Project estimates
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There are two types of estimates Partial Payment Estimate. Final Payment Estimate. Project Estimates. The sponsor can sign the estimate prior to NDA review. But if NDA finds mistakes or problems with the estimate, it can slow the process down.

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Project Estimates

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Project estimates

There are two types of estimates

Partial Payment Estimate

Final Payment Estimate

Project Estimates


The sponsor can sign the estimate prior to nda review

The sponsor can sign the estimate prior to NDA review.

  • But if NDA finds mistakes or problems with the estimate, it can slow the process down.

  • Our Standard Operating Procedure is send the estimate to us for review before the sponsor signs.


Note until the grant is signed

Note: Until the Grant is signed...

  • After the “go letter” and until the Federal Grant is Signed.

  • The Sponsor spends their 7 percent. Usually the Consultant costs for the Design and Bidding Phase.


When is the grant executed

When is the Grant executed?

  • Usually a few weeks after the bid letting.


Partial payment estimates pre grant

Partial Payment Estimates pre-grant

  • Your consultant will prepare and sign the estimate, then submit 4 copies to NDA for review.

  • We review the estimate, then The State Airport Engineer (Diane) signs the estimate.

  • We send 3 copies of the estimate to you (the Sponsor) for your signature.

  • We suggest you pay the estimate and send one copy of it to the consultant with your payment.

  • Keep one copy of the estimate for your records.

  • Send the other copy back to our office.


Partial payment estimates after the grant

Partial Payment Estimates after-the-grant

  • Much the same except for the statement of cost. Your consultant will prepare and sign the estimate, then submit it to NDA for review.

  • Upon completion of NDA review, and if the amount due the sponsor is at least $10,000, we prepare a Statement of Cost. The State Airport Engineer (Diane) signs the estimate and the Statement of Cost. Both are sent to the sponsor for your signature.

  • You sign the them, and then…...


Distrubution is

Distrubution is:

Progress Estimate

  • Sign all copies

  • Keep 1 copy for your files

  • Send 1 copy along with your payment to the contractor or consultant

  • Return the other copy to NDA

    Statement of Cost (SOC)

  • Sign all copies

  • Keep 1 for your files

  • Return the other 3 copies to NDA


When we receive the signed soc

When we receive the Signed SOC..

  • NDA accounting section will process the Statement of Cost and funding will be sent to the sponsor.

  • The average time for an estimate to be paid to the sponsor after we receive the signed SOC is about 2 weeks.


What is the statement of cost

What is the Statement of Cost?

  • The Statement of Cost (SOC)is a tracking tool used by NDA and FAA to provide information on the project funds as of the date of the SOC.


The statement of cost tracks

The Statement of Cost, tracks…

  • Total amount paid to the contractor

  • Total amount paid to the consultant

  • Total amount paid to the sponsor

  • Amounts of any other costs, land for example

  • Costs for NDA administrative time

  • Any non-participating costs


Other costs

Other Costs

  • Depending on your project, there may be “other costs” .

  • Costs which your consultant may not know about or have access to. Therefore these costs would not be put on a normal progress estimate.

  • Some examples are ...


Other costs1

“Other Costs”

  • Costs for advertising The newspaper ad for Consultants The newspaper “Notice to Contractors”

  • Costs for legal fees Costs associated with a title opinion Costs associated with a land purchase


How to submit other costs

How to submit “Other Costs”

  • Generally you (the sponsor) will have to submit these costs to NDA with a letter explaining them.

  • Be sure to provide documentation of the cost, a receipt or proof of publication or a contract, etc.

  • Make copies of all of your documentation, then send the items to NDA


Final payment estimates

Final Payment Estimates

  • For a final payment estimate there are several additional steps to be taken and several items which must be submitted to NDA/FAA.

  • Those items are listed on the NDA form for final payment estimates in the handout.


Important to note

Important to note:

  • The final estimate will take longer to process.

  • Under the best of circumstances, this estimate will take a month to process.

  • If you have a large payment due the contractor, you may hear from him quite often before you get FAA funds.

  • We suggest that the amount for this estimate be kept as small as possible.


Electronic transfer of funds

Electronic Transfer of Funds

  • NDA will provide a form for the sponsor to use to apply for electronic transfer of funds.

  • It may be best to use a separate checking account,

  • It will help you manage these funds and keep them apart from other local funds.


We will need a copy of all cancelled checks

We will need a copy of all cancelled checks.

  • The copies can be submitted as you receive them from your bank or you may hold them all until the end of the project.

  • This is probably another good reason to have a separate bank account.


The audit

The Audit

  • If you receive $300,000 or more from FAA in a fiscal year, an audit is required

  • Your accountant must follow the Office of Management and Budget Circular, OMB Circular A-133.

  • Make sure your account is familiar with this.


Questions

Questions

  • About Progress Estimates?


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