Canadian Conference of Mennonite Brethren Churches

Church Loan Application

Applicant Information

Church NameXXXXXXMennoniteBrethrenChurch

Street Address12345Xxxxx Blvd

City, Province, PCCity, BCV5T 2H9

Mailing Address

(If different from above) ______

Contact Individuals

Contact #1Contact #2

NameXXX XxcxxxxXXX XXxxxx

Church PositionPastor of AdministrationChair – Stewardship Council

Elder

Day Time Phone(604) 598-3912(604) 594-3951

Evening Phone(604) 523-6815(604) 523-5216

Fax(604) 563-1012(604) 563-7539

E-Mailxxxxxxxxxxxx.caxxxxxxxxx.ca

Summary (Brief description of purpose of loan, amount required, total cost, etc)

The purpose of this loan is two fold: 1) To purchase a xxxxxx property to allow for future expansion of XXXXX Church, both in facilities and in ministry opportunities; 2) To undertake a number of important facility improvements and expand the parking area.

1. )Property Purchase

  • Purchase price$xxx,xxx
  • Fund raising$ xx,xxx
  • Mortgage$xxx,xxx
  • Cash on hand (Future Dev. Fund)$ x,xxx (plus legal)

2.) Facility Improvements

  • Auditorium improvements$xxx,xxx

(Based on consultant recommendations)

  • Reshape the back wall of the stage for better

Sound management and video presentation

  • Add acoustical panels in select locations
  • Replace speakers and associated equipment
  • Relocate mixing console to main floor
  • Add stage lighting for flexibility & effectiveness
  • Add control console in sound balcony
  • Carpet replacement & painting$xx,xxx
  • Replace approximately 13,000 sq. ft. of carpet
  • Paint common areas and trims
  • Site access and paving$xx,xxx
  • Pave remainder of parking lot
  • Fencing & line painting
  • Contingency$xx,xxx

Total Improvements$xxx,xxx

Facility Improvements - Financing:

  • Fund raising$xxx,xxx
  • Cash (Future Dev. Fund)$ xx,xxx
  • Mortgage$xxx,xxx

Summary

Total expenditures$xxx,xxx

Fund raising Drive$xxx,xxx

Cash on hand$ xx,xxx

Mortgage financing required$xxx,xxx

Information

Property (Describe the topography, location, size, value)

Add a picture if appropriate and possible.

Zoning(Is zoning approved? What is required? Status of application?)

Rezoning is not required at this time. However, we have been in discussion with the city administration as to future possibilities and do not for see any difficulty……but no guarantees. Location and surrounding land uses makes it unlikely to attract any opposition.

Environmental Study (Status)

Not applicable. This building was constructed on virgin ground.

Capital Costs (Detailed cost projections of SOFT and HARD costs)

Property: (or detail information if not providing a business plan)

  • Please refer to information provided under Summary on page 1.
  • Please refer to the 10 year Performa in the attached Business Plan

Facility Improvements:

  • Cost Estimate sheet is attached. ( Based on quotes or contract price)
  • Current mortgage payments exceed minimum payments on requested financing

Funds Available (Description & qualification of funds available, initiatives taken, & goals/time sets)

Future Development Fund – This account was set up a number of years ago with funds in excess of budget. The purpose was to facilitate studies, planning, use of consultants and our architect, etc. in developing recommendations. Other renovations have been undertaken in the last two years through this fund. There is approximately $X0,000 available in this fund for the proposed improvements. The balance (approx $X0,000) will cover other planning, consultant and architect fees.

The Board of Elders is recommending a realistic $xxx,000 Fundraising Drive to be run from October 1, 2003 to December 31, 2003 with all cash and pledges to be completed by March 31, 2004. The congregation will be asked to approve this on September 30, 2003.

Funds Required (Net amount required and timing)

January 2004 Mortgage for building (Close Jan 15, 2004)$xxx,xxx

Draw on improvement project$ x,xxx

February 2004Draw on improvement project$ xx,xxx

March 2004Draw on improvement project$ xx,xxx

April 2004Draw on improvement project$ xx,xxx

May 2004Final draw$ xx,xxx

______

Total required$xxx,xxx

Note: We are confident that our fundraising target will be met, however, should there be a shortfall we would require additional funds. These should be minimal.

Debt Service (Information to support analysis of ability to pay, including at least two years of financial information and congregational attendance information) last two years financial statements attached.

Financial Information Summary:

YearRevenueExpenseVarianceConferences*

2000Budget$xxx,500$xxx,500$0$xxx,520

Actual$xxx,275$xxx,267$xx,038$xxx,520

Variance$xxx,775$xxx,737$xx,038$0

2001Budget$xxx,500$xxx,500$0$xxx,520

Actualxxx,621$xxx1,411$xxx,210$xxx,520

Variance$xxx,121 ($xxx,089)$xxx,210$0

2002Budget$xxx,000$xxx,000$0$xxx,920

Actual$xxx,440$xxx,257$xxx,183$xxx,920

Variance$xxx,440 ($xxx,743)$xxx183$0

2003 Budget (Ann.)$xxx,000$xxx,000$0$xxx,750

Actual (YTD)$xxx,898$xxx,812$xxx,085$xxx,666

Variance($xxx,102)($xxx,187)$xxx,085$xx,084

(As of Aug 31st)

*Conference contributions include: Canadian, BC, MBMSI & Seminary. Calculations based on active members. Amount shown is included in Budget & Expense column.

  • YTD revenue is slightly below projection; however, the last quarter is always our strongest in terms of giving. We anticipate being very close to budget by year end. Expenses will be below budget as we are down one staff person (6 mos.) and departmental spending is lower than budgeted. Anticipate meeting all conference and missions budgets by year end.
  • We have managed our debt retirement to the point where we will have less than $XXX,000 remaining on the mortgage by year end. Debt would have been paid off by mid 2005 including a couple small internal deposits, except for our proposed improvements and property acquisition in this proposal.

Attendance Information

  • Due to the nature of the city there is considerable population movement on a regular basis and significant up-swings or down-swings from time to time. Recently, (last 2 years) we have seen a significant down-swing due to the soft wood lumber issue. As the forest industry goes, so goes the city.
  • Although XXXXX attendance dropped in 2001 (our peak year), we have seen a modest growth of 1% - 2% each year since. The real significance though, is that we have not only been able to replace the people that have left, but have still seen a positive growth. We are very thankful for that.
  • Sunday morning service attendance

Year / Sanctuary
(Total) / Sanctuary
(Ave./Sun.) / Children/Youth Ministry
(Ave/ Sun) / Total Ave.
Sun. Att.
1995 / 22491 / 434 / No data avail.*
1996 / 25477 / 486 / No data avail.*
1997 / 25487 / 492 / No data avail.*
1998 / 27,122 / 522 / No data avail.*
1999 / 28,612 / 551 / No data avail.*
2000 / 30,173 / 566 / No data avail.*
2001 / 28,048 / 546 / No data avail.*
2002 / 28,631 / 549 / No data avail.*
2003 est. / 28,900 / 556 / 182 / 738

*Data either not avail or corrupted. Attendance estimated to be in the range of

150 – 200

Other (Any other pertinent information you would like to add that would strengthen this application)

  • The sound & lighting improvements being proposed are basically the result of less than adequate quality equipment being installed when the building was built in 1990 due to budget restraints. I.e. At some point we were going to have to deal with the problem. These areas are both creating a significant challenge and extra expense to be able to maintain the quality standards expected for our services and special events.
  • We are firmly committed to the XXXXX’s Vision of “Making More & Better Believers of Christ” and feel that God is using XXXXXChurch to change lives. We also believe that there is still a need and room for growth, not only in our ministry here in XXXXCity, but also as a regional church in BC.