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Surety Source Fiduciary Inc. (“SSFI”)


Surety Source Fiduciary Inc. (“SSFI”) operates a Fund Administration company to contractors and developers in the Canadian construction industry specifically to support specialty bond programs.

SSFI acts as the Client’s internal disbursement administrator, and maintains all project funds in trust at a separate commercial bank account at a CDIC insured financial institution.

Prior to the issuance of a surety bond, we work directly with the client in setting-up a funds administration process. We then work with the client on each disbursement either wiring funds directly to the client and its sub-contractors, or issuing cheques. Each disbursement request is approved by the client before the disbursements are issued.

Unique Expertise : SSFI prides itself in providing innovative solutions for both common and complex requirements.

Timely : SSFI prides itself on ensuring that the fund administration process is handled on a timely basis meeting the specific needs of the client and his customers.

Easy : Straightforward forms, a streamlined process, knowledgeable personnel and direct communication makes dealing with SSFI very user friendly.



Services:

Funds Disbursement

Funds disbursement is a service whereby a contractor’s or developers accounts payable functions are outsourced and administered on a per project basis. The service offers bond companies , developers, contractors and subcontractors combined assurance that the received project funds are properly distributed against realized project expenses. This service can also provide the additional comfort needed to allow a bond company to increase an existing bond program.

Loss Mitigation

Funds disbursement ensures the necessary compliance that funds are properly managed for each specific project. By managing the project funds, early detection of potential problems can help minimize the possibility of payment disputes and ultimately claims.



Funds Administration – Questions & Answers

What is funds Administration?

Funds Administration, also known as Funds Control, is a service utilized by bond companies as a condition for their providing bonding to a contractor . It ensures that project funds, once obtained from the owner, are properly disbursed to fulfill the contractor’s corresponding contract obligations.

Who regulates SSFI and are they insured?

SSFI is a member of the Surety Source group of companies. SSFI is bonded against any fraudulent activity, and all funds are held in CDIC Bank accounts and overseen by a CPA/Chartered Accountant licensed in the Province of Ontario.

What is the cost for funds administration?

SSFI’s fees depend on a number of factors, including the type of job, the amount of the contract and the contractor's qualifications during the underwriting process.

How will the Principal's subcontractors and suppliers view SSFI’s involvement in issuing their payments?

The contractor’s name is printed on the issued cheques, and the processed cheques are forwarded to the contractor who will then be able to present the cheques to the appropriate payees. If SSFI is ever questioned by a vendor, we explain that we are the contractor’s disbursement service designed to eliminate the administrative burden from the contractor allowing them to concentrate on the project's completion.

What kind of turnaround time can the Principal expect?

In most instances, provided the contractor has forwarded a properly completed disbursement package SSFI can process and forward disbursement cheques within a day or two once the owner's funds are collected and available to SSFI.



Apply for Funds Control

To apply for funds control, please give us a call or send an email:

Phone – 1.866.209.2813 ext 201

E-mail – rgolberg@suretysource.ca

Bond Request Form

If you would like to discuss Bonding or inquire about a quote, please fill out this form and we will get back to you as soon as possible.

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