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CERTIFICATE OF INCORPORATION
A document usually issued by a government authority such as a secretary of state documenting that a legal entity has been formed, including when and where and its full legal name.
CERTIFICATE OF OCCUPANCY (C OF O)
A document from a local government building department which authorizes use of a certain space for specified activities by a certain number of people. Often required on construction projects prior to
CHANGE IN NET ASSETS
Net assets are calculated by taking total revenue (including restricted and non-operating) less total expenses (including non-operating). The change in total net assets is an overall representation of
CHANGE ORDER
A written order to a facility project
CLEAN-UP
Term used to describe the requirement by the lender that a line of credit be completely paid out for a pre-defined period, usually a minimum of 30 days, during a one-year cycle. Also known as annual c
CLOSING COSTS
Expenses involved in transferring real estate from a seller to a buyer, including lawyer's fees, survey charges, title searches and insurance, and fees to file deeds and mortgages.
CLOSING FEE
A fee charged by a lender to provide a loan to a borrower. Considered compensation for the costs involved with underwriting the loan and holding the commitment available for a specified period of time
COLLATERAL
Asset pledged to a lender until a loan is repaid; also called security. If the borrower defaults, the lender has the legal right to seize the collateral and sell it to pay off the loan.
COMMITMENT OR COMMITMENT LETTER
A statement in writing outlining and acknowledging the terms of a lender
COMPILATION
A financial report as of a certain date, usually covering a twelve-month period, put together, but not reviewed or audited, by a Certified Public Accountant (CPA) that includes a statement of position
COMPOUND ANNUAL GROWTH RATE
A calculation that estimates average annual percentage growth over a specified period of time, e.g., an organization that had $100K in revenue in 2000 and $500K in revenue in 2004 has a CAGR of X%.
CONSTRUCTION DOCUMENTS
Drawings, specifications and legal documents setting forth in detail the requirements for the construction of the project.
CONSTRUCTION LOAN
A loan, usually short-term, which is made to finance construction. The funds are disbursed as needed or in accordance with a pre-arranged plan, and the money is repaid upon completion of the project,
CONSTRUCTION MANAGER
A licensed general contractor who provides pre-construction services, professional management and technical services, including helping identify cost-effective means of meeting facility requirements.
CONTINGENCY
An amount budgeted (usually a percentage of total construction costs) to cover unexpected hard costs or soft costs.