XML 25 R14.htm IDEA: XBRL DOCUMENT

Transactions With Affiliates	6 Months Ended
Jun. 30, 2020
Notes to Financial Statements
Transactions With Affiliates	6. TRANSACTIONS WITH AFFILIATES The Company has an Advisory Agreement with Church Loan Advisors, Inc. (the “Advisor”). The Advisor is responsible for the day-to-day operations of the Company and provides office space and administrative services. The Advisor and the Company are related through common ownership and common management. For its services, the Advisor is entitled to receive a management fee equal to 1.25% annually of the Company's Average Invested Assets, plus one-half of any origination fee charged to borrowers on mortgage loans made by the Company. A majority of the independent board members approve the Advisory Agreement on an annual basis. The Company paid the Advisor management and origination fees of approximately $145,000 and $159,000 for the periods ended June 30, 2020 and June 30, 2019, respectively. The Company paid the Advisor management and origination fees of approximately $71,000 and $80,000 for the three month periods ended June 30, 2020 and 2019, respectively.

Transactions With Affiliates

6 Months Ended

Jun. 30, 2020

6. TRANSACTIONS WITH AFFILIATES

The Company has an Advisory Agreement with Church Loan Advisors, Inc. (the “Advisor”). The Advisor is responsible for the day-to-day operations of the Company and provides office space and administrative services. The Advisor and the Company are related through common ownership and common management. For its services, the Advisor is entitled to receive a management fee equal to 1.25% annually of the Company's Average Invested Assets, plus one-half of any origination fee charged to borrowers on mortgage loans made by the Company. A majority of the independent board members approve the Advisory Agreement on an annual basis. The Company paid the Advisor management and origination fees of approximately $145,000 and $159,000 for the periods ended June 30, 2020 and June 30, 2019, respectively. The Company paid the Advisor management and origination fees of approximately $71,000 and $80,000 for the three month periods ended June 30, 2020 and 2019, respectively.