Adding a new fund in akoyago
Before creating a new fund, verify that the fund does not already exist. You can do this by searching for the fund's name in the Dataverse search. You can also search the All Funds System View which you can access in Funds entity in the Fund Management workspace. This System View will show you both Active and Inactive Funds.
After verifying that the fund does not already exist, click the New button in the toolbar.
Finish completing the form fields. (See definitions of fund fields below.) Click the Save button in the toolbar when you’ve completed your changes to create the record.
*Please note you do not need to manually assign a Fund Code, as it is not necessary to group funds by their number; instead, use the Fund Class and Fund Type fields.
Click the three dots and choose + New DT Account at the top of the DT Account Subgrid found in the bottom corner of the fund record:
Add 1 or more DT Accounts for this fund.
DT Start date should always be filled in with the earliest date this fund has activity. If a new install, this is the date you went live in accounting. If a new fund, this is the earliest gift date. See DT Account Subgrid section below for more information.
*Be sure all DT percentages total to 100% for this fund. If they do not, you will receive an error when trying to fiscally transfer a payment or gift payment including this fund.
Funds should always be added/edited in the akoyaGO CRM interface! Funds are not added/edited in Business Central.
Note: When funds are added, the Financial Reports in Business Central must be updated.
Fund Designation Fields
The Fund Form contains several fields; following is a list of some key fields that are referenced throughout the system:
Fund Code: Fund number; this auto generated and required for all funds.
Fund Name: How the fund is referred to internally; required for all funds.
Formal Fund Name: How the fund is referred to externally. This is the name that will appear on checks and reports.
Fund Group: Indicates that the fund is part of group of funds for reporting or financial purposes.
Fund Anonymity: Indicates if the fund is anonymous in any capacity.
Department: Department is a segment of the foundation; often used for tracking affiliates or supporting organizations.
Endowed: If checked, signifies the fund is endowed and maintains a separate non-spendable and spendable net asset balance.
Fund Type: Used for categorization, especially in reporting.
Fund Class: Used for categorization, especially in reporting.
GOdonate
The following fields are only for organizations utilizing GOdonate.
- Enabled: If yes, this fund is enabled for giving in GOdonate.
- Title Slug: Optional. Used for simplifying URLs to specific funds.
GOFund
The following fields are only for organizations utilizing GOfund.
- Ignore Spendable Limit: When on, users will be able to recommend grant that exceed the fund's spendable amount.
- GOfund Spendable: Calculated field. This is the value in the Spendable field, minus the value in the Requests Pending field, minus any GOfund recommendations with a Request Status of Pending.
- Total Uncommitted Net Assets: Calculated field. This is the value of the Total Assets field, minus the value in the Requests Pending field, minus any GOfund recommendations with a Request Status of Pending.
- Hide Spendable Balance in GOfund: If yes, the fund's spendable balance will be hidden from the GOfund Fund Summary.
- Fund Statement Format: Choose from the list. Fund Statement Formats MUST be created in Business Central. This selection dictates the format that users will see in GOfund.
Fund Management
- Primary Fund Donor: Optional. If this fund has a primary donor, select them from the list. A donor record must exist, or create new.
- Primary Fund Contact: Recommended. Choose from a list of contacts.
- Foundation Staff Contact: For organizations utilizing GOfund. If this fund has a specific staff person who should be contacted with questions related to the GOfund portal, select that person here. Please note, this is a lookup to Users, not Contacts.
- Handling Note: Optional. This field is used for additional information about this fund that users will need to be periodically reminded of. The handling note will popup when the fund is selected in Gift and Requests, and it will display as a banner in the Gift or Request Payment records where the fund is used.
Fund financial Fields
The Fund Form contains several fields that impact financial processes:
Alternate JIA Fund: Alternate fund to receive joint investment allocation based on fund's balance in the pool(s).
Exclude from JIA: Check the box if this fund should not receive allocated investment earnings despite having a balance in the pool(s).
Alternate Fund Fee Fund: Alternate fund to receive administrative fee in place of fund.
Fee Percent: A percentage used to calculate the administrative fee for this fund. Not required if fund fee formula based on fund designation is in use.
Fee Amount: An amount used as the administrative fee for this fund. Not required if fund fee formula based on fund designation is in use.
Hide Spendable Balance in GOfund: If marked as "Yes" this fund's spendable balance should be hidden in GOfund on the Fund Summary.
Ignore Spendable Limit: When toggled on, allow users to recommend a grant in GOfund even if it would exceed their current available to spend.
Alternate Spendable Fund: Alternate fund to receive spendable allocation
Spend Percent: A percentage used to calculate the spendable amount allotted to this fund. Not required if spendable formula based on fund designation is in use.
Spendable Amount: An amount used as the spendable amount allotted to this fund. Not required if spendable formula based on fund designation is in use.
DT Account Subgrid: Directs the fund’s assets to its specific Joint Investment Income Allocation pool(s)/ or other asset account. This is REQUIRED for autobalance. See section below.
Fund Detail Fields
Fund Instrument: Dropdown selection for fund instrument
Established: Date the fund was established
Date Retired: Date the fund was retired or closed
Initial Amount: Currency field that indicates initial value of the gift that established the fund
Succession Plan: Note to capture succession plan noted for fund
Restricted Through: Date through which the fund is restricted
DT Account Subgrid
The Fund Form displays a subgrid for “DT Accounts” (investment pools/asset accounts in which the fund participates). To enlarge the subgrid, click on the 3 dots, see associated records.
Read more on DT Accounts.
Steps in Business Central to complete on setup of a new fund
After creating a new fund in akoyaGO CRM, you must update Business Central Reports to reflect this change.
To update a standard akoyaGO Financial Report, choose Reports > Financial Reports and select the report. Click the three dots and choose “Auto Generate akoyaGO Financial Report”
Then select the Report Type and choose whether to include Acct. Numbers. Then click “OK”
This should be done anytime a new fund or account is added. For nonstandard Financial Reports, you must edit the layout to add the new fund or account if new fund included in Financial Report totaling.