How can I budget restricted funds? Our church wants to use restricted building funds received to pay the mortgage.
But it affects the income/expense report as it 'grabs" all the building restricted funds received, not just the $ used to pay the loan.
(we received 2010.00 and the loan pmt was 1462.00) So the income/expense reflects all the 2010 as budgeted, not just the part we used.
budget donor restricted funds
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Restricted Funds
If you set up the income as a restricted contribution, then when you pay the mortgage you would release the amount of the mortgage payment when you pay the payment. The balance of the restricted fund would then show the amount that remains. The mortgage payment would show up as an expense under the accounting fund you are using.
Another way to do this is to set up another accounting fund that would just be used for the building. You would then record income to this fund and pay all the expenses, mortgage payments from this fund. The fund balance will show you how much remains in the fund each month. You could budget income and expenses on this separate fund. The benefit of this is you can run reports that show income/expense reports for just the building funds.
Another way to do this is to set up another accounting fund that would just be used for the building. You would then record income to this fund and pay all the expenses, mortgage payments from this fund. The fund balance will show you how much remains in the fund each month. You could budget income and expenses on this separate fund. The benefit of this is you can run reports that show income/expense reports for just the building funds.