Managing Endowed Funds and Spendable Cash

Haley Whittemore

We currently track our different scholarships as different finds codes and then have accounts under those for cash, investments, etc. We are trying to figure out if there is a better way to track what is spendable for scholarships in our endowed fund. Right now the funds post from RE into an endowed fund cash account we called a 3 account. We then move those funds to investments and it moves it to an investment account under that fund. If we have funds to spend out of that we currently move it from that 3 cash account or 3 investment account to a “2” cash account. It is a lot of moving funds around. How does your organization track and manage endowed funds in FE with accounts and funds?

Laura Lehnen

Our funds are basically our types i.e. Unrestricted, Temp Restricted, Perm Restricted and then we use project numbers for each endowment. So for example, we have project 5025 for an endowment. The corpus would sit in 06-5025 as perm restricted and the spendable portion would be in 04-5025 temp restricted. Does that make sense?

Laura Vaughan

@Haley Whittemore
I have set up transfer accounts to better track cash movement within project codes.