Once approved of a proposed project, the District and MSBA can enter into an important and budget agreement defining the scope of the project, the budget, the timetable and MSBA`s possible participation in the project. As soon as the borough receives the approval and financial support of the municipality, the MSBA and the district enter into a project funding contract that also sets out the size, budget and timing of the project. Once a project funding contract is concluded, the District can begin submitting claims to the MSBA for project costs beyond the feasibility study. Based on the completed feasibility study and the steps outlined in Module 4 – Schematic Design, district and MSBA staff define and document the scope of the project, budget, schedule and financial participation of MSBA for transmission to MSBA`s Board of Directors for approval. The approval of MSBA`s Board of Directors provides for MSBA`s participation in the proposed project. Module 5 – Project funding provides instructions on the MSBA voting language and describes the steps the district requires to conclude a project framework agreement and project funding agreement with the MSBA. The borough should use Module 5 – the funding of the checklist for the closing of the project to ensure that all steps are completed. The City of Harvard is collaborating with the Massachusetts School Building Authority on the Hildreth Elementary School project. The Massachusetts School Building Authority (MSBA) cooperates with local communities to fund schools responsible for financial and educational policy. MSBA is a quasi-public authority that provides expertise in construction management, finance, auditing and administration to support Commonwealth school districts throughout the school construction process.
Please note this letter from the Local Services Department on project cash flow: Over its nine-year history, MSBA has provided more than $9.6 billion in rebates to cities, cities and regional school districts for school construction projects. Districts receive payments from the MSBA in case of fees. As the project is nearing completion and the contractor completes the cutout list and demobilizes the site, the district should begin the process of making MSBA make the final payment to the district. Once the district has submitted its final claim for payment and all items identified in the Index of Final Closeout, the MSBA can initiate the draft audit report and send it to the District for review. The MSBA conducts legal audits of the accounts to determine the final total amounts of the grants and to make the final payment. The MSBA Board of Directors votes to invite the district to enter this module on the basis of the declaration of interest for a project. The vote opens a 270-day period to allow the district to meet the requirements, including initial certification of compliance, the creation of a school construction committee, the filling of a questionnaire on the educational profile, the synthesis of existing maintenance practices, the registration of plans, the authorization of the municipality to continue and carry out the feasibility study agreement. Design, construction documentation and tendering: the District and its team continue to support the project and MSBA continues to monitor the project to ensure it remains on track and meets the expectations of both the District and MSBA, in accordance with the project funding agreement. The MSBA monitors projects on the basis of the total project budget during the design, design documentation and auction phases, using the MSBA comparative form, which must be updated by opM and included in each design presentation. After the contract was awarded, MSBA worked with the Landkreis and its advisors to develop a revised project budget that reflected the actual costs of the offer.