Blog topic
Owner reporting
Pay applications, anticipated final cost, and the monthly report the board and the lender read.
Owner reportingHow to read a G702 and G703 pay application as an ownerThe G702 is the summary and the G703 is the evidence. Most owners sign the first without reading the second.Feb 21, 2026 · 4 minOwner reportingAnticipated final cost: the number that matters more than the GMPThe GMP tells you the most you can be asked to pay. Anticipated final cost tells you what you will probably pay. They are rarely the same number.Feb 18, 2026 · 4 minOwner reportingThe anticipated final cost waterfall, step by step from the GMPStart at the GMP. Subtract buyout savings, add change orders, adjust allowances, draw contingency. Each bar is a step the board can question.Feb 15, 2026 · 4 minOwner reportingWhy a trend line needs stored snapshots, not recalculated historyIf last month's figure is recomputed from today's registers, last month's figure no longer exists. The trend the board sees is a fiction.Feb 12, 2026 · 4 minOwner reportingWhat a monthly owner report should contain, in orderPosition first, then what moved, then what is open, then what needs a decision. A report in any other order makes the reader hunt for the point.Feb 9, 2026 · 4 minOwner reportingThe one page report for the board and the lenderNobody on a board reads page six. Put the GMP position, the forecast, the contingency dates and the decisions on one page, and let the rest be an appendix.Feb 6, 2026 · 4 minOwner reportingThe three source spreadsheet: why the owner's monthly position is rebuilt by handPay application, contractor's change log, owner's own notes. Three sources, three formats, one spreadsheet that someone rebuilds by hand every month.Feb 3, 2026 · 4 minOwner reportingThe cash flow S curve: planned against certified, with a forecastThree lines on one chart: what the contractor planned to bill, what has been certified, and where the remaining cost is expected to fall.Jan 31, 2026 · 4 minOwner reportingOver and under billing from the owner's side of the tableBilling ahead of the work is the contractor's cash strategy. On the owner's side it is an unsecured advance, and the only protection is reading the G703.Jan 28, 2026 · 4 minOwner reportingRetainage and the owner's ledger: recording what is held and when it releasesRetainage is money the owner holds against completion. Most owners know the rate and few know the balance by line or the release conditions in their own contract.Jan 25, 2026 · 4 minOwner reportingLender draw requests and the GMP position they depend onThe lender asks one question each month: is the remaining loan enough to finish. The answer comes from the owner's GMP ledger, not the pay application alone.Jan 22, 2026 · 4 minOwner reportingFlags raised and flags closed: a monthly list the board can act onA flag is not a problem. It is a rule that fired. Listing what was raised and what was closed each month turns the report into something a board can act on.Jan 19, 2026 · 4 minOwner reportingWhat to decide before the next report: the last page that matters mostA report that ends with a chart ends with nothing to do. End it with the decisions due, each with a name and a date, and the next month's report writes itself.Jan 16, 2026 · 4 minOwner reportingWhy owner reports should print the way they displayThe board pack is printed. The lender's file is a PDF. If the chart on screen becomes a blank box or a blurred image on paper, the report did not reach its reader.Jan 13, 2026 · 4 minOwner reportingA second ledger is not accounting and not a replacement for ProcoreAccounting records what was paid. Procore records what the contractor is doing. Neither records the owner's position on the GMP. That is the gap the second ledger fills.Jan 10, 2026 · 4 min
One next step
See the report your board would read.
Thirty minutes on a call. We generate the twelve page report on a fictional project and hand you the sample PDF.