Finance Committee Checklist
- How much needs to be raised to purchase/renovate the building?
- How much needs to be raised on a weekly basis to cover the mortgage payment?
- How much needs to be raised on a weekly basis to cover other expenses-insurance, utilities, maintenance, etc.
- How much needs to be raised to cover normal church expenses, salaries, administrative expenses, and normal purchases?
- How much more can be raised to cover the renovation costs?
- How long will it take to raise the budgeted renovation costs?
- How much can be borrowed?
- Can we get a bank commitment?
- What will the bank fees, interests, rates and terms be?
- Does the bank require any of the members to personally guarantee the loan?
By Stephen Ferrandi, Director, KLNB Regious Properties Stephen Ferrandi is the Director of KLNB Religious Properties, a real estate firm serving religious clients in Maryland, D.C., Pennsylvania, and Virginia. He is one of the top experts in land development in the region. Mr. Ferrandi frequently contributes real estate related articles to both print and online publications.