Policies & Procedures for New Construction, Renovation and Capital Maintenance Projects
Projects will be funded from the Archdiocesan InterParish Loan Fund or Archdiocesan Loan Fund. To provide low-rate loans for capital projects, the Archdiocese has established lines of credit with financial institutions at favorable terms and conditions.
The borrower must submit the following specific project information:
- The specific reason for the loan application.
- The estimated costs of the project being funded in the standard format required by the AOB.
- The projected source of funds for repayment of the loan and estimation of probability of receipt of such funds.
- An operating budget for the present Parish/School facilities and projected for three years after project completion.
- Updated information provided at least quarterly.
- The maximum amount of the loan will not exceed the borrowing level for the project as approved by AOB policy.
- Before advances are made, the Parish/School must provide documentation as to its compliance with the AOB policy for cash-in-hand to begin a project.
- Provide reasonable projections (including lists of pledges receivable and collection projections) indicating that the borrower will meet its minimum cash requirement at the time of completion of the project.
- A quarterly Capital Projects Report must be submitted with the regular Parish quarterly financial report.