How should donor restricted funds be recorded?

All expenditures should be coded to operating funds (Fund 1100) as they are incurred.  Each department should accumulate a listing of expenses incurred that can be applied against the restricted fund balances within that department.   On a monthly basis, each department should submit an accounting of these expenses to the Director of Financial Reporting so that the funds can be released from restrictions.   When these funds are released from restrictions each department will receive a credit to their operating fund equal to the amount of expenses utilized against restricted funds.

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Article ID: 135034
Created
Wed 8/4/21 1:15 PM
Modified
Mon 8/16/21 2:39 PM