FAQ’s for Finish the Race
What is Finish the Race?
Finish the Race is a three-year financial journey to pay off or significantly reduce a $2.3 million bank loan. The reduction of this loan will allow Woodlawn to be financially healthy to provide future ministries.
Why does the church currently owe 2.3 million dollars?
The church built a new worship center at a cost of $3,933,000 which was completed in 2012. And, then the church built the Connection Center which was completed in 2018 at a cost of $2,642,000. Combined the church had construction costs of close to $6.6 million. Woodlawn was at a crossroad where the old facilities were a detriment to future growth. If the church did not step out in faith to build new facilities, the church would have had be in a difficult situation.
Why does the church need people to make a pledge?
It helps the church plan and budget by knowing the future cash flow and how much the balance of the construction loan will be reduced in the future. In other words, it allows Woodlawn to be financially healthy.
Should the church have saved the money before they built the new facilities?
If the church had waited to collect all of the money before starting construction, the cost of construction would have doubled over the years and the interest rate on the loan would be twice as much as the current rate. It saved the church a significant amount of money by starting this project in 2010. In fact, it is doubtful that new facilities would have ever been built.
When are the commitment pledges needed to be submitted to the church?
We are asking people to make their pledge commitment to Finish the Race by November 3, for the “Commitment Service”. However, we understand that some may need more time to pray about their commitment. Therefore, the total amount pledged will not be announced until November 17.
How do I inform the church of my pledge to Finish the Race?
Just go to the top of this Webpage and there is a button that says “Click here to make a Pledge Commitment.”
Or, you can turn in your commitment card at church on November 3, or you can drop your card off at the Church Office during the week or mail your commitment card to the church.
When should I begin giving to the Church?
You can begin giving toward Finish the Race as soon as you desire. The official dates of the financial journey are January 1, 2025 to December 31, 2027.
What if I’m unable to give as much as others toward Finish the Race? For many years, Woodlawn has communicated that it is not about equal gifts, but equal sacrifice. Everyone has different resources and different financial obligations. If you feel led to give toward Finish the Race, it will be appreciated regardless of the amount. Woodlawn has set a goal of receiving 150 pledge commitments and your pledge would help the church reach it’s goal.
What happens if I’m unable to fulfill my pledge?
Woodlawn understands that life circumstances can change. There are some people that due to life circumstances are unable to give as much as they pledged and there are others that can give more than they pledged due to financial changes in their life. There is not a legal obligation to fulfill your pledged amount. Woodlawn is always grateful for whatever you can give out of your generosity.
How will I know when my Pledge commitment has been met?
Throughout the year, Woodlawn will be sending emails thanking you for your contributions and communicating how your gifts has enabled the church to be involved in ministry. Your pledged commitment, the amount you have given toward the pledge, along with any other gifts you have given to Woodlawn will be attached so that you can keep a record of your giving.
For those that give online, your pledge amount and contributions will be displayed at the top of your account.
A DREAM BECAME A REALITY
Woodlawn’s Construction History Since 2009
In 2009, Woodlawn began the process of developing a master plan for the facilities. Woodlawn had been a productive church since starting as a mission church in 1950. However, it had reached a critical period in its history. While church facilities do not determine the success of a church, Woodlawn’s facilities had become a distraction. There had been a long-term dream to build a new worship center that faced Manchaca Road since the 1960s. Finally, Woodlawn stepped out in faith and built a new Worship Center which was completed in 2012.
In 2016, Woodlawn began planning the next step in the Master Plan and completed construction of the Connection Center in 2018. Previously, the church had been connected with an Outdoor Breezeway that went down the center of the campus. Iron gates had been placed on both ends of the breezeway and in other locations to keep the campus secure, however it created an unwelcoming look. The breezeway was also dark and difficult to navigate between the different buildings. When the new atrium was completed, it was named the Connection Center because all of the individual buildings were finally connected.
The decision to launch these construction projects has enabled Woodlawn to provide a healthy ministry to the surrounding community and connect people to Woodlawn. If Woodlawn had waited to build these facilities, the expenses for construction would have been triple the amount of money today. Plus, the interest for the construction loans would be double the rate that the church was able to obtain.
To ensure that Woodlawn continues to provide worship, discipleship and ministry into the future, there needs to be a renewed effort to pay the remaining balance on the church loan. Even reducing the debt in half would allow Woodlawn to absorb future loan payments into its budget. The church currently has a debt of 2.3 million and has designated savings available to make payments toward the debt of over $250,000.
BEFORE AND AFTER
Before, the front of Woodlawn had an “institutional” look that was similar to a school. Many people who drove past the church assumed that Woodlawn was a part of Joslin Elementary School. After the construction, the Worship Center includes a tower with a large cross and steeple facing the busy road. In fact, the steeple can be seen many miles away while driving on Hwy 290/71. People can immediately recognize that Woodlawn is a church.
Before, the outdoor breezeway was dark with metal gates at both ends and at two entrances in front of the church. After, there are welcoming entries into the facility with an indoor atrium that allows people to easily navigate the facilities and provides a place of fellowship.
Before, the old Worship Center was dark, narrow and deep with pews in the center, chairs on the side, and columns that blocked the view. After, a new wide Worship Center allows people to be closer to the stage with traditional curved pews. It also provides large screens and new technology that improved the worship experience.
WHAT IS WOODLAWN ASKING OF YOU?
Woodlawn is asking you to pray concerning your commitment to this three-year financial journey. The decision to move forward with these facility improvements was based totally on “Faith.” Many gave sacrificially toward the construction project. Over 225 people have joined Woodlawn since October of 2018. This is not counting the people that attend Woodlawn but have not actually joined the church. As a result, many are not aware of the sacrifice that was made to provide a place to worship God and connect with others through LifeGroups and other ministries.
Are you willing to pray about your commitment toward the future of Woodlawn and toward the long-term health of the church? Some people are able to give out of their excess and others are willing to give out of their monthly income. The hope is that you give out of your generosity and not a result of feeling forced to give. That is why we are asking you to commit to the first step of praying about your role in this campaign.
Options for Giving:
Monthly or yearly gift
One time gift
Gift from the sale of an asset (or percentage of sale)
Giving that Provides Tax Benefits:
Stock Transfer
Qualified Charitable Distributions (QCDS)
WOODLAWN CAPITAL CAMPAIGN – SUMMARY
There have been 4 previous capital fundraisers to pay for the new Worship Center and Connection Center and service the debt.
Name Pledges Collected
Imagine $1,566,678 $1,727,935
Continue the Vision $1,174,221 $1,247,741
Connecting for the Future $1,238,398 $1,306,070
RU Expecting Growth $1,015,454 $1,135,182
From 2010 to 2021, the people of Woodlawn have faithfully given toward the new Worship Center and Connection Center.
DONATIONS TO CHARITY THAT PROVIDE ADDITIONAL TAX SAVINGS
Qualified Charitable Distributions (QCD)
The Internal Revenue Service allows IRA owners who are at their required minimum distribution age (73 for year 2023-2032) to directly transfer up to a certain amount each year tax-fee to qualified charities such as churches. The QCD limit is $105,000 for 2024 and $110,000 for 2025 (changes annually). Normally, RMD distributions from a traditional IRA are taxable when received. However, with a QCD, however, these distributions are tax-free as long as they're paid directly from the IRA to an eligible charitable organization. No additional tax deduction is taken for the charitable contribution to the qualified charity. Neither the RMD income or the charitable deduction is reflected on the person’s tax return. Any IRA owner wishing to make a QCD should contact their IRA trustee to instruct them to make the RMD/QCD directly to the charity.
Stock Transfers
The IRS allows owners of non-retirement account securities (including stock, bonds, and mutual funds) to transfer these assets directly to a charitable organization. The charitable contribution tax deduction is based on the fair market value of the securities on the day of the transfer. This strategy eliminates the capital gains tax (as high as 23.8%) that would apply if the investments were sold and then the cash contributed to a charitable organization. Additionally, because the capital gains are excluded from adjusted gross income, the Medicare coverage surcharges may be reduced.
Please contact your CPA or Financial Planner to determine the best tax strategy for you.