Currently, we have about 15 funds ("Individual General," "Individual Capital," "Foundation General," "Foundation Capital," "Gala ticket purchase," "Gala donation," etc.). We organized the funds based on our GL accounts to make the translation from Tess to our accounting software as simple as possible. This way, the "GL Summary Report" at the bottom of each posting report will tell our accounting dept. exactly where to enter the gifts. Am I correct that the only way to direct a gift to a specific GL is through the fund?
Our finance department thinks of funds more broadly than the way we have them currently set up in Tess. They would like to have only three funds: Annual, Capital, and Endowment. This may just be the difference between the accounting definition vs. the development definition of "funds." Our one concern is that if we limit the number of funds, we'd also be limiting the number of GLs. Fewer GLs would make it harder for our accounting clerk to know from the posting report where to enter the gifts in the accounting software.
How many funds do you have? If we were to cut back to three very broad funds, is there a way to direct a gift to the specific GL by using the campaigns?
Thanks in advance!
Hi Hannah,
We have recently restructured our development model and have increased the number of funds but also introduced the use of Contribution designation due to a change in the way our Philanthropy department wants to report and promote the Annual Appeal.
The fund is specific to the GL but you can have multiple funds per campaign
I have a basic working spreadsheet we used when working through the change if that may help?
Brenda