Additionally , Petz says he and his team found the refinancing process to be quick and streamlined , with an efficient underwriting and closing process . “ Thrivent approached us in June 2021 , and we had an offer on the table pretty quickly after that ,” Petz recalls . “ By September , we had taken a written offer to our board , done our due diligence , worked through the numbers , went back to our board , gotten approval , and closed on the loan . In terms of required documentation , Petz says the checklist was “ pretty cut and dried .” “ I think there were 10 , maybe 12 items on it , all of them pretty readily available ,” he recalls . “ Thrivent was quick to assess the risk and determine exactly what they needed from us .”
More money , more ministry
Westover leaders expect to realize savings between $ 500,000 and $ 750,000 as a result of refinancing the church ’ s debt . These harddollar savings will enable increased ministry impact in the San Antonio community — essential because , as Petz explains , the church believes the best way to reach the community is to engage them where they ’ re at . For example , Westover offers a thriving community sports program , Westover Sports , which provides organized sports leagues for youth and adults . The current youth soccer league has almost 500 athletes ranging from ages 3 to 12 . Although children who attend the church participate in the league , Westover Sports has set an internal marketing target to reach between 60 % and 70 % non-Westover participants . Through relationships developed with Westover Sports coaches — who are all church members — Westover has realized growth by families taking the next step from the sports program to a church service . Another effective ministry initiative is the Westover Field of Lights , a walk-through Christmas light display with more than 300,000 Christmas lights , music , food , and other family-friendly activities which share the story of Jesus ’ birth . Launched last year , about 15,000 people attended the inaugural event ; all were invited to attend Christmas services and other upcoming church events . More than 200 new families attended a Westover service during the 2021 Christmas season . Indeed , post-COVID , Westover has experienced a resurgence of in-person attendance , with many new first-time family visitors accounting for the growth . Amazingly , about 4,500 people now attend services every week .
QUICK FACTS ABOUT
WESTOVER HILLS CHURCH :
Year established : 1986 Number of staff — full- and part-time : 40 / 20 Combined weekly attendance : 4,500 — 3,700 in person / 800 online 2022 budget : $ 8.5 million
Other popular initiatives include an annual Easter Egg Hunt , local school partnerships , and the Westover Cares program , which partners with other San Antonio outreach and non-profit organizations to meet community needs . “ Now we ' re trying to go out in our community more and do even more ,” Petz says . “ And like any ministry , the fewer dollars you can spend on financing or fixed costs that really don ' t move your ministry forward , the better .”
An end in sight
The ministry benefits of refinancing are obvious ; perhaps best of all , though , Westover will be debt-free and the end of the 10-year note . Retiring debt has been on the leadership ’ s radar since well before Petz even joined the church staff as CFO . “ Being debt-free has always been part of our leadership ’ s dream ,” he points out . “ But it ' s hard to do as you keep growing and keep building buildings .” Moreover , Petz says , the median household income within a five-mile radius is $ 60,000 . “ So , we don ' t have million-dollar donors who come to our services ,” he points out . “ Instead , we count on many people participating in order to advance our mission .” Having spent nearly 40 years at the pastorship helm of Westover , Pastor Jim Rion would particularly like to see the debt retired before he retires — something which is on the imminent horizon . “ It ’ s one of his heart goals not to leave the next lead pastor in debt ,” Petz explains . And while that ’ s unlikely to be realized , Petz says the church is in a healthy place , financially , and might even be able to pay off its 10-year payback early . “ Really , the goal is to be debt-free in six to seven years , not wait the whole 10 years ,” he explains . “ We ' re making additional principal payments to be able to do that and use those funds for more ministry .”
10 CHURCH EXECUTIVE | NOV / DEC 2022