American Fund Control - Fund Disbursement & Construction Inspection Service

CUSTOM SOFTWARE

AFC has developed a custom software program that provides full accounting for receipts and payments on each project. This information is made available to authorized parties. Each report lists information on funds available in each budget line item. Fund status can be monitored by Budget vs. Actual Report. It compares the balance of funds and amount paid to date with the original cost estimate. The Check History cross references vouchers paid on the project by voucher number, check number, date, amount and payee. AFC will provide reports regarding disbursements and remaining project funds immediately upon request of an authorized party.

DISBURSEMENTS

Service Cost Breakdown and Budget Line Items:

Upon receipt of the Voucher Book, the contractor or owner/builder receives a cost breakdown which lists the building categories by budget line item number. Also listed is the dollar amount available for each item based on the contractor’s or owner/builders information. All disbursements will be made from the budget line item directly related to each actual item category of construction.

Service & Lien Releases

To protect our customers, Lien releases require information on labor and/or materials provided on the project and must accompany every voucher.

Overruns

In the event of line item overages the owner/ builder must submit a Line Item Transfer Request.

Contingency Funds

Contingency funds may be transferred into budget line items with a Line Item Transfer Request. Reimbursement from contingency funds may be limited to the percentage of overall completion.

Overhead and Supervision Draws

Disbursement for supervision and overhead will be limited to the percentage of overall completion.

Request Forms

A Line Item Transfer Request Form allows funds to be transferred from line item to line item with proper authorization.

REPORTS

Budget vs. Actual

This report will show the client at each step of the construction progress payments that were made and the line item availability. This will show Borrower, Job Address, Loan Amount, Contractor, Account No.’s, Description, Revised Budget Amount, Vouchers Paid, Balance Available and % Available.

Current Budget Summary/Detail

This report shows the original budget versus the revised budget. The budget will be revised only if there has been a line item transfer. This will show Bank Loan No., Borrower, Loan Mount, Job Address, Contractor, Account No.’s, Budget Amount and Revised Budget.

Voucher No. /Check Register

The Voucher Number Summary Report shows Bank Loan No., Job Address, Borrower, Voucher No., Vendor, Date and Amount. The Check Register will show the Borrower, Check No., Check Date, Vendor, Voucher No. and Amount paid.