The best way to cure an illness is to prevent it from happening in the first place. Maintaining your ministry’s good financial health is the first step in preventing a “church financial heart attack.”
On Thursday, April 14, 2011, ECCU Ministry Development Officer David Lee will present a free webinar titled Church Financial Health: A Lender’s Perspective. We asked David to tell us more.
MBG: What can attendees expect to take away from this webinar?
Lee: The webinar is intended to equip leaders in the church to better understand some of the key metrics banks look at to determine their financial health. And if your church has a loan with a balloon payment coming due soon, it is critical that you understand how lenders are looking at your numbers.
MBG: What does a financially healthy church look like?
Lee: There are some general financial principles that all churches need to consider, like liquidity and key performance ratios; and yet we all recognize that not all churches look the same. I will provide some key metrics that churches can use as a goal.
How has your ministry assessed its financial health?