How to Add a New Fund Record
What Is a Fund?What Is a Fund?
A fund is a repository for monies collected or to be collected for a specific financial purpose. An organization can have any number of funds, each for a specific financial purpose. For example, funds can be created to support church building and repair projects, scholarships, relief services, and the training of seminarians and lay ministers, to name a few.
The Fund setup lets you add a record for each of your organization's funds. The fund record provides pertinent details about the fund, including its start and end dates and tax-deductible status.
- Open the Funds page.
- In the upper-right, click
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(Add New Fund).
A new (blank) fund record is displayed. For descriptions of the fields, go to Fields in the Fund Record.
- On the left side of the form, enter details into the form fields. Note that an asterisk indicates required information.
- On the right side, complete the following:
- In the Designations section, indicate how designations to the fund should be expressed. Select one: Dollar Amounts or Percentages.
- Select the checkbox if the fund requires pledges.
- Select the checkbox if contributions to the fund are tax-deductible per IRS regulations.
- In the Refunds section, specify how refund and shortfalls payments are handled.
- Click
to save the new fund record.
The system adds the fund to the list on the Funds page. Now that a record for the fund is in your system, you can configure these additional properties for the newly added fund:
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