If you are using an Owner's Rep workspace type, you have the ability to prepare an Owner Budget and a Your Budget. Use this article to understand the difference.

If your budget(s) will use a company Project Cost Codes template, the template should first be configured by your workspace Administrators.

If you are using an Owner's Rep workspace type, you will see a dropdown menu on your Master Project Budget allowing you to choose between the Owner Budget and Your Budget. When you open the Master Project Budget, the Owner Budget will open by default.

Owner Budget refers to the budget for the whole project. You are managing the project for the Owner, and the project budget will go here. All contracts for which the Owner is the contract holder will be tracked using the Owner budget. An Owner's Rep will almost always use the Owner Budget in INGENIOUS.

Your Budget refers to the budget for your specific scope of services. You can use Your Budget to track your own costs to complete your scope of services. For example, if you hire any consultants directly to perform some of the work included in your contract with the Owner, you could track their costs using Your Budget. Use of Your Budget is not required.

As an Owner's Rep, when you enter your contract with your client (the Owner), you will choose an Agreement Type: Advisory, Agency, or Principal. These Agreement Types affect the use of the Owner Budget and Your Budget.

Most of the projects managed in INGENIOUS have either an Advisory or Agency agreement type. In an Advisory or Agency agreement type, the vendor contracts are between the Owner and the vendors, with you, the Owner's Rep, acting as Advisor or Agent.

In this situation, the vendor contracts and your contract with the Owner will all be tracked using the Owner Budget.

You are the Owner's Rep. You have a contract with the Owner for $200,000 to provide project management services. You are managing the project in an advisory capacity.

Your contract with the Owner will be tracked on the Owner Budget.

All vendor contracts between the Owner and the vendors will also be tracked on the Owner Budget.

If you want to build a detailed budget for your $200,000 scope of services, you can do so using Your Budget. In this example, let's say you are hiring a consultant to help you with the project management services. The contract is between you and the consultant for $75,000. This contract would hit Your Budget since it is between you and the consultant. The Owner is not a contract holder.

If you are managing a contract in Principal, this means the Owner is hiring you, the Owner's Rep, to complete the whole project scope. The vendor contracts are between you and the vendor, instead of the Owner and the vendor.

In this situation, your contract with the Owner will be tracked using the Owner Budget.

The vendor contracts between you and the vendors will be tracked using Your Budget.

You are the Owner's Rep. You have a contract with the Owner for $10,000,000 to provide the full project scope via turnkey delivery.

Your contract with the Owner will be tracked on the Owner Budget.

All vendor contracts between you and the vendors will be tracked on Your Budget.

You hire a general contractor directly. The contract is between you, the Owner's Rep, and the general contractor. This contract will be tracked on Your Budget.

In summary, the use of the two budgets comes down to the contract holder:

If the Owner is the contract holder for a contract = use Owner Budget.

If you, the Owner's Rep, are the contract holder for a contract = use Your Budget.

Owner Budget is used to track the budget for the full project scope and is most frequently used in INGENIOUS.