We make it easier for you to get your project built with funds control and escrow services provided through New England Funds Control, LLC (NEFC), a wholly owned subsidiary of ARB. Our specialized services to the construction industry give contractors and property owners confidence that they can count on timely funds disbursement as well as comprehensive lien release services.
How We Do It
New England Funds Control, LLC, (NEFC) provides disbursement control services to the surety and construction industries on residential, commercial and government construction projects. We help facilitate the surety to provide bonding by independently matching contract receivables with corresponding contract payables on a project by project basis. Typically construction funds are deposited from the lender or owner directly into our trust account. Funds are then disbursed to the various project vendors, suppliers, and contractors.
NEFC acts as the escrow agent for disbursement of all types of lending entities including banks, mortgage companies, surety companies, and private money lenders. With NEFC, contractors and property owners have the assurance of timely funds disbursement as well as comprehensive lien release services.
We have the tools and services to protect the project and the parties:
- NEFC Lien Releases protect our customers. These require information on labor and/or materials provided on the project and must accompany every voucher.
- NEFC Line Item Transfer Requests help manage overages, ensure that proper authorization accompanies transfers from one line item to another, and facilitate the transfer and management of contingency funds.
- NEFC Disbursements limit draws for overhead and supervision to the percentage of overall completion.
How We're Helping Our Funds Control and Escrow Services Clients
Detailed Reports Keep You on Track
Budget vs. Actual Reports: Shows every step of the construction progress. Provides complete details on payments made down to the line item.
Current Budget Summary/Detail Reports:: In the event of a line item transfer, this report shows the original versus the revised budget.
Voucher No./Check Register: Shows every detail—the who, what, when, where, why of any and all monies paid.
Accuracy and Ease For All Parties
- Prevents inappropriate disbursement of construction funds
- Accurately controls the disbursement of funds to the contractor, subcontractors, vendors, and suppliers
- Ensures that contractors are paid only after work is completed
- Tracks the construction budget/progress
- Provides lien releases
- Reduces exposure to bonding losses
- Details cost breakdown reporting and tracking
- Provides tax reporting for all contractors and sub-contractors
- Offers additional credibility to clients with trust fund accounting
- Adds a level of accountability
- Delivers assurance that funds are available for contractors, subcontractors, vendors, and suppliers
- Holds all construction funds in an escrow account
- NEFC is fully insured and bonded
Who to Contact
David V. Jean, CPA , CCIFP, CExP | ARB Principal
Funds Control and Escrow Services Practice Leader
In addition to service the construction industry with funds control and escrow services, David leads ARB’s real estate and construction practice group. His primary focus is on financial accounting and consulting for construction and real estate development companies. With an intensive involvement in the industry that spans nearly two decades, David’s commitment to staying on top of industry issues and trends is reflected in his board of directors service for the Associated Builders and Contractors of Maine and his Certified Construction Industry Financial Professional (CCIFP) designation in August, 2005.