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.
2. Click on TRANSACTION ENTRY.
3. The first way to correct would be to record a single transaction: Choose Non-Cash Historical Gift Transfer.
This method will adjust the historical gift/principal of a fund and have no cash impact.
4. Search for the endowment to which you want to apply the transfer.
5. Enter other applicable information, including amount, and click SAVE.
6. Choosing a period in which to record these transactions depends on whether or not the FAS-117/ASU 2016-14 reports are going to be utilized.
6.1. If the 117 reports or ASU reports will be used for the year-end audit, it may be helpful to make the changes as of the prior fiscal year.
6.2. If the reports will not be utilized, the adjustments can be made in the current posting period.
7. Going forward, historical gifts can be entered with the same value as what is recorded in donor database.
8. Then, use the REALIZED GAINS transaction type to record any value gained or loss during the sale of the stock.