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Sources and Uses
Tips for filling out a Sources and Uses Statement:
- If you have recently acquired a site, the lender will want to know the actual cost of the site and the date it was purchased.
- The City or County may require you to lay new roads, install turning lanes or streetlights, or install utility lines. Be sure to research these items when you are putting your budget together.
- The "Cash Spent" amount should include all expenses incurred so far on items in the "Uses of Project Funds" categories. Be sure to include the date of this calculation.
- The lender will want to know your actual cash on hand as of the date of your application. Only include funds that are available for the project; do not list funds that are committed to other uses.
- You may include a reasonable projection of the additional cash you anticipate receiving prior to loan documentation. The lender's financing commitment letter may require that you have that cash before the loan is documented.
- If you plan to sell an existing facility to generate the required funds, the sale must be completed before the loan documents are executed. Otherwise, the funds should not be considered as a reliable "Source".
- To determine the amount of debt required to complete your project, start with the Total Uses figure and subtract all other Sources figures. That will be the amount your religious institution seeks to borrow.
- The Total Sources figure and your Total Uses figure must be an identical amount.
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