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Fund Classes

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Choose the Lightbulb that opens the Tell Me feature icon, enter Fund Classes, and then choose the related link.  Alternatively look in the Supporting Information main menu action group.

Fund classes define the net asset groupings desired for closing revenues and expenses to the net asset section of your balance sheet accounts.. Donors will often restrict the way their donation may be spent. In order to meet your compliance obligation you will want to set those restricted funds aside and account for them separately within your chart of accounts.

Fundamentals allows for multiple fund classes so that you are always able to report on each source of funding whether or not that source is restricted in any way.

You will want to fill in the Fund Classes form completely and accurately to make sure tracking funds is automated correctly from the start. This chart should help you do so:

FIELDSDESCRIPTION
CodeTraditionally these were used to specify the three older formats (TEMPORARILY RESTRICTED, UNRESTRICTED & PERMANENTLY RESTRICTED). (E.g. TEMP, PERM, UNRESTRICT)

With the 2019 FASB changes, these codes can now be used more flexibly to define the grouping desired in the net asset action of the chart of accounts, such as board designated, donor advised, general, investments, endowments, fixed assets, etc.)
DescriptionEnter a meaningful description for this class code.
Net Asset Account No.Enter the G/L Account on the Statement of Financial Position to which revenues and expenses are closed
at year end. NOTE: These are used by Close Income Statement to generate the balance sheet entries.
Net Asset RestrictionSelect the grouping for the Statement of Activities based on whether restrictions have been imposed.
(With or Without Donor Restrictions)

As always, each column title has tooltip explanations of the fields you need to fill in.