We are proud of the third-party audits that demonstrate wise stewardship of donated funds and support for the Field Hall project.
Stewardship is defined as the “responsibility of overseeing and protecting something considered worth caring for and preserving.” Field Hall is committed to open and transparent communication with our donors and we listen carefully to feedback. We encourage our donors to get involved beyond a financial investment.
An unqualified audit opinion — or a “clean audit” — is a report by the auditor that the financial statements are a fair and accurate representation of an organization’s financial health. Field Hall is proud to share our audit reports, all of which are “clean audits” with no findings.
Philanthropy is based on voluntary action for the common good. It is a tradition of giving and sharing that is primary to the quality of life in all communities. To ensure that donors and prospective donors can have full confidence in supporting Field Arts & Events Hall, we affirm that all donors have these rights:
The Donor Bill of Rights was created by the American Association of Fund Raising Counsel (AAFRC), Association for Healthcare Philanthropy (AHP), the Association of Fundraising Professionals (AFP), and the Council for Advancement and Support of Education (CASE). It has been endorsed by numerous organizations.
What is a GMP?
A GMP, or a Guaranteed Maximum Price, is one of the most common pricing structures used by construction contractors. Under a GMP contract, the contractor is compensated for actual costs incurred, plus a fixed fee which covers risk. The contractor is responsible for any cost overruns, unless the GMP has been increased via formal change order that changes the scope of the project. The contractor builds in a contingency fee to reduce their risk and cover any unforeseen costs. In this case, the contract directs that distribution of the majority of any cost savings are returned to Field Hall, with a small portion being shared with Mortenson.
When is a GMP typically used?
A GMP is a good choice for large construction projects. The owner is aware of the cost of the project, the GMP, and can take comfort and security in knowing that the project will not exceed that amount. GMP is also beneficial if an owner prefers to work with a particular contractor for the entire length of the project.
What are the Benefits of using a GMP Construction Contract?
Since Field Hall leadership wished to be involved in the design and development of the project, GMP was a good choice. Owner participation ideally results in greater communication and understanding between the owner and the contractor. Because the contractor is involved early on in the process, the GMP construction contract is appealing to some owners because there is a sense of shared responsibility amongst the entire project team. All throughout the design phases of the project, our general contractors co-located themselves in the offices with our architects to efficiently collaborate on the design.