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Procore

(Beta) Create Fundings

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 In Beta
This content is for participants in the Project Financials: Modernized Experience for Prime Contracts beta program. 
 Limited Release
flag-us.png The Funding tool is available as a limited release for Procore customers in the United States who have implemented the Procore for Owners point-of-view dictionary. To learn more, see What tool names and terms are different in Procore for general contractors, owners, and specialty contractors?

Objective

To create a single funding or multiple fundings for a Procore project. 

Background

A funding is a formal, legal agreement between a funding source and an owner. In this relationship, the funding source finances the project. The owner is hired by the funding source and accepts responsibility and liability for completing the construction project. The owner also enters into other agreements with funding sources, called commitments in Procore, in order to complete the project's work. 

If your company has purchased Procore to manage your construction projects, you can create one (1) or more fundings for each new construction project. 

Examples

When to Create a Single Funding

Most Procore customers who manage their construction projects in Procore create a single funding for a single construction project. If you are an owner, creating a single funding is the simplest way to manage a construction project when it has a single project owner and a single funding source. 

When to Create Multiple Fundings

If a project has multiple owners, multiple funding sources, and/or multiple project delivery methods, you can also choose to create multiple fundings for a single project. If you choose to create multiple fundings in a single Procore project, there are some limitations. For details, see Are there any system limitations when creating multiple fundings?

  • Multiple Funding Sources. A project can have multiple owners, each of whom provides an amount of the project funding. For example, a person, a company, a public authority, or a combination of all these examples. See Configure Settings: Funding. 
  • Multiple Stages. A project can be portioned into stages. For example, you might require separate fundings for pre-construction, course of construction, and aftercare/maintenance.
  • Multiple Phases. A project can be portioned into phases. For example, you might require separate fundings for the foundation, plumbing, HVAC, and so on.
  • Guaranteed Maximum Price (GMP) Fundings. A project can be fast-tracked or a phased GMP job. For example, you might require multiple fundings for each established scope-of-work package.
  • Construction Manager as Advisor (CMa) Delivery Methods. An owner operating as a CMa might need to manage multiple fundings between an owner and various funding sources.

After you create a funding, you can then update its Schedule of Values (SOV). For details, see Update the Schedule of Values on a Funding.

 Tip

Is your project's funding SOV similar to the line items on your project's budget? If so, Procore recommends creating the project's budget before the funding. This allows you to use the Funding tool's import features to quickly Create the Funding SOV from the Project Budget which eliminates repetitive data entry. 

Things to Consider

Prerequisites

Steps

In Procore, you have the option to create a single funding or multiple fundings as described below:

Create a Single Funding

  1. Navigate to the project's Funding tool.
  2. Choose from these options:
    • If this is the first contract on the project, click Create Funding on the 'Create a Funding to Get Started' page. 
      OR
    • If you have already created at least one (1) funding, click Create at the top-right of the page.
      create-a-single-prime-contract.png
  3. Continue with the next steps:

Add the Basic Funding Information

Update the basic contract information as follows:

clipboard_eb5ac63876d803e00842701feb7151fcb.png

 Notes
  • There are no required fields when adding the basic contract information. 
  • If you click the Create button without completing any data entry, Procore saves the funding, lists you as the creator, and automatically places it in the Draft status.
  • Number
    To number your funding(s), choose from these options:
    • If you number your contracts using a sequential numbering system, you can enter any combination of alpha-numeric characters in this box. For subsequent contracts, Procore automatically applies consecutive numbering in ascending order.
      Example

      The examples below show you how Procore's ascending consecutive numbering works:

      • If the previous contract was 1, the next contracts are 2, 3, and so on.
      • If the previous contract was PC-0001, the next contracts are PC-0002, PC-0003, and so on.
      • If the previous contract was DCA00010-12-G-0001, the next contracts are DCA00010-12-G-0002, DCA00010-12-G-0003, and so on.
    • If you do NOT number your contracts using sequential numbering, you can manually enter a unique number for each funding. To do this, type over the existing entry in the Number box. Duplicate contract numbers are NOT permitted.
  • Funding Company
    Select the name of the project owner's or the project client's company from the drop-down list. This is the company that either owns the construction project or the client who has hired your company to oversee the project work. To appear as a list option, Add a Company to the Project Directory. 
  • Title
    Type a descriptive name for the contract.

Update the General Information on the Funding

Update the contract with more general information:clipboard_e4ff8c1cb4f2238d8af6ed474621b0449.png

  • Status
    Procore automatically assigns contracts the 'Default' status. To select a different status, choose one of the status labels from the drop-down list. Options include Draft, Out for Tender, Out for Signature, Approved, Complete, or Terminated. 
     Note
    To create Funding Change Orders (FCOs) and funding inovices, your funding's status must be set to Approved or Complete.
  • Executed
    Place a mark in this check box if the contract has been fully executed. A fully executed contract is a legally effective agreement that has been signed by authorized representatives for each party.
  • Default Retainage
    Enter a number to represent the percentage that will be withheld as retainage on the line items of the contract's Schedule of Values. For example, if you plan to withhold ten (10) percent of the line item's value, enter 10%.
  • Funding Source 
    Select the 'Funding Source' from this drop-down list. This is the company that your team hired to perform the work. To appear as a list option, Add a Company to the Project Directory. 
  • Architect/Engineer
    Select the lead architect or engineer for the project from this drop-down list. To appear as an option in this list, the company must have a record in the Project Directory. 
  • Description
    Enter a more detailed description of the funding. You can apply the options in the formatting toolbar to your text. 

Update 'Funding Access' for the Funding

By default, fundings are visible to all users with 'Read Only' level permissions or higher on the project's Funding tool. To change its access permissions, do the following on the 'Funding Access' card:

  1. Optional: Move the Restrict This Funding's Visibility to Only Project Admins and Select Non-Admin Users toggle to the left or right to turn the restriction OFF and ON. Procore turns this setting ON by default. 
     Notes
    • The toggle is BLUE when restrictions are turned ON.
    • The toggle is GRAY when restrictions are turned OFF.
  2. Optional: To provide users with 'Read-Only' or 'Standard' level permissions on the project's Funding tool with access to the contract, select the person's name from the Access for Non-Admin Users drop-down list. To appear as an option in this list, a user must have a profile in the Project Directory.

    clipboard_eed9ba4947696f827dce7428e9d125788.png
     
  3. Optional: To provide the users in the 'Access for Non-Admin Users' list with access to view the Schedule of Values, mark the Allow These Non-Admin Users to View the SOV Items checkbox. 

Update the Funding Dates for the Funding

To update the funding with important dates, do the following:

clipboard_e28617d4b3c24d452967a3df05d83b0d1.png

 Note
Your company's Procore Administrator manages the dates that appear in the 'Funding Dates' section using the configurable fieldsets feature. For details, see Which fields in the Funding tool can be configured as required, optional, or hidden?
  • Start Date
    Select the construction project's official start date.
  • Estimated Completion Date
    Select the construction project's estimated completion date from the calendar control. 
  • Substantial Completion Date
    Select the construction project's substantial completion date from the calendar control. 
     Tip
    If the 'Substantial Completion Date' field is available on your project, keep in mind that Procore automatically updates the 'Substantial Completion Date' to match the 'Revised Substantial Completion Date' from each Funding Change Order (FCO) when each change order is 'Approved.'
  • Actual Completion Date
    Select the construction project's actual completion date.
  • Funding Date
    Select the contract date from the calendar control. 
  • Signed Funding Received Date
    Select the date from the calendar control. The signed contract received represents the date that the executed contract was received.
  • Execution Date
    Select the date from the calendar control. The execution date represents the date the agreement was signed by authorized representatives of all contract parties. 
  • Issued On Date
    Select the date from the calendar control. The issued on date represents the date the contractual agreement was issued to both parties.
  • Returned Date
    Select the date from the calendar control. The returned date is the date the contract was returned.
  • Letter of Intent Date
    Select the Letter of Intent (LOI) date from the calendar control. 
  • Approval Letter Date
    Select the Letter of Approval (LOA) date from the calendar control.
  • Funding Termination Date
    Select the date from the calendar control. A contract termination date is a date outlined in the prime where all parties have met all contractual obligations and terms.
  • Delivery Date
    Select the date from the calendar control. 

Add Inclusions and Exclusions to the Funding

Funding inclusions and exclusions vary from project to project. However, the intent is to define exactly what is included and NOT included in the contract's price and scope of work. To update the contract's 'Inclusions and Exclusions' card, do the following:
create-prime-contract-inclusions-exclusions.png

  • Inclusions
    Add the contract's inclusions in this box. You can apply the options in the formatting toolbar to your text. 
  • Exclusions
    Add the contract's exclusions in this box. You can apply the options in the formatting toolbar to your text. 

Set the Accounting Method for the Funding

The first step when updating a Schedule of Values is to define the accounting method for the contract. The method you choose also applies to all change orders and/or invoices for that contract. The accounting method can only be changed BEFORE you add line items to an SOV. Procore does NOT permit you to change a contract's accounting method after line items are added. 

 Tip
What's the difference between the Amount Based and Unit/Quantity Based contract? For details, see How do I set the accounting method for a contract or funding?
  • To change the accounting method to Unit/Quantity, click the Change to Unit/Quantity button. 
  • To change the accounting method back to Amount-Based, click the Change to Amount Based button. 

Update the Funding Schedule of Values

By default, you can input line items on the contract's SOV at any time, as long as the contract is NOT in the 'Approved' status.

 Note
Your project team might choose to enable a contract setting, which permits users with edit permissions to the SOV to make changes on the SOV at any time. To learn about this setting, see What is the 'Enable Always Editable Schedule of Values' setting?
Add Line Items to the Funding SOV

To manually add line items to the funding's SOV:

  1. Choose from these options:
    • If the SOV is blank, click Add Line under 'You Have No Line Items Yet'. 
      OR
    • If you have existing line items, click Add Line. 
      Procore creates new line items starting with the number '1'. Subsequent lines are created in numerical order. 
  2. Designate a budget code for the new line item. You have these options:
    • To assign an existing budget code to the line item, start typing a code in the Search box and select the matching code from the list. 
      OR
    • To create a new budget code for the line item, click the Create Budget Code button. Next, select the appropriate segment items from the drop-down list(s) to satisfy your project's budget code pattern requirements. Then, click Create.
  3. Depending on the accounting method you are using, choose the appropriate steps for adding a line item:
    • For an Amount-Based contract: 
      An Amount-Based SOV requires this data entry:
      • Budget Code
        Select a budget code or click Create Budget Code. See What is a budget code in Procore's WBS? 
      • Description
        Enter a description for the line item. For example, type: Monthly Service Fee
      • Amount
        Enter the total amount for the line item.
      • Billed to Date
        Later, when you create invoices, this column will automatically show the amount that has already been billed to date. 
      • Amount Remaining
        Later, when you create invoices, this column will automatically show the amount that has NOT yet been billed to date.
    • For a Unit/Quantity Based contract:
      A Unit/Quantity Based SOV requires this data entry: 
      • Budget Code
        Select a budget code or click Create Budget Code. See What is a budget code in Procore's WBS? 
      • Description
        Enter a description for the line item. For example, type: Monthly Service Fee
      • Qty
        Enter the number of units.
      • UOM
        Select the Unit of Measure (UOM) from the list. See Which units of measure are included on Procore's master list? and Add a Unit of Measure to the Unit of Measure Master List.
      • Unit Cost
        Enter the Unit Cost in this box. You'll notice that the value in this column contains four (4) decimal points (for example, $0.0000) to allow you to enter the specific value required to calculate accurate pricing. 
        Example
        If you are buying 50,000 units for $1,006,625.00, you would enter a unit price of $20.1325. 
      • Amount
        The system automatically calculates the subtotal for you, based on the Qty, UOM, and Unit Cost entries. 
      • Billed to Date
        Later, when you create invoices, this column will automatically show the amount that has already been billed to date. 
      • Amount Remaining
        Later, when you create invoices, this column will automatically show the amount that has NOT yet been billed to date.
  4. Optional: Repeat the steps above to add as many line items as needed. 
  5. Click Save. 
    Procore saves the line items on the contract's SOV. 
Import Line Items to the Funding SOV from a CSV File
  1. In the 'Schedule of Values' card, click the Import SOV from CSV button. 
    import-sov-from-csv.png
  2. Click the Download CSV Template button and choose one of these options:
    • Blank Template. Click this option to download a blank template. 
      OR
    • Template with Existing Line Items.  Click this option to download a template that includes any existing line item data from your project's budget. 
       Note
      • Procore downloads a CSV template file to your web browser's file download location.
      • The name of the file is: Funding SOV Template.csv
  3. Open the template that you downloaded on your computer. 
  4. Enter the data that you want to upload directly into the template. 
     Important
    Do NOT change or rearrange the Column Headings in the template file. 
  5. After entering your line item data, make sure to save your file updates in the 'Comma Separated Values' file format. 
  6. Navigate back to Procore. Then, in the 'CSV File' section, choose one of these options:
    • Click Upload File. 
      OR
    • Use a drag-and-drop operation to move the template you just updated into the 'CSV File' section. 
  7. Choose one of these options:
    • Add Additional Line Items. Choose this option if you want to create new line items using the data in your template.
      OR
    • Replace Existing Line Items. Choose this option if you want to erase any existing line items from the funding and replace them with data in your template. 
  8. Click Import. 

Attach Files to the Funding

To add file attachments to a funding:

  1. On the 'Attachments' card, click Edit.
  2. Click Attach Files. 
  3. In the 'Attach Files' dialog box, highlight the location where the files to upload are stored. Options include:
    • My Computer. Click Upload Files to open your computer's finder. Select the files to upload and click Open. 
    • Photos. If the Photos tool is active on the project, choose the location from the Select Album list and then search for the file(s) to upload. 
    • Drawings. If the Drawings tool is active on the project, choose the area from the Select Area list and then search for the file(s) to upload. 
    • Forms. If the Forms tool is active on the project, choose the template from the Select Template list and then search for the file(s) to upload. 
    • Documents. If the Documents tool is active on the project, navigate to the folder storing the file(s) to upload and then highlight them. 
  4. Click Attach. 

    create-prime-contract-attach-files.png

    A progress indicator shows you the status of the upload. 
  5. Click the Close (X) icon on the Attach Files dialog box.  

Create Multiple Fundings

Repeat the steps in Create a Single Funding above for each new funding.

 Caution
There are some important limitations to be aware of before your teams start creating multiple fundings on a Procore project. For details, you are advised to review What are the limitations when creating multiple fundings?