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OPERATING EXPENSES
The regular costs of doing business. Excluded are one-time, extraordinary or capital items such as funds passed through to other agencies, losses from sale of property, realized/unrealized investment
OPERATING RESERVE
Funds set aside annually to be used to offset possible operating losses due to unexpectedly low revenue or high operating costs (a.k.a rainy-day reserve).
OPERATING REVENUE
Funds received as unrestricted or released from temporary restriction to cover operating expenses. Excluded are one-time/episodic sources of income (such as capital campaign receipts, realized/unreali
OPINION OF COUNSEL
A letter provided by an attorney representing the borrower in a debt or loan transaction affirming that the documents the borrower is signing represent a binding commitment on the borrower to repay th
OWNER
The entity which hires an architect and contractors to design and complete a facility project. The owner need not actually own the facility being improved, e.g., a building tenant can be the “owner” w
OWNER'S REPRESENTATIVE
The person designated as the official representative of the owner in connection with a project, especially in monitoring construction progress on-site. See project manager.
PASS-THROUGH REVENUE
Funds provided to the organization that must be spent on behalf of, or passed through to a secondary recipient. For example, re-grants.
PERMANENTLY RESTRICTED NET ASSETS
Funds with donor-imposed stipulations that the principal not be spent, e.g., traditional endowments; some or all of the earnings are available for specific or general operations.
PHASE I
environmental audit phase I
POINTS
Traditionally the fees paid by borrowers to induce lenders to make a mortgage loan; the payment of additional points may result in a reduced rate to the borrower. Also used as a shortened version of b
PREPAID EXPENSES
Items an organization pays for in advance of their being due. Examples include insurance premiums and rent that may be paid for a twelve-month period at the beginning of the year.
PRIME RATE
A national average rate of interest charged by banks, commercial lenders, and other financial institutions, published in The Wall Street Journal and other sources.
PRINCIPAL
The amount of money that is borrowed, and that the borrower must pay back, as distinct from interest, which is the amount owed for using or borrowing the funds.
PRO FORMA INCOME AND EXPENSES
Statement showing the projected annual income and operating expenses of an organization to reflect a future event such as completion of a project.
PROJECT MANAGER
The individual assigned or hired to manage and coordinate all aspects of the project. See construction manager and owner’s representative.