A Fund Account is a "money bucket" - a way to keep up with payments that have special restrictions and limitations. You can have as many as needed and they can be Restricted or Unrestricted.
A restricted account is when donations are earmarked for a specific cause (scholarships, leadership programs, chapter-specific funds, etc.). Unrestricted funds can be used for the area of greatest need and usually cover operating expenses.
Funds must be added in ADMIN in order to populate on a Campaign and assigned to donations.
Add Fund Account to Compass
Top Navigation: ADMIN » Fundraising » Fund Accounts
Fund Account Fields (All bolded information is required):
- Account Code - Code assigned to Fund. Can be alphanumeric
- Name - Full name of Fund Account
- Description - What is this fund for?
- Abbreviation - Shorter but identifiable name for the Fund Account
- Restriction Type - 4 types of restrictions for funds
- Permanent - Money must always be used for a specific, defined cause
- Temporary - Fund hasn’t reached the threshold to be considered endowed
- Other - Catch All
- Unrestricted - Fund can be used for any purpose
- Account Type - added at conversion for your organization. Example: Scholarship/Restricted, etc.
- Tax Deductible - Yes/no
- Endowed - Is this an endowment fund?
- This indicates that you are only spending the earnings on this account. In theory, the account will be there forever since there’s a set principle amount (each group defines that minimum required for an endowed account)
- Open - A fund account needs to be open to tie money to it
- Active - Available to be tied to a Campaign
- Count in Cumulative Giving - Yes/No
- Count in Annual Giving - Yes/No
- General Ledger Number - If you'd like to match up the fund account to your master accounting program
- Associated Banks Account - Needed to process and deposit payments if OmegaFi processes the payment.
- Notes - any notes you would like to include about this specific account
Edit Fund Account
ADMIN » Fundraising » Fund Accounts » Desired Fund
Steps:
- Click into Desired Fund
- Update information
- Click "Update" to save changes
**Any changes will impact Fund Accounts retroactively.
Inactivating a Fund Account
ADMIN » Fundraising » Fund Accounts » Desired Fund
Inactivate a fund if you are not actively fundraising for it and/or if payments were applied. Click into the fund and switch the “Active” field, from “Yes” to “No”.
Delete Fund Account
ADMIN » Fundraising » Fund Accounts » Desired Fund
You can "Delete" a Fund Account if payments have not been tied to the Fund Account.
