Fund control procedures have been developed by Harvey J. Lawrence & Associates, Inc. to assure accuracy of reporting and for the maintenance of a lien free project. The controls include preliminary notice reconciliation assuring that lender proceeds are available for satisfying any legal right of lien.
Our fund control procedures include the issuance of joint checks between the general contractor and its subcontractors, sub-subcontractors and suppliers. Controlled accounts are established with the lender for the benefit of the general contractor requiring their endorsement before disbursement. No disbursements are made without prior owner consent. The fund control system is tracked in a spreadsheet format which clearly identifies all disbursements, lien positions and release status.
Support documentation is retained to verify all transactions including invoices, check request forms, releases and billing information.
Our account activity and fund control work is insured for errors, omissions and fidelity. This additional level of security provides our lenders and surety clients a comfort level unobtainable through our competitors, the value of which is incalculable. This is another area of service provided to better serve our clients.