
On August 21, 2U received an amazingly generous and inspiring gift of $70,000 from Dr. Martin Steindler in honor of his late wife, Joan Steindler! The purpose of the gift was to improve 2U’s finances and support the work of the church by eliminating our mortgage debt of $67,845. This loan from Devon Bank was paid off the same day making 2U debt free for the first time in at least 37 years. The debt dates to the construction projects of 1988-90 when the “new basement” wing was created (classrooms, office space and two restrooms were added), orientation of the sanctuary was reversed, and a lift installed. At the end of this work, 2U’s debt was over $400,000. We have paid the mortgage down over the years and by June of 2020 it had been reduced to $155,974. The debt elimination gives 2U more financial flexibility and as we have managed with underfunding for years, this will give the Board options to aid our church community.
July Results
Thanks to the generosity of our members and friends, 2U recorded positive income in July.
Capital Campaign
As of August 27, we have spent a total of $817,281 on construction and work on the building (with $147,029 spent since July 1). We have approximately $120,000 remaining in work to be done. Capital cash has decreased to $77,785 so we have a gap to be filled with new borrowing, outstanding pledges, and funds from the Horcher bequest.
Remaining work includes approximately $68,100 from our general contractor, Mirek, $22,500 for windows in the Loft, $12,300 for completion of the fire detection and alarm system, $6,000 to $12,000 for garden restoration, and $2,300 to the architect.
Thank you all for your generous donations to our operating budget and the capital campaign!
New Treasurer
Diane Sander has kindly agreed to accept the Board’s invitation to become Treasurer in September. Diane has served in this role before with her church in Vermont and has done a great job as our bookkeeper over the past year. 2U’s finances will be in very good hands.
Respectfully submitted,
