For financial managers, capital project and funding analysis is a necessary process each period. Financial managers review the project's capital costs and forecasted cash flow projections and develop an estimate of the Additional Funding Needed (AFN). AFN is best described by which of the following statements?
A: The proportion of the firm's earnings retained to finance business expansion.
B: The funding obtained by routine business transactions with the company's vendors.
C: The externally sourced funding - debt or equity - required above what can be funded by the firm from retained earnings or spontaneous financing.
D: The total amount needed to do all the company's proposed capital projects in the upcoming year.