Working with Financial Instruments
- Taylor Mefford
- Megan Sproul
Overview
A Financial Instrument is collateral in the form of a surety bond, certificate of deposit, corporate guarantee, letter of credit, deposit account, insurance policy, or other form of funding that can be drawn upon in the event it is needed.
Each financial instrument may allocate a portion of the available funds to the various cost estimates described previously. These portions are known as financial responsibility Coverage Amounts.
Creating a Financial Instrument Record
To create a Financial Instrument, navigate to the Instruments Tab of the correlating Financial Assurance record and click Add Instrument:
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Then, input correlating instrument data; see the below table for details.
Note - multiple Financial Instruments can be added to satisfy the over Financial Assurance total.
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Financial Instrument Fields
Field Name | Description |
|---|---|
Instrument Type | The form of FR collateral, such as a surety bond, certificate of deposit, corporate guarantee, letter of credit, deposit account, mortgage of real estate, etc. |
Instrument Number | Check number, account number, mortgage/loan number, etc. specific to the selected Instrument Type. |
Issued By | Issuer of the Instrument |
Provided By | Provider of the Instrument |
Trustee | FR Trustee |
Amount | Dollar amount of the instrument (must match the total of Coverage Amounts, explained below) |
Coverage Amounts | Shows FR Coverage (dynamic depending on program area), liability type, and total coverage amount. |
Effective Date | Date when the Financial Instrument coverage is effective. |
Expired Date | Date when the Financial Instrument coverage expires. |
Release Date | Date when the Financial Instrument coverage was issued. |
Comments | Free-text field for adding any comments regarding Financial Instruments. |
Responsible Staff | The default internal user assigned from either the Permit or Compliance Action. |
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