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Procore

Create Fundings

 Limited Release
flag-us.png flag-canada.png The Funding tool is available to Procore customers in the United States who have implemented the Procore for Owners point-of-view dictionary. To learn more see, What dictionaries and languages are available in the Procore web application?

Objective

To create one (1) or more 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 project that has a single funding source. 

When to Create Multiple Fundings

If a project has multiple funding sources and/or multiple project delivery methods, you can also choose to create multiple fundings for a single project. If you choose multiple fundings, there are some limitations. For details, see Are there any system limitations when projects have multiple fundings? Reasons for choosing to create multiple fundings include: 

  • 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 various funding sources.

After creating 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

  • Required User Permissions:
    • 'Admin' level permissions on the project's Funding tool.
      OR
    • 'Read Only' or 'Standard' level permissions on the project's Funding tool with the 'Create Fundings' granular permission enabled on your permission template.
  • Limitations:
  • Before creating multiple fundings on a project, see Are there any system limitations when projects have multiple fundings?
  • Because funding data is sensitive, Procore does NOT send automated email notifications to users or distribution lists. If you need to send the funding to another user by email, see Email a Funding.
  • Additional Information:
    • Most owners use the project's Budget tool to manage costs. Access to the Budget tool is typically limited to restrict the funding sources for the project from seeing the budget. 
    • You can add multiple line items with the same cost code and cost type assignments. To distinguish between line items, enter a descriptive summary in the Description field.
    • If you do not want to enter a budget code for a line item, you can enter 'None.'

Prerequisites

Steps

With the required user permissions, you can create one (1) or multiple fundings on a Procore project.

 Important
Before creating multiple fundings, read Are there any system limitations when creating multiple fundings?
  1. Navigate to the project's Funding tool.
  2. Click Create Funding.
    create-prime-contract.png
  3. In the General tab, under General Information, do the following:
     Notes
    • There are no required fields when creating a new funding.
    • If you click the Create button without completing any data entry, Procore saves the funding, lists you as its creator, and places it in the Draft status.
    • Sign with DocuSign©
      If the Procore + DocuSign© integration is enabled, a checkmark appears by default. Clear the checkmark from the box if you do NOT want to collect signatures with DocuSign©
       Tip
      How do you collect signatures with DocuSign? After the data entry for the item is complete, Procore recommends changing the item's status to 'Out for Signature' before clicking the Complete with DocuSign button to launch the DocuSign® application. If you have not previously signed in, you will be prompted to Log In to DocuSign®. Once you are signed in, you can prepare the DocuSign® envelope for signatures. After the signature process is complete, Procore automatically changes the status of the item to 'Approved' and marks the item as 'Executed'. To learn more, see DocuSign®.
    • Funding #
      Accept the default funding number, enter a new number for this funding, or create a custom numbering scheme for this funding and future funding.
       Notes
      • If you plan to create multiple funding, Procore assigns new numbers in sequential order. For example; 1, 2, 3, and so on. 
      • To use a custom numbering scheme, enter any set of alphanumeric characters. Procore assigns numbers in sequential order using your scheme. For example, enter F-1, F-01, or F-001. 
    • Title
      Enter a descriptive name for the funding.
    • Owner/Client
      Select the owner or client from the drop-down list.
    • Architect/Engineer
      Select the lead architect for the project from the drop-down list.
    • Contractor
      Select the contractor hired to manage the construction project.
    • Status
      Select the current status of the funding. Options include Draft, Out for Bid, Out for Signature, Approved, Complete, or Terminated.
      Note: 
      To create change orders and invoices, the funding's status must be set to Approved or Complete.
    • Executed
      Place a mark in this check box if the funding has been fully executed.
    • Make this Visible Only to Administrators and the Following Users
      Place a mark in this check box to limit visibility to users with 'Admin' permission and any users designated in the 'Allow These Users to See SOV Items' checkbox.
    • Allow These Users to See SOV Items
      Mark this check box and select one (1) or multiple users who have 'Read Only' or 'Standard' level permissions on the Funding tool from the drop-down list.
    • Default Retainage
      Enter a percentage amount to represent the retainage amount for your funding's SOV line items. For example, enter: 10%
    • Description
      Enter a more detailed description of your funding.
    • Attachments
      Attach any relevant files to your funding. For example, you might want to attach a digital copy of your signed funding.
  4. Under Funding Dates, do the following:
     Note
    An asterisk (*) below denotes a field that may be configured to show or hide in your project environment by an administrator on the Configure Settings page.
    • Date Created
      Shows the date the funding was created. You cannot change this date.
    • 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 configured on your project, Procore automatically updates the value in the 'Substantial Completion Date' column to match the 'Revised Substantial Completion Date' from each Funding Change Order (FCO) after each change order is 'Approved.'
    • Actual Completion Date
      Select the construction project's actual completion date.
    • Funding Date*
      Select the date from the calendar control. This represents the effective date of the funding, which is the date the funding goes into force. 
    • Signed Funding Received Date
      Select the date from the calendar control. This represents the date that the executed funding was received.
    • Execution Date*
      Select the date from the calendar control. This represents the date the funding was signed by all parties. 
    • Issued On Date*
      Select the date from the calendar control. This date represents the date the funding was issued to both parties.
    • Returned Date
      Select the date from the calendar control. 
    • 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 funding termination date is a date when all parties have met the funding's obligations and terms.
  5. Under Additional Information, do the following:
    • Inclusions. Specify any agreed-upon inclusions in the funding.
    • Exclusions. Specify any agreed-upon exclusions in the funding. 
  6. Click Create or Create & Email.
     Note
    If you clicked create earlier in this process, the Create and Create & Email button's labels are Save and Save & Email.

Repeat the steps above to create additional fundings.