# What is the Statement of Milestones (SoM)?

All funded projects from Fund10 onwards are required to identify and document the key milestones of their project during the onboarding process before funds begin to be disbursed. This document is known as the Statement of Milestones and will be located in the [Milestone Module](https://milestones.projectcatalyst.io/). This new tool automates all processes for submitting, reviewing, approving, and managing the key milestones of a project throughout the project lifecycle.&#x20;

Milestone-based funding enables funded projects to lay out their critical path to delivering their promises, highlighting each key milestone, output, acceptance criteria, costs, and evidence of achievements. In this context, a milestone is an important event or action in a project or business journey that marks a crucial stage of progress. It is an essential reporting tool to inform the Catalyst team and the community about the project's progress.\
