Would your cash management practices help or hurt your loan application?
Last month we talked about how your organization’s cash management practices are one thing lenders look at when deciding whether you qualify for a loan. But exactly what are they looking for? In his article “Three Questions to Ask about Your Church’s Financial Management,” Dan Busby, president of the Evangelical Council for Financial Accountability (ECFA), says the way you answer these questions reveals much about the health of your financial administration. Here are the questions. [read more]
Are you ready to refinance?
Games make sense and are easier to play when you know the rules. The same is true when it comes to refinancing your ministry’s mortgage. And the economic challenges of the past decade have prompted significant changes in lending requirements. If you’re looking to refinance, here are the rules of the game today. [read more]
Could your organization get a loan today?
When professional sports teams consider acquiring new players, one major consideration is a prospect’s health. The same is true for lenders reviewing loan applications. They’re looking for healthy borrowers, those that can handle the prospective debt. [read more]
Best Banking Practices, Better Banking Services Make Stewardship Easier
How do fiscally responsible organizations manage their money? As a product manager at ECCU, I get to work with many of our 1,700 ministry members. This gives me a bird’s eye view of practices that help ministries keep their commitment to sound stewardship. [read more]
Internal Controls, Banking Knowledge Can Help Prevent Fraud
Handling ministry money can be a daunting responsibility. As if budgeting, managing cash flow and investing wisely weren’t enough to think about, there’s also the need to protect your donors’ contributions. [read more]