Fund Management¶
- Fund¶
A fund is an account to which a donor can contribute and receive contribution credit. There are specific use cases in which you will need to flag a contribution as non-tax-deductible. However, the major purposes of funds in TouchPoint are 1) to track giving for contribution statements, and 2) to get summary numbers to post into whatever you use for your general ledger. There are reports that will provide those summary numbers.
A fund can also be flagged as a pledge fund. This allows you to post donors’ pledges, and have contributions made toward that fund display (along with the amount of the pledge) in the pledge section of the donor’s statement.
See also
- Non-Tax-Deductible Contributions¶
An individual donation to a normal tax-deductible fund can be flagged as non-tax-deductible. Example: a donor-directed gift from a foundation could be entered on a donor’s record, but flagged as non-tax-deductible because the donor received the tax credit when he initially gave to the foundation.
See also
Caution
Funds are not used to track other types of income, such as bookstore sales. You should enter those totals into your general ledger, but not into TouchPoint. Online registration fees are Transactions, and will display in the Transactions Log. These fees are not associated with a fund. However, they are associated with the registrant and the event in TouchPoint.
See also
Add a New Fund¶
This can be done by any user with the Finance role.
- Step 1
Go to the Administration > Contributions > Management > Fund Management.
- Step 2
Select the green +Add Fund button and enter an integer (no more than 10 digits) for the new fund in the text box. Then press Submit. The number must be unique. In other words, you cannot create a new fund using an ID# for an existing fund. If you enter a fund ID that is already in use, you will see a message in red to that effect. Just enter a different integer.
Every database will have a fund ID 1. Do not remove this one, as it is required.
Note
If you do not see the ID that is already in use, check your Closed Funds.
- Step 3
Complete the details for the fund.
Enter the Name and Description.
Important
The Name and Description can be the same. The Description is what will display on contribution statements.
Check Pledge Fund? only if this fund is one to which people will make pledges.
We do not recommend flagging a fund as Non-Tax-Deductible. This is there to help with conversions.
Note
The other fields for the various accounting codes are not required. However, the Income Account Number will display on the Totals by Fund export Ledger Income to help you when entering the summary totals into your GL and it will display on the Totals by Fund Payment Type report (this is a SQL recipe you can add to your database).
Note
The Fund Management Role field is for use with fund-based finance roles. If you add a role to this field, contribution data for this fund will be visible to those with the role you enter.
See also
- Step 4
Press Save Fund.
Fund Sets¶
If you would like to run certain financial reports using a set of Funds instead of using all Funds, you can configure Fund Sets to group funds together.
The Description should indicate which Funds you are including. For example: The Fund Set named Budget and Campaign would include your Budget Fund and the Fund used for your Campaign. For some reports, the Fund ID is not seen. That is why naming the Fund Sets is important.
To create a Fund Set, follow these steps.
- Step 1
Go to the Administration > Contributions > Management > Fund Management.
- Step 2
Click the Fund Sets tab.
- Step 3
Click the green Add Fund Set button. A new row will be created with the Description of
New Fund Set.- Step 4
Click the
New Fund Settext and type in the appropriate Description for your new Fund Set.- Step 5
Click the drop down menu under the Funds column and select the Funds you want to include in this Fund Set.
The following standard reports will have a drop down menu for Fund Sets:
The following custom reports will also have this option:
Custom Statements and Fund Sets
If your church is using the CustomStatements code to create separate statements for different 501c3 groups in your database, those will automatically be presented as Fund Sets.
See also
Other Functions on Fund Management¶
All of these functions below, with the exception of changing the Default Fund, can be performed by any user with Finance role.
- Sort Column - for Fund Order
On the Fund List page, the Sort column will dictate the order the funds will appear in the Giving Summary section on a People Record. Funds with a sort order number will appear first, followed by the remaining funds in alphabetical order.
To add a fund to the list, click where you see Empty in the Sort column, and enter an integer and then click the blue checkmark.
To remove a fund from the online list, click the number in the Sort column and remove it. Then click the blue check-mark.
- Close a Fund
Go to Administration > Contributions > Manage > Fund Management and click in the Status field where you see Open for that fund. Select Closed and then click the blue check mark.
Note
Once a Fund has a Status of Closed, even if it had an online giving sort order, it will no longer display in the list of available Funds.
Also, once you close a fund, if a recurring gift has been set up for that Fund, all future transactions involving that Fund will cease. In other words, you will not have money coming out of a person’s account without an open Fund in which to apply it.
Tip
Before closing a Fund that has been available for online giving, it is important that you notify those using Recurring (Managed) Giving and let them know when you will be closing that fund. Give them instructions for updating their Recurring Giving to zero out the amount for the fund you are closing. You can use Search Builder to find those with Managed Giving.
See also
- Change the Default Fund
The default when creating new bundles will be Fund 1. However, if your General Operation/Tithe fund is not Fund ID 1, your System Admin can add the setting DefaultFundId to your database, and enter the Fund ID# for the correct fund. It must be a fund that stays open.
See also
Note
To make other changes to a fund, return to the Fund Management page, click the Edit button for that Fund and make the necessary changes.
See also
Latest Update |
**8/7/2024* |
Removed outdated verbiage on Sort Order