- Published: January 14, 2022
- Updated: January 14, 2022
- University / College: Virginia Polytechnic Institute and State University
- Language: English
- Downloads: 2
Statement of the Problem:
In order for the parish to settle their P 911, 820. 91 outstanding expenses, Fr. Layug needs procedures and strategies that are effective and efficient and time bound.
Areas of Consideration:
1.) Marketing – a. To be able to provide better funds for the project, they must be marketable in order to attract potential donors and profit-generating activities and sectors.
2.) Monitoring – a. To know how well your strategy is working you need to plan and build in a monitoring strategy.
3.) Communication – a. You need to make a firm communication with sectors that could be helpful in the project.
4.) Accountability/Transparency – a. You need to observe transparency and accountability to maintain credibility of the project and to further attract potential donors or sponsors.
Objectives:
1.) To be able to raise enough funds to cover the existing liability amounting to P911, 820. 91 within 6 months.
2.) To be able to strengthen the Parish’s relationship towards its parishioners and Church goers through activities that would not only generate funds but also provide camaraderie.
3.) To be able to get the support of the nearby businesses ( Liquor Plant, Coca-Cola Bottlers)
4.) Alternative Courses of Action:
1.) Generate fund raising activities with the help of business sponsors that interests the community; (eg. Benefit concerts featuring acts from Manila)
2.) Encourage the nearby businesses to take part in the project by means of donations, sponsorships and the likes.
3.) Apply for a long-term loan to settle the current debts and later on save up to pay annual amortizations.
Recommendation:
The best alternative would be to apply for a long-term loan with a bank that offers reasonable rates. It would allow the parish to pay for the current debt of P911, 820. 91.
Conclusion:
Given the fact that it would be a long-term loan, the parish will have the ample time to generate funds in order to pay the amortizations. It would be convenient for the parish since they would not be pressured to settle such liability in a short amount of time. The parish must choose the bank which offers the most reasonable rates for such loan so that they may fully utilize every peso they are spending. When the loan is approved and the P911, 820. 91 liability is settled, they can now focus on generating activities to cover the amortizations.
