6.0. EDSR 06-10-2002 - Laserfiche WebLink

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• Travel—average expense of$200 per loan closed plus $100 monthly for general business S travel. • Annual Meeting—includes an organizational membership meeting in July 2002 and annual meetings in August of subsequent years. • Board Meetings—the cost of quarterly board meetings, including mileage reimbursement and meals for board members attending. • Member Training—the cost of periodic training services for member representatives related to loan Fund operation, marketing, and technical issues. • Legal—legal expenses for corporate legal work. Legal expenses associated with the closing and documentation of loans will be paid directly by the borrowers. • Audit& Accounting—the cost of preparing a year-end financial statement and audit report and for day-to-day accounting services. • Bond—the cost of a fiduciary bond. • Directors& Officers Insurance—the cost of liability insurance for corporate officers and board members. • Teleconferencing—the cost of loan committee meetings using conference calls. • Telephone—the cost of mobile telephone for Fund management staff. • Postage—postage costs based upon familiarity with similar types of organizations. • Website Maintenance—cost of maintaining the MCCF website. • Advertising—the cost of start-up advertising and press releases announcing the launch of the MCCF. A quarterly update/newsletter is proposed after start-up of the Fund. • Advance Commitment Fees--refundable fee payable to the Loan Purchaser equal to 1% of the amount reserved for buying Development Loans, based upon loan activity projections. • Miscellaneous—amount for unanticipated expenses. • Beginning Cash Balance—source is $200,000 Blandin Foundation operating grant. • Year two and three expenses are increased by 5% annually. 2