You are thinking of a loan for your new building or you might be looking to refinance a current loan. How much debt can your church prudently carry? You haven’t looked at the covenant for your loan and may not remember there is one. What happens if your church is not fulfilling part of the covenant? What might the lender do?
As you look at a loan, there are plenty of important terms. What do those terms mean? What options do you have with a loan? As he discusses these issues with Fletch, Mike Lee will share “The Five C’s of Credit in Mortgage Financing.”
Resources
- Book by Mike Batts, Church Finance: The Church Leader’s Guide to Financial Operations
- Slide deck: Negotiating and Managing Bank Debt
About Mike
Mike is a Partner and National Director of Audit and Assurance Services at Batts Morrison Wales & Lee
Mike has supervisory responsibility for the firm’s auditing practice and assists in overseeing BMWL’s education and training programs. Mike has more than 20 years of experience in auditing nonprofit organizations, analyzing internal controls, and other related areas of practice. He is licensed or authorized to practice as a Certified Public Accountant in numerous states and is also a Chartered Global Management Accountant.
Mike has been a conference speaker on nonprofit accounting and auditing issues at both the local and national levels. Mike is a contributing editor of BMWL’s nonprofit feature articles and special alerts, which provide news related to current developments and perspective on issues impacting nonprofits and their leaders, and he also serves on an advisory committee for a nonprofit accounting and financial reporting guide. Mike previously served as the chairman of the board of directors of a youth camp located in Central Florida and has also served as a board member for other nonprofit organizations.
