How to Use Construction Vouchers
Our Construction Voucher program is a convenient way to disburse funds for your construction project to your vendors. Here's how it works:
- Vouchers may be made payable to either a company or to an individual. All individuals or companies paid with a voucher must completely fill in and sign Section II on the back of the voucher. Additionally, Section I (Taxpayer and Identification Number and Certification) on the back of the voucher must be fully completed and signed. The information in Section I is required by the Internal Revenue Service. All vouchers presented for payment must have an original signature. For a company, the signatory must be company-authorized.
- To receive payment, the voucher may either be mailed, personally presented to the Construction Draw Department at our Bethel Station Branch, or you may also personally present it to any of our branches. If mailed, processing can take up to 36 hours. This turnaround time can be significantly reduced through direct deposit if the person or company re-deeming the voucher establishes a checking account with Timberland Bank. An invoice, purchase order or paid receipt may be requested.
- On the front of the voucher, you will see 12 areas in which to enter the line item number from your Construction Cost Breakdown along with the amount you are requesting to be paid for that specific line item. Although 12 "line item" and "$_______" areas are provided, they all may not be needed. You may, for example, only have three or four per a particular draw. By signing the back of the voucher, the redeemer is providing a lien waiver for that particular draw.
- The Construction Cost Breakdown will also be used in determining funds available for payment from any line item. If you have exceeded the amount allowed for light fixtures, for example, you may use the extra amount from another line item in which construction is completed. You may also use any unused funds in the "Miscellaneous" line item. Timberland Bank reserves the right to decline payment of a voucher issued for a line item for which there are insufficient funds available or is not checked off by our property inspector.
- On the front of the voucher, please fill in the address of where the home is being built.
- On the front of the voucher, please sign as the "Owner of Property."