XBRL Extension for Construction, Energy and Transportation
The AGC Surety Connection Project at California State University Chico started in July 2004 when alumni K. Dixon Wright wanted to explore if a common application for a contractors management of the bidding process could help create open data standards that could be adopted.
The premise then, as it remains today, is that if common data standards could be universally adopted the significant increase in efficiency and reduction in administrative costs would have the greatest impact on small and emerging companies.
The original 2004 Memorandum of Understanding created the foundation for the project with the objective to establish an Interoperability R&D Facility that was financially self sustaining and be a resource for helping to foster open standards.
In 2009 Wells Fargo acquired the assets of North Cost Surety Insurance Services and North Coast Surety Technologies. Wells Fargo is very committed to community service and small business and recognized the development of open standards needed to be independent and non-commercial so the acquisition included the highly unusual component of keeping the project at CSU Chico active by supporting the formation of Surety Resource Connection to carry on the effort to improve access to surety credit for small and emerging companies.
The project was expanded with the 2011 Memorandum of Understanding with AGC of America, which remains as a central document for the collaboration effort that now involves many stakeholders.
In 2017 Wells Fargo Bank sold their Insurance unit to USI, and USI is continuing with the effort to improve access to surety credit for small and emerging companies.