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Historical gifts in Fundriver incorrect due to the way stock transactions were processed.

Questions:  How can historical gift amounts in Fundriver be corrected to agree with gift records without impacting market values (already reconciled and aligned with current investment manager statements)?  What period should the corrections be made in?  How do we record stock gifts going forward?

1. There are two options for correcting historical gifts.  First, log in to Fundriver and click on ACTIVITY.

There are two options for correcting historical gifts.  First, log in to Fundriver and click on ACTIVITY.

2. Click on TRANSACTION ENTRY.

Click on TRANSACTION ENTRY.

3. The first way to correct would be to record a single transaction:  Choose Non-Cash Principal Transfer.

The first way to correct would be to record a single transaction:  Choose Non-Cash Principal Transfer.

This method will adjust the historical cost of a fund and have no cash impact.  

4. Search for the endowment to which you want to apply the transfer.

Search for the endowment to which you want to apply the transfer.

5. Enter other applicable information, including amount, and click SAVE.

Enter other applicable information, including amount, and click SAVE.

6. The second option for making this correction would be to record two transactions.  Using the steps above, create two transaction records, one with a type of HG CASH TRANSFER and one with a type of INTERNAL TRANSFER.  

The second option for making this correction would be to record two transactions.  Using the steps above, create two transaction records, one with a type of HG CASH TRANSFER and one with a type of INTERNAL TRANSFER.  

This approach is recommended if you want to show both sides of the journal entry (more transparent).

7. The INTERNAL TRANSFER would be for the same amount but opposite sign.  

The INTERNAL TRANSFER would be for the same amount but opposite sign.  

8. Choosing a period in which to record these transactions depends on whether or not the FAS-117 reports are going to be utilized.  

8.1. If the 117 reports will be used for the year end audit, it may be helpful to make the changes as of the prior fiscal year. The best way to do this would be to send a file to Fundriver with the correct historical gift amounts as of the prior fiscal year end and Fundriver will update.

8.2. If the reports will not be utilized, the adjustments can be made in the current posting period.

9. Going forward, historical gifts can be entered with the same value as what is recorded in donor database.  Use COPY FROM EXCEL to paste gift values and PROCESS transactions.

Going forward, historical gifts can be entered with the same value as what is recorded in donor database.  Use COPY FROM EXCEL to paste gift values and PROCESS transactions.

10. Then, use the REALIZED GAINS transaction type to record any value gained or loss during the sale of the stock.  

Then, use the REALIZED GAINS transaction type to record any value gained or loss during the sale of the stock.  

11. PASTE and PROCESS as above.

PASTE and PROCESS as above.
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