XBRL Extension for Construction, Energy and Transportation
Steps for establishing pilot project:
Develop guidelines for establishing the parameters for veteran owned companies to secure bonding support.
Veteran Owned Company Underwriting Considerations
Company financial statement, company profile and “work on hand report” available in XBRL
Completion of US Department of Transportation (DOT) Bonding Education Program
Submission of a business plan
Acceptable credit score.
Project Underwriting Considerations
Solar installation contract under $500,000
Projects over $500,000 with minimal additional information.
Panel module supplier responsible for panel warranty.
Bonded panel module supply contract.
Support and contribute to training programs and projects that are appropriate for veteran owned firms.
Public agency establishes procurement policy that utilizes stnadards and XBRL/FIBO Data sets for core project data
XBRL Data Sets can then be utilized for import into surety underwriting systems
Standard contract and surety bond forms for installation of solar assets.
XBRL Data Sets can then be utilized for contract preparation, insurance policy issuance and electronic execution of standardized bond forms.
XBRL Data Sets can then be utilized for public agency contract administration, including access to project progress information by the surety in addition to compliance for the DATA Act.
Helping Veteran owned enterprises secure opportunities in the solar industry.
The potential of data interoperability for more effective and efficient processing of information across multiple industries and entities, public and private, can be demonstrated by focusing on helping veteran firms secure opportunities.
The objective is to make it so the veteran does not have to manually complete multiple applications, forms, reports and prequalification’s, all requiring basically the same redundant information, but instead can utilize XBRL Data Sets to send and/or upload the data.
Nothing more complicated than sending a V-Card, or an address file from Microsoft Outlook. Simple to export, simple to import.
As an example consider an entity that has maintains a database to help clients and companies get found with a public search tool when companies looking for veteran firms they can contract with. Once a veteran firm completes the sign up process for that database anybody searching for a veteran firm will receive the information about the company today in either text or spreadsheet format so they can be included in their subcontractor and/or vendor database for outreach efforts.
A company looking for companies will find all the companies that have registered, and can download the information for each of the companies, but will not have an easy way to get the information from the download into their subcontractor/vendor database other than by cut and paste, field by field, taking too much time and effort.
Imagine if the database were to make a third option available, an XBRL/FIBO company profile Data Set. The receiving entity could simply upload the one downloaded file for all the companies at once, and be done in seconds.
Not only would VetBiz help the veteran firm get better exposure, the resulting XBRL/FIBO data file, when universally adopted, could be used by the veteran for the following:
Prequalifying with general contractors
Applying for surety credit
Applying for bank credit
Applying for SBA support
Applying for credit with vendors and suppliers
Not that every application, form or report would use the exact same data, but there is enough overlap that the remaining data entry would be specific to the need, and not redundant. It would change the time and effort from excessive and redundant, to easy with additional information limited to the need.
XBRL-CET is working towards making that potential a reality for our veterans in collaboration with stakeholders by helping to establish the Data Sets.
Putting XBRL and FIBO standards into action
Having credit providers more flexible because project owners, like public facilities, provide monthly progress reports in XBRL for compliance with the DATA Act, but also to credit providers that offered easier credit terms based on the ability to monitor performance.
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