A basic feature of the Greater Blessing Program is that the beneficiaries are invited to receive the Greater Blessing by voluntarily repaying the repair costs over time and on terms they can afford. The difference between this and our other building work is that with a Greater Blessing project there is no loan document or lien against the property. This fundamentally affects the way payments are accounted for.
With a typical mortgage repayment plan, the principal loan amount goes onto the balance as a note receivable, which is reduced as payments are made. As there is no loan agreement with a Greater Blessing Project, and, as the beneficiaries are being given the opportunity to receive the Great Blessing of being donors in their own right, then the payments they make are donations and should be treated as income. The donors should be given a donation receipt.
The Greater Blessing Program Overview
Greater Blessing application process
Customizable Greater Blessing rack card
Greater Blessing sample denial letter (Word)
Greater Blessing application (Word)
Greater Blessing cover letter template for application packet (Word)
Greater Blessing Sample/Editable Agreement (Word)
Letter of understanding, release and waiver (pdf)
Greater Blessing repayment schedule sample agreement (Word)
Greater Blessing payment coupon sample (Word)
Greater Blessing process flow chart (pdf)
Sample construction costs worksheet (Excel)
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