Thanks Be To God! A Thoughtful Priest

Another memorial in town!

Today, at the 10:30 am Mass, I shared with those present very good news. On Friday, after consultation with the Archdiocese of Washington CFO, the current chairman of our Finance Council and the pastoral staff, I was able to pay $135,000 to Chevy Chase Bank. In so doing, the debt we have had with the bank was reduced to $100,000. On Saturday, our line of credit with the bank expired and we were beginning a 5 year fixed-rate term-loan payment. The rate on the loan is 5.71%.

How did this come about? Just several weeks ago, on the third homily about stewardship -- the particular homily that addressed stewardship of one's treasure -- I mentioned the $235,000 debt ... which seemed to be a surprise to many. This past week the parish was the recipient of a $100,000 bequest from the estate of Msgr. Harry Echle. In his will he made clear that what he had been able to save and invest of his many years was to be given to the Pastor of Our Lady of Victory Parish to be used as the man felt would best serve the parishioners. The large debt would have cost us $4900+ each month had we not reduced the principal. By taking $35,000 from three sections of our funds, and adding that to the $100,000 bequest, the monthly payment on the loan was reduced to $1900+.

First of all, I think we need to utter a number of prayers of thanksgiving to God for the wisdom and goodness of Msgr. Echle. Life without his gift would have been hellacious for the operations of this parish.

Secondly, I believe all of us should look at the example Monsignor gave us: to remember our parish in our wills. How rarely that occurs any longer. Years ago bequests to a parish were usually part of individuals will and estates.

It is our hope that we will be able to raise funds to eliminate the $100,000 debt in fewer than five years. Shortly after the Thanksgiving holidays, I hope to have submitted a proposal to the Finance and Pastoral Councils and the staff that would in essence remove the burden of the monthly $1900+ bank payment.