Funding Sources: Managing Multiple Funding Sources on Public Projects
The funding for construction projects can come from a variety of sources (federal, state, local) and in many forms (stimulus programs, bonds, grants, tax revenues, private donors, etc.). Each source has its own usage and distribution rules for handling those funds, and when multiple sources are used to fund one project, managing finances can be an extremely complicated endeavor. Owners must stay organized and remain in compliance with funding requirements or risk difficult audits, penalties, or, worse, even loss of funding.
The ability to calculate complex funding distribution ratios and plan and assign funding according to budget and commitment levels, while retaining the flexibility to add new and different funding sources at any time, is vital to owners who strive to achieve maximum visibility over and control of funding. Using cutting-edge, integrated tools to quickly and accurately set up, use, track, and report funding sources is imperative or owners.
