The Office of Financial Services (OFS) would like to remind you to review the below activity transacted in your donor fund (fund range: 300000-699999) portfolios. Contact Emily Klingaman with questions about any donor fund administration matter and/or stop by OFS's Zoom Office Hours.
- Beginning balances. Did your FY2023 beginning balances post to the strings you wanted them to? Review them using the Transaction Listing with Balance Forward or the GLAM (for object codes 3720 and 3730) and let me know if any adjustments are needed. The reason a beginning balance may need adjusting is you used the fund at a more granular level than the org or tub that “owns” the fund (and they get to set the balance forward rule). Here is a link to our Balance Forward Type Guide.
Upcoming (August into early September)
- Income to endowment funds. The income is net of administrative fees and the amount will be either last year’s income increased 4.5% or an amount agreed upon by the Dean’s Office. (Income is posted in object code 4411 or 5920.) The transfers will start this week and go through the end of August.
- Interest. The FY2023 annual interest credit or debit will be 0.07% on your prior year balances. For endowment funds, OFS transfers interest manually and I will ask DAs and/or ADFs for coding after interest posts at the close of the JUL-22 period (end of August).