Hello Development folk,
We are creating our Funds for some new Pledges. A common Pledge is to contribute to a special exhibition each year. Each exhibition has a separate Fund and GL.
Our challenge is how to enter a Pledge for a future year when the special exhibition is not known (so no Fund yet), but we are still accepting Pledges for the eventual exhibition.
My initial thought was to have a special Fund called Future Unannounced Exhibition Fund, and then adjust the Pledge when the exhibition is known and the GL/Fund exist.
However, changing the Fund for an existing Pledge seems not possible, and potentially not advisable.
How does your organisation manage similar scenarios?
Thanks all,
Nicholas
Hi Nicholas. At City Center we defer heavily to our Finance office. Any adjustments we would have to make in Tessitura would be changes they would have to make, too.
We currently have a fund for a future project that might change its name, but the fact that it is a unique fund will likely remain as is.
We have also in the past had programs start as part of another program before becoming its own thing in a second year. Our Finance office left that new program as is as part of the parent program's fund for the first year and changed nothing. So we did the same.
So basically create as many Future Unannounced Exhibition Funds as necessary, then re-name them instead of adjusting them.
-- Mike
Hi Nicholas
Not that I've done it, but could you create generic GL's and funds for each possible special exhibition - called "Special Exhibition 2014 # 1" or something like that - then just change the fund name when you know what it's going to be? Then you don't have to move any money around, unless you need to split pledges to multiple exhibitions??
Ken
Just wondering that since this for a Future Exhibition – wouldn’t this be something that will be temp restricted (it has both time and purpose). I don’t know what the GL structure but if you will be restricting this wouldn’t you be able to provide the Exhibit specific info when your un restrict?
For our new productions we have a single fund code set up with a basic GL minus the activity code that designates the production. We manually add the activity information when we add the pledge or release the funds.
Otherwise you could also have the pledge in the holding fund – and then adjust the entire pledge by reposting it once you have the new GL/Fund. The effect would be a “wash” on your GL
From: Tessitura Development Forum [mailto:forums-development@tessituranetwork.com] On Behalf Of Nicholas Hudson-EllisSent: Tuesday, December 11, 2012 5:55 PMTo: McKinley, LeslieSubject: [Tessitura Development Forum] Changing Fund for Pledge
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Wow, thank you everyone for the great suggestions.
The best approach sounds like creating multiple Funds with holding GLs to process the Pledges, then rename the Fund when required and change the GL's. As the previous contributions to the Fund were just recording receivables, this would still provide a clean history of income to the Fund.
Thanks again all!