Create Fundings

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. 

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

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

• Add the Fundings tool to Procore's Project Tools menu. See Add and Remove Project Tools.
• Configure the Fundings tool. See Configure Settings: Funding.

Steps

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

1. Navigate to the project's Funding tool.
2. Click Create Funding.
   
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.

Next Step

• Update the Schedule of Values on a Funding

See Also

• Are there any system limitations when projects have multiple fundings?