Principles and Practices for Churches
At Great Nation, we will review your church's financial information, loan amount, and generate a detailed and explainable analysis. The analysis helps you and us to determine whether your project is viable, sensible and wise. More importantly, we'll share the analysis with you anytime!
Applying business principles to help you safely and effectively structure your church's financing is where we always begin. Here are some things you will be interested in knowing:
Our financial analysis and evaluation calculates and measures no less than 29 different ratios and percentages so you can see where your church stands financially.
We conduct a complete cash flow analysis to make sure your church has the ability to service all existing and proposed debt payments.
With few exceptions, if any, our President and/or a senior member of Great Nation’s management team will personally visit your church and meet with the leadership. This usually includes attending Sunday morning church services.
After our Underwriting Department has evaluated, verified and compiled a full and complete review of your project, our Program Acceptance Committee (“PAC”) will review it. The PAC will either approve your loan request; suggest any changes you should consider or recommend an alternate course of action.
Once bond sales begin, the funds from the sale of bonds will be disbursed to the church based upon a mutually agreed, written schedule. This eliminates any surprises.
If your church is planning major construction, for your safety, we require the church to employ an independent and unassociated construction supervisory firm in the effort to control costs. The firm monitors material quality, workmanship quality and construction change orders. They also review and approve all construction payments before being paid to the contractor. This inexpensive safety feature has saved millions of dollars for church clients!