That's correct. Since we often receive the funding late, we will decide not to go ahead with a project, especially when we have not received confirmation and when we are told that if we spend the money, we will be assuming all the risks.
Take the example of a one-year project. If we receive funding in October, it is clear and obvious that we will not spend our own money to hire someone to see the project through from April to October. We don't have the money, the nerves or the resources to do that. Therefore, we have to work twice as hard. Of course, we need to hire two people, we will have to spend more money to get things more quickly. Clearly, projects often end up costing us more than we had banked on.