MACU-Rwanda CampusThe Higher Education Council in Rwanda is requiring MACU-Rwanda to have a physical address (property and appropriate building(s), etc.) in Rwanda. After a two and a half year journey we closed on the property and two buildings pictured on the right. Both buildings are finished and fully occupied with renters.
We borrowed $112,500 from the bank in Rwanda in August 2023 to fully cover the cost of the buildings and property. The rental income will more than cover the monthly mortgage of this seven year loan. By August 2024 we had made three principal only payments leaving a balance of $33,000 (see the "Matching Gift update below). The plan is to use the rental units to provide a sustainable path to cover the overhead for the operation of the campus. Rwanda Challenge must raise the funds for the phases below which are now being adjusted with the purchase of these buildings and property. Clockwise from top right:
Eleven Rental units - Main Building and Shoe Shop Classroom in Duplex Building Duplex Building Housing the MACU-Rwanda Campus 
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Phase 1: Initial Expenses
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Phase 2: Finish Building
Complete |
Phase 3: Furnish Campus
In Process |
Phase 4: Ongoing Expenses
Ongoing |
Loan Update
Donor Pledges Matching Gift to Cancel Debt by Year End 2024
The Higher Education Council of Rwanda informed us in 2019 that we would need a small campus if we wanted to offer an accredited associate degree for church leaders in Rwanda. August 10, 2024, is the first anniversary of the purchase of the MACU-Rwanda campus. The bank in Rwanda valued the buildings and property at $600,000 a year ago. We paid $300,000 and borrowed $112,500 from the bank to purchase the property and buildings. The loan was for 84 months (seven years) making the final payment due on August 10, 2030. As of August 9, 2024, we have made twelve regular payments and three principal-only payments (no penalty for extra payments). With enough special gifts, we could pay off the loan this year.
A Christian couple who are friends of Rwanda Challenge have offered a matching gift effective through December 31, 2024. Their desire, and ours, is to wipe out this loan. Every dollar received and designated for MACU-Rwanda will be matched up to $16,500. Any gifts over the goal will be used for equipment, furnishings, and renovations to the MACU-Rwanda campus. Once the campus is paid for, we anticipate the eleven rental units will cover the campus overhead; personnel, equipment, utilities, repairs, etc.
If we accomplish this goal, we will have avoided 67 of the 84 mortgage payments and saved over $47,000 in interest payments (affected by the exchange rate and time of extra principal payments). Another important result of retiring the loan is that Scott and Frank can give more attention to equipping leaders in the local church who are not qualified to enroll in a higher education program.
We are trusting God in advance that He will eliminate this debt through the generous partners of Rwanda Challenge. We are giving thanks to God for providing so much in such a short time. Please prayerfully consider if you can help.
A Christian couple who are friends of Rwanda Challenge have offered a matching gift effective through December 31, 2024. Their desire, and ours, is to wipe out this loan. Every dollar received and designated for MACU-Rwanda will be matched up to $16,500. Any gifts over the goal will be used for equipment, furnishings, and renovations to the MACU-Rwanda campus. Once the campus is paid for, we anticipate the eleven rental units will cover the campus overhead; personnel, equipment, utilities, repairs, etc.
If we accomplish this goal, we will have avoided 67 of the 84 mortgage payments and saved over $47,000 in interest payments (affected by the exchange rate and time of extra principal payments). Another important result of retiring the loan is that Scott and Frank can give more attention to equipping leaders in the local church who are not qualified to enroll in a higher education program.
We are trusting God in advance that He will eliminate this debt through the generous partners of Rwanda Challenge. We are giving thanks to God for providing so much in such a short time. Please prayerfully consider if you can help.