Mission Funds Carryover to new year

[cbrown]

Neil, this is a sanity check question. We have Mission Donations carrying over year to year so we don’t lose donations that people have made. These are designated contributions and we have a mission account set up as a temporary restricted account. We carry these over in the fund balance account by being sure that the account does not close to 3110 unrestricted net assets. Are we following correct practices on this? Thanks.

[NeilZ]

Neil, this is a sanity check question. We have Mission Donations carrying over year to year so we don’t lose donations that people have made. These are designated contributions and we have a mission account set up as a temporary restricted account. We carry these over in the fund balance account by being sure that the account does not close to 3110 unrestricted net assets. Are we following correct practices on this? Thanks.

The fund balance account carries the balance over from year to year no matter if its restricted or not, however the income account only shows income for the current year. That said, in this case you have donor restrictions, what you are doing is correct as you want to keep this separate from normal operations funds.

Thus when you cut a check for missions you would click on the button for Release Restricted Funds on the invoice entry screen for the amount of the check.

[cbrown]

Thanks! Whaddya know, we’ve been doing it correctly! Thanks again.