Does your unit ever process fund transfers from one gift fund to another? If so, see below for a few tips to keep in mind when processing these types of transactions:
- Gift fund transfers must be processed using the appropriate funds transfer account code (417001) and the appropriate rule code/journal type (104).
- The gift fund transfer must debit (+ Plus) the gift fund which the money is coming out of and credit (- Minus) the gift fund which the money is going into.
- Gift fund transfers made from a gift fund with a 4M fund type must credit another gift fund with a 4M fund type.
- Gift fund transfers must comply with the donor intent restrictions assigned to the funds involved in the transfer.
- For example, if a gift fund is restricted for scholarships, then transferring funding out of that fund and into an unrestricted gift fund would not be allowable.
For further details on this topic, refer to the Gift Fund Transfers job aid.
Contact
If you have additional questions, feel free to reach out to our subject matter experts in the Gift Funds section of UAFR’s Who to Ask list.
