First, to answer Mike's question - Fairfield U is paying those fees, or WVOF wouldn't be allowing *ANY* music on the air at all.
When I became a Christian in late 1985, I didn't even know such a thing as CCM even existed! I basically went from listening to secular top 40 almost 24/7, to listening to *NOTHING*! Into early 1986, all I knew, musically, was the hymns we sang in church, and Jimmy Swaggart! It wasn't until I discovered WLIX "Christian 54" on the AM dial in mid 1986 that I discovered a whole new world! "Christian Radio"!!
So... don't automatically dismiss AM as a viable medium!
Check out your market... what kind of Christian radio is presently available within the coverage areas of those stations? Is there a K-Love or AIR1 station already there with good signals? Perhaps a mostly-talk/teaching station? Maybe a Southern Gospel station? Here's my suggestion: Use that AM station to present a format that is mellower, geared toward older listeners. (Yes, "Integrity Hosanna!, Maranatha!, Steve Green, Twila Paris, etc, etc.) You could also even use that AM to reach Seniors! (Mellow music, Traditional hymns, programming geared toward those 55+)
Then use the FM to serve those young 'uns.
Thinking of young 'uns... You also have an incredible opportunity with FM that few stations take advantage of, and that is SUBCARRIERS! There is an organization that provides Christian children's programming 24/7, called "His Kids"... although I just now discovered some possible issue with making their SCA radio receivers available, so I just e-mailed them. "Stay Tuned"...
With TWO stations, your ministry outreach could be multiplied.