On construction projects, there’s typically a retention held back from the contractor until the project is complete. Scott Moglia at Nonprofit GPS has a reminder in Don’ Forget about your Retainages:
Remember to pick up the liability for retainage on construction projects.
When I read his post, I pondered a moment and realized that if all of my clients were a baseball team, the lifetime team batting average for booking that liability when it exists is about 0.000.
Remember to look for, and record, retainages.
Read the full, short article.