Happy New Year! If your resolution is to stay ahead of fund maintenance, there's no better way to kick things off than by revisiting your fund's purpose. If it’s been over a year, it’s time to generate this list and tackle the task!
“Why should I review my fund list?”
Over time, staff turnover and retirements can lead to loss of knowledge, and the original purpose of a fund may not be known. While some funds, like donor-intentioned gift funds or existing grant project funds, are straightforward; others, like your 3E funds, may need more clarification.
When you established your 3E fund, you provided a description outlining the fund’s purpose, activities, and customers. Each time a transaction posts to this fund, it should align with this original purpose. If not, it should be moved to a more appropriate fund.
“What if the purpose of my 3E fund has evolved?”
Government Costing can assist in identifying rates and activities and determining if a new 3E fund is necessary. Our goal is to ensure compliance with policies and procedures and assist units with fund management.
Key Takeaway: Understand the purpose of each fund and only post transactions relevant to that purpose. If a transaction doesn’t fully relate to your 3E fund; reach out to System Government Costing and we will happily assist you.
Contact
As always, feel free to reach out to a member of the costing team for further assistance.
