There are two options for closing a fund.
- Close a fund at year end
- Close a fund mid year
Close at Year End
- 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.
- Close the fund.
- See below for step-by-step instructions.
- 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, which is accessible when editing.
- These settings can be found in the Cash Management section of a fund, which is accessible when editing.
Close Mid-Year
- 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.
- Create a journal entry to move any remaining equity balances from the principal and spendable equity accounts to your default equity account.
- Close the fund.
- See below for step-by-step instructions.
- 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, which is accessible when editing.
- These settings can be found in the Cash Management section of a fund, which is accessible when editing.
CommunitySuite does not have the ability to merge funds. Instead, 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
Ensure you have read through the information above before proceeding.
- Navigate to the Funds page.
- Enter the fund name in the Search Fund field and select the Fund from the drop-down list.
- You can also click List in the left-side menu to view a list of all funds. Click the ID of the fund that you want to close.
- You can also click List in the left-side menu to view a list of all funds. Click the ID of the fund that you want to close.
- Click Close in the left-side menu.
- Change the Close Date if needed, and then click Close Fund.
A Fund Closed banner will display at the top of the fund.
Delete a Fund
Before a fund can be deleted, fund advisors, grant approvers, voucher approvers, and assigned fund fees must be removed. Funds cannot have any transactions associated with them either. If they do, close the fund instead.
- Navigate to the Funds page.
- Enter the fund name in the Search Fund field and select the Fund from the drop-down list.
- You can also click List in the left-side menu to view a list of all funds. Click the ID of the fund that you want to delete.
- You can also click List in the left-side menu to view a list of all funds. Click the ID of the fund that you want to delete.
- Click Delete in the left-side menu.
- Click [Yes] to confirm deleting the fund.
