Surety WIP Analysis Template and Guide

A work-in-progress schedule connects contract value, costs, billings, cash, backlog, estimated profit, and completion across active jobs. Its underwriting value depends on consistent definitions, reconciliation to source records, and review of changes—not the spreadsheet alone.

The downloadable template provides blank input rows, visible formulas, risk flags, and a portfolio summary. It contains no contractor or client data. Validate the accounting treatment, source information, and decision use with the appropriate finance, underwriting, and carrier authorities.

1. Reconcile contract and cost

Start with original contract value, approved change orders, cost incurred, and estimated cost to complete. The template calculates revised contract and estimated final cost, but the reviewer must validate source dates and approved versus pending changes.

2. Review completion and profit movement

Compare cost-based percent complete, earned revenue, estimated gross profit, margin, and changes from prior estimates. Material fade, gain, or inconsistent completion should lead to documented follow-up rather than an automatic conclusion.

3. Connect billing, cash, and backlog

Review billings to date, cash collected, over- or underbilling, remaining backlog, disputed amounts, retainage, and collection status in the context of contract terms and project stage.

4. Use portfolio context and human judgment

Aggregate backlog, expected profit, concentration, late projects, and incomplete inputs. A template supports preparation; underwriting appetite, capacity, indemnity, collateral, authority, and the final bond decision remain with authorized parties.

WIP review checklist

Schedule date and source are recorded

Projects reconcile to accounting records

Change orders are classified and supported

Cost to complete is current

Profit fade or gain is explained

Billings, cash, and backlog are reviewed

Late or incomplete projects are flagged

Underwriting judgment and follow-up are documented

Does this template calculate bonding capacity?

No. It organizes selected WIP information and directional flags. Capacity and final underwriting depend on the authorized party's full evidence, appetite, authority, program, and judgment.

Can the template replace the contractor's accounting records?

No. Inputs should be reconciled to the applicable accounting and project records, and calculation definitions should be validated before decision use.