Working with Financial Instruments

Owned by Taylor Mefford, created
Last updated: Aug 28, 2024
2 min read

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:

 

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.