Page 1 of 1
Restricted Donor Fund
Posted: Fri Jan 30, 2015 10:15 am
by kilpatrick
Hi!
When using a Restricted Donor Fund, and money is left over (such as a fundraiser for a project and collected more money than the cost), can you transfer the extra money into another fund, general fund, etc?
11.5 version
Tina
Kilpatrick Church
Re: Restricted Donor Fund
Posted: Fri Jan 30, 2015 12:49 pm
by NeilZ
kilpatrick wrote:Hi!
When using a Restricted Donor Fund, and money is left over (such as a fundraiser for a project and collected more money than the cost), can you transfer the extra money into another fund, general fund, etc?
11.5 version
Tina
Kilpatrick Church
Is this a totally different fund, and not a restricted income account under the main general fund using the same checking account?
In any case, pro grammatically it can be done, but I would get approval from any Finance or Audit Committee of the church, as they are the final say in such matters. Legally, since donor's contributed to a specified project; say replacing doors, if there's money left over they need to be informed on where the balance is going. Having your church board or Finance Committee make the decision, and then passing it on to the congregation is the proper way to go.
Re: Restricted Donor Fund
Posted: Mon Feb 02, 2015 9:14 am
by kilpatrick
Yes, it is using the same checking account. Thank you for the information, and our finance chair is the one wanting to make sure if this can be done while using the donor restrictive fund. They just want to make sure there are not donor restrictive funds out there with money left in them and not being used. If that happens, they wanted to make sure we could clean them up and use the money for something else that is needed. Again, we are just starting to use the donor restrictive funds part of the program and just want to be sure we understand all the aspects of it. Thank you again for the information!!