Close a Fund

Written by Nick Miles

Last published at: July 16th, 2021

Overview

There are two scenarios for closing a fund: closing a fund mid-year, or closing a fund at the end of year. Please review the prerequisites below for the relevant scenario before proceeding to close the fund.

Close End of Year

  1. Verify the fund that you're closing has a zero dollar balance.
    • If the fund still has a balance, you'll need to create an internal grant or an interfund transfer to move the remaining assets out of the fund that you want to close.
  2. Close the fund.
  3. Exclude the fund from revenue share or give the fund's revenue share to another fund. These settings can be found in the Cash Management section of a fund (when editing the fund).   

Close Mid-Year

  1. Verify the fund that you're closing has a zero dollar balance.
    • If the fund still has a balance, you'll need to create an internal grant or an interfund transfer to move the remaining assets out of the fund that you want to close.
  2. Create a journal entry to move any remaining equity balances from the principal and spendable equity accounts to your default equity account.
  3. Close the fund.
  4. Exclude the fund from revenue share or give the fund's revenue share to another fund. These settings can be found in the Cash Management section of a fund (when editing the fund).


Please note that CommunitySuite does not have the ability to merge funds. As a workaround, you would need to transfer the assets from one fund to another, and close out the zero balance of the fund. Grant and donation history will remain on the fund record that those items originated from.


Close a Fund

Do not proceed unless you've read through the steps above.

  1. Select Funds from the Home page.
  2. Search for a Fund and select from the drop-down, or click List to select from a list of all funds.
  3. If you clicked List, select the ID of the fund that you want to close.
  4. Hover your cursor over the left-side menu, then scroll to the bottom and click Close.
  5. If needed, click the calendar icon to modify the Close Date, then click Close Fund.
  6. A Fund Closed banner will now display at the top of the fund.