***** NOT A TEACHER ****
Here is what two scholars say: "The verb must agree with the number [singular or plural] of the object [of the preposition "of"]."
Lots of people were there.
Lots of time was wasted.
Now I believe that you can answer your own question. (Hint: You know that we always say that "Money is necessary.")
Source: Madames Celce-Murcia and Larsen-Freeman, The Grammar Book / An ESL/EFL Teacher's Course (1983 edition).
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