Fringe Benefit Statements (FBS)
One of the most overlooked but important requirements of public works projects is Fringe Benefit Statements (FBS). These statements are a compliance necessity. Government contracts demand transparency. If your records don’t match up, you could face penalties, back payments, or worse, losing out on future bids.
​
Managing payroll is already challenging. However, when you add fringe benefits into the mix, things get even more complicated. Every dollar must be accounted for, and every benefit must be appropriately allocated. Be it health insurance, pension contributions, or apprenticeship training funds, contractors must document every fringe dollar spent on employees working on public projects. If you’re trying to handle this manually without the necessary knowledge, you risk costly mistakes.
​
At Prevailing Wisdom, we simplify the process of creating Fringe Benefit Statements (FBS), ensuring they are accurate and compliant. Our services eliminate the hassle of tracking, calculating, and reporting fringe benefits, making it a seamless experience for you.
Understanding Fringe Benefit Statements (FBS)
Fringe Benefit Statements break down every wage and non-wage benefit that an employee receives. These include:
​
-
Health and Welfare Benefits: Medical, dental, vision, and life insurance
-
Retirement Contributions: Pension plans, 401(k) contributions, and annuities
-
Training and Apprenticeship Funds: Payments made toward workforce development
-
Vacation and Holiday Pay: Employer contributions for time off
Submitting accurate Fringe Benefit Statements is compulsory for contractors working on government-funded projects. The Department of Labor and state agencies require proof that employees receive the correct compensation beyond their hourly wages.
​
Compiling these reports can be overwhelming, especially if managing multiple projects and payroll variations. One miscalculation can lead to significant compliance issues. That’s why a structured, reliable way to track and submit FBS is necessary to keep your business in good standing.
​
How Our Fringe Benefit Statements (FBS) Service Can Help
Handling Fringe Benefit Statements internally can quickly become a full-time job, pulling you away from managing your projects. Our FBS service eliminates the stress by making sure your reports are precise, compliant, and ready for submission.
​
We make compliance easy by handling the details that matter most. Our accurate data management tracks every fringe benefit down to the last dollar to meet state and federal requirements. Customized reports align with your payroll structure and the specific needs of each public agency.
​
If an agency ever questions your compliance, audit-ready documentation lets you have properly formatted, detailed records readily available. Instead of spending hours manually tracking benefits, our approach saves time and reduces costly errors.
​
When fringe benefits aren’t properly documented, you risk losing money. Overpayment, underpayment, and reporting mistakes can lead to financial penalties or legal action. With our service, you know that every fringe dollar is accounted for and reported correctly.
Why Choose Prevailing Wisdom?
At Prevailing Wisdom, we provide labor compliance solutions that keep contractors protected and ahead of the game. We know the ins and outs of public works requirements and we can help businesses stay compliant without the stress of handling everything in-house.
​
-
Compliance Expertise: Labor laws are constantly changing. Also, staying on top of regulations takes constant effort. We handle the details, so you don’t have to.
-
Dedicated Support: Questions about a report? Need help with an audit? Our team is here to assist whenever you need us.
-
Proactive Compliance Management: Instead of waiting for compliance issues to surface, we help prevent them before they become costly problems.
​
If you have any inquiries about our Fringe Benefit Statements service, feel free to contact us today.