Team and Club Funds
We are a private non-profit high school in the implementation process for FENXT. I'm trying to decide the best way to handle various accounts that it seems are not really Unrestricted (general operating fund) but not Restricted (by donors).
For example, the Baseball Team has their own “funds” because they hold fundraisers and then use the funds to pay for special equipment not in the school budget. The school does hold the funds for them in our bank account. We have multiple clubs and teams with their own “funds” - Prom Committee, Drama Club, etc. I do not want to include these amounts in our operating fund P&L.
In FENXT, I know we can set each of the clubs/teams up as Projects. I'm just trying to decide what Fund to use in FENXT for these Projects. Does anyone have any experience with this type of situation? Do you have a separate Fund? Include in Unrestricted Fund or Restricted Fund?
Comments
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@Jill Beltramea We have these funds as well. We call them Custodian Accounts, and we use projects to capture the funds for each club, etc. They are included in our unrestricted funds, but are considered a liability on our balance sheet.
Hope this helps.
2
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