Burn The Mortgage

Burn The Mortgage 2018-02-09T13:04:32+00:00


The threads of the tallit wrap us in Judaism, binding us and making us stronger. The stories we
share, of laughter, joy and also sadness, are what enrich us and build strong Jewish families. Congregation Beth Israel is asking you to make us stronger. We have a mortgage to pay off and with your support we can raise the final $2 million. The financial plan we outlined, several years ago, that resulted in our beautiful new synagogue is in its last stage – burning the mortgage. Securing the funds needed means that the mortgage levy on members will end. We will have secured our congregation’s home – Beth Israel. We are very pleased to have received an incentive gift that will donate $1 for every $3 received in pledges, up to $500,000. All we need now is to raise $1.5 million to reach our goal of $2 million.

The Threads That Bind Us Campaign Co-chairs,
Lee Purkin Simpson & Gary Averbach

DONATE NOW or call the office for more details 604.731.4161

 

 

Frequently Asked Questions about Burn the Mortgage

1. Why do we need to raise more money?

When BI started on its project to build a new synagogue, a financial plan was laid out. It

anticipated that BI would need to take out a mortgage and have a “burn the mortgage

campaign” about five years later. Now its time to raise the final $2 million and retire our

mortgage.

2. Will our building then be completely debt free?

The only amount remaining will be about $2 million in pledges, still being collected. We have

allowed for some pledge shrinkage and believe that the balance of pledges will be collected.

This should be completed in not more than three years.

3. What have we been paying each year towards the mortgage interest?

Each year BI members have been paying the bank around $200,000 on the mortgage. Over half

this amount has been paid by three very generous members.

4. What happens to the mortgage levy?

If the campaign raises the funds needed to pay off the mortgage, the mortgage levy on

members will no longer be necessary.

5. Can Burn the Mortgage pledges be paid off over time?

To be most successful we need to collect the funds needed to pay of the mortgage within 2018.

If, however, you wish to make a pledge that will require more time to be realized, we would be

very pleased to receive your gift.