Global Cash Flow Analysis Getting Behind the Numbers. June 16, 2011
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1 Global Cash Flow Analysis Getting Behind the Numbers June 16, 2011
2 Who is WebEquity? Leader in on-demand lending software Over 25 years serving financial institutions Over 690 customers; De Novos - $250B in assets The WebEquity Advantage Single Solution Agriculture, C&I, CRE, Construction, Consumer, and more. Relationship Management, Workflow, Credit Analysis, Credit Presentations, Decisioning and Portfolio Risk Management On-Demand - Reduce IT burden, access from anywhere Flexible Design - Configure to fit your bank s processes ICBA Preferred Service Provider (25% 15% Discounts to ICBA Members)
3 Who is WebEquity? Source: Bank Performance Strategies, LLC
4 Survey Results Does your institution perform global cash flow analysis today? No 5.2% In Process 8.7% Yes 86.1%
5 Survey Results How would you rate your institution's abilities to perform global cash flow analysis? Excellent 7.8% Good 60% Fair 30.4% Poor 1.8% 0.0% 20.0% 40.0% 60.0% 80.0%
6 Today s Agenda The components of a global cash flow calculation Various business cash flow measurements and how to determine the most appropriate method of measurement Recognizing the most pertinent factors of cash flow from a personal tax return A guide through personal cash flow Bringing all the factors together to culminate in the format for global cash flow analysis
7 Today s Speaker Patti Alexander Founder & CEO Alexander Loan Review & Consulting
8 What is Global Cash Flow? The identification of Cash Available to Amortize Debt (CADA) of related entities. Translated to Global Debt Service Coverage Ratio (GDSCR)
9 Components of Global Cash Flow Cash available for debt amortization (borrower s CADA) + Cash available for contingent debt amortization (guarantors CACDA) = Total cash available for debt amortization (CADA) /Borrower s debt service requirement (principal & interest) =Global debt service coverage ratio (GDSCR)
10 Why is this measurement needed? Interagency Policy Statement on Prudent Commercial Real Estate Loan Workouts October 30, 2009 Loan Workout Arrangements need to include an analysis of the borrower s global debt service Defined as: the aggregate of a borrower s or guarantor s financial obligations, including contingent obligations.
11 When should GCF be calculated? Definitely : work out situations Particularly: commercial real estate workout Prudent: underwriting Recommended: loan/relationship review
12 How is GCF Calculated? Identify what information is needed Financial statements/tax returns on all related business entities Tax returns on individuals Complete with schedules, forms & statements Personal financial statements on individuals Credit bureau reports on individuals K-1 s ARE ESSENTIAL!
13 Business Entities Spread financial statements Using enterprise approved software/format UCA Cash Flow statement for C & I NOI for real estate Cash available for Debt Amortization (CADA) Identify all direct debt service
14 Individual Borrower/Guarantors Calculate CADA using tax returns Personal Cash Flow less taxes & living expenses Deduct personal/direct debt service Credit bureau report & personal financial statement Result is Cash Margin aka Cash available for Contingent Debt Amortization (CACDA) in GCF
15 Analyzing Adjusted Gross Income AGI adjusted for cash based transactions Wages & Salaries May include non-cash benefits Taxable Interest May include K-1 interest Does not include tax-exempt interest Ordinary Dividends May include K-1 dividends Does not include qualified dividends Taxable Refunds Alimony Received (Continued)
16 Analyzing Adjusted Gross Income Business Income Depreciation Interest expense Capital gain or (loss) Other gains or (losses) IRA Distributions & Pensions and Annuities Rental real estate, etc Reference Schedule E Page 1 focuses on rental real estate Page 2 focuses on pass throughs Should be further supported with Schedule K-1
17 Analyzing Adjusted Gross Income Farm Income Depreciation Interest Expense Unemployment Compensation Social Security Benefits Joint return? Whose benefits? Other Income Verify source Determine continuity/stability
18 Analyzing Adjusted Gross Income Adjustments to Income Typically, not recurring, except: Health savings account Self Employment Tax Alimony paid IRA deduction Generally, not material
19 Calculating CADA for Individuals Adjusted Gross Income (Line 37) Reverse: Sch. K-1 Interest & Dividends (Sch. B) Taxable refunds (line 10) Capital Gain or Loss (line 13) Pass throughs on Sch E (line 17)* Unemployment Compensation (line 19) Other Income (line 21) AGI net of non-recurring income items
20 Calculating CADA for Individuals AGI net of non-recurring income items Plus: All line items determined to be nonrecurring Tax exempt interest (line 8b) Qualified dividends (line 9b) Non-taxable IRA distributions (line 15a) Non-taxable pensions & ann. (line 16a) Non-taxable Social security (line 20a) Recurring/Stabilized Adjusted Gross Income
21 Calculating CADA for Individuals Recurring/Stabilized Adjusted Gross Income Plus: Non-cash expenses Schedule C Depreciation Schedule E (Part I) Depreciation Schedule F Depreciation Plus: Debt service expenses Schedule C interest Schedule E (Part I) interest Schedule F interest
22 Calculating CADA for Individuals Plus: S Corp. and Partnership Distributions 1120S K-1 Distributions (line 16d) 1065 K-1 Withdrawals & Dist. (Section L) Guaranteed Payments (Sch K-1 line 4) Less: Partnership Capital Contributions 1065 K-1 Capital Contributed (Section L) Personal cash flow
23 Calculating CADA for Individuals Personal cash flow Less: Fed., state & local income taxes withheld Estimated tax payments Social Security tax withheld Personal living expenses (20-30% of Stabilized AGI) Cash available for debt amortization (CADA)
24 Calculating CADA for Individuals Cash available for debt amortization (CADA) Less: Mortgage payments annualized Installment Loan payments annualized Credit card payments annualized (use credit bureau, PFS, income tax returns) Net Discretionary Income (Cash margin) OR Cash Available for Contingent Debt Amortization (CACDA)
25 Measuring Global Cash Flow Primary borrower s CADA Add guarantor s CACDA Divide by primary borrower s debt service (P&I) Result is Global Debt Service Coverage Ratio (GDSCR)
26 Stress Testing-The Extra Mile Use assumptions to adjust business entity CADA Breakeven Insufficient debt service coverage Determine reliance on guarantor What is the probability these results could happen?
27 Who should calculate GCF? Underwriter/credit analyst Information requested by loan officer Provided by borrower or accountant Discussed with borrower Verified by loan officer Documented by underwriter/credit analyst
28 Summary & Review The measurement of global cash flow is called Global Debt Service Coverage Ratio Primary Borrower s CADA + Guarantor s CACDA Primary Borrower s Debt Service Requirement EQUALS Global Debt Service Coverage Ratio (GDSCR)
29 Personal Cash Flow Worksheet
30 Upcoming Webinars Upcoming Topics: July 7 1:00 pm Central Dr. David Kohl: The World of Agri-Lending Points to Ponder August 18 1:00 pm Central Risk Management for Financial Institutions-Taming the Beast, Lee Kidder, BrynMaple Strategies Register Today!
31 Thank you for attending Patti Alexander Founder & CEO Alexander Loan Review & Consulting
32 Thank you for attending Want to see how WebEquity automates your global cash flow analysis? Contact Us: Option 3 Schedule an Online Demonstration
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