MMeridian Build Finance
Accounts payable

Payables

An invoice is not permission to pay. Verified work creates eligibility; funding creates permission.

Invoice Received→
Work Verified→
Draw Eligible→
Draw Funded→
Payment Approved→
Paid
Invoices Submitted
$1,637,800
Not the same as cash required
Awaiting Work Verification
$415K
Verified / Waiting for Draw
$464K
Draw Submitted
$202K
Funded / Ready to Pay
$215K
Builder-Funded / Approval Required
$341K

Verification Escalation — Invoices Blocked Without PM Sign-off

12 invoices ($415,200) waiting on work verification · $100,200 at risk of missing the next draw

INV-4100ABC Framing3812 Lake Terrace$8,000
Escalated to Owner13d with Devon PriceDraw #1 Sep 18Waiver: Missing
INV-4107Pelican Paint & Finish2201 Cypress Bend$46,800
Escalated to Owner11d with Rachel KimBlocks Draw #9 in 7dWaiver: Received
INV-4157Gulf HVAC Services124 Oak Street$42,300
Escalated to Owner11d with Sarah EllisonDraw #4 Sep 3Waiver: Received
INV-4104Pelican Paint & Finish55 Heron Point$30,200
Escalated to Owner10d with Sarah EllisonDraw #3 Sep 4Waiver: Received
INV-4101Pelican Paint & Finish417 Willow Run$13,500
Escalated to Owner9d with Rachel KimDraw #5 Aug 28Waiver: Received
INV-4108Crescent Roofing330 Fairview Dr$52,400
Escalated to Ops7d with Mike AlvarezDraw #4 Sep 1Waiver: Received
INV-4158Riverside Tile & Stone78 Magnolia Court$47,900
Escalated to Ops7d with Devon PriceDraw #1 Oct 2Waiver: Received
INV-4105Crescent Roofing1450 Ridgewood$35,700
Escalated to Ops6d with Rachel KimDraw #2 Sep 15Waiver: Requested
INV-4102Crescent Roofing77 Sabine Circle$19,100
Escalated to Ops5d with Devon PriceDraw #1 Sep 22Waiver: Received
INV-4159Lakeview Drywall6 Live Oak Lane$53,400
Reminder sent3d with Rachel KimBlocks Draw #8 in 10dWaiver: Received
INV-4106ABC Framing714 Pine Street$41,300
On track2d with Mike AlvarezDraw #6 Aug 27Waiver: Received
INV-4103ABC Framing892 Magnolia Ave$24,600
On track1d with Sarah EllisonDraw #2 Sep 11Waiver: Received
Escalation ladder
  1. On trackDay 0

    Project Manager · Verification request delivered with photos and cost code

  2. Reminder sentDay 3+

    Project Manager · Automatic reminder + SMS; invoice flagged in PM queue

  3. Escalated to OpsDay 5+

    Ops Manager · Ops manager verifies in the field on the PM's behalf

  4. Escalated to OwnerDay 8+

    Owner / Controller · Owner decision: verify, partially approve, or pull from draw

Past reminder threshold10 invoices
Dollars stuck in verification$415,200
At risk of missing a draw$100,200

Weekly Payment Approval Run

Approvals due Aug 20 · $285,800 queued

55 Heron PointABC Framing$36,900
Work verified: YesWithin contract: YesLien waiver: ReceivedNot in a drawDraw funded: No
1450 RidgewoodPelican Paint & Finish$42,500
Work verified: YesWithin contract: YesLien waiver: ReceivedNot in a drawDraw funded: No
714 Pine StreetCrescent Roofing$48,000
Work verified: YesWithin contract: YesLien waiver: ReceivedNot in a drawDraw funded: No
2201 Cypress BendABC Framing$53,600
Work verified: YesWithin contract: YesLien waiver: ReceivedNot in a drawDraw funded: No
330 Fairview DrPelican Paint & Finish$13,100
Work verified: YesWithin contract: YesLien waiver: RequestedNot in a drawDraw funded: No
124 Oak StreetCrescent Roofing$18,700
Work verified: YesWithin contract: YesLien waiver: ReceivedNot in a drawDraw funded: No
78 Magnolia CourtHeritage Millwork$18,800
Work verified: YesWithin contract: YesLien waiver: ReceivedNot in a drawDraw funded: Yes
6 Live Oak LaneSouthshore Electric$24,300
Work verified: YesWithin contract: YesLien waiver: ReceivedNot in a drawDraw funded: Yes
19 Chestnut RowCypress Cabinets$29,900
Work verified: YesWithin contract: YesLien waiver: MissingNot in a drawDraw funded: Yes

Invoice Register

60 invoices

ABC Framing — INV-4100

3812 Lake Terrace · 01-100 Site & Foundation · submitted Aug 1

Verification Required
Invoice amount$8,000
Contract / PO value$17,000
Previously billed$2,600
Billed-to-date if approved62%
Funding sourceConstruction loan draw
Lien waiverMissing
Automated tests
  • Within contract amount
  • Budget available
  • Not a duplicate submission
  • No overbilling created
  • Change order not required
Supporting documentation
Invoice PDFPhotosSigned lien waiver

Verification Missing — Escalation Active

Sent toDevon Price on Aug 1
Days pending13 days
Current tierEscalated to Owner
Next drawDraw #1 · Sep 18

Until Devon Price confirms completed work, this invoice cannot become draw eligible and cannot be paid — it is excluded from Draw #1.

Work Verification

Sent to Devon Price — what percentage of site & foundation is actually complete?

60% complete
Verified earned value$10,200
Previously approved$2,600
Currently eligible$7,600
Invoice submitted$8,000
Overbilled$400

Payment Guardrail Triggered

Missing lien waiver
Vendor banking details changed in last 30 days

Approval Chain

Permanent audit trail

…
Project Manager · Devon PricePending

Verifies work is actually complete

…
Accounting · Lauren VancePending

Invoice, budget, contract, change orders, lien waiver, coding

–
Controller / Owner · Terry TullyNot required

Cash availability, timing, funding source

Payment Hold — Draw Not Funded

This cost is reimbursable by Draw #1 on Sep 18. Paying now uses operating cash.

Approval Thresholds

Each approver verifies something different

Under $5,000
PM work verification
$5,000 – $25,000
PMAccounting
Over $25,000
PMAccountingController / Owner

Nothing above a threshold reaches Ready to Pay until every required approval is recorded.

Payment Guardrails

Trigger extra approval regardless of amount

Work is not verifiedInvoice exceeds verified completionInvoice exceeds contract/POMissing approved change orderMissing lien waiverDraw has not fundedDuplicate invoiceVendor banking details recently changedPayment drops company below minimum cash reserveProject is over budgetVendor has a history of overbillingAmount materially differs from historical invoices

Liquidity Guard

Applied to every override

Cash on hand$612,000
Minimum preferred reserve$500,000
Headroom above reserve$112,000