How do I deactivate/close a fund?

The steps outlined below are for clients with standard database setup.  If you have a customized database please contact for assistance deactivating a fund.

To deactivate a fund, follow the steps below, and Fundriver will generate the entries to close out the fund's market value, historical gift, and units. Note: If you have pending transactions within the period that you are closing a fund, then Fundriver will not allow you to deactivate the fund. For clients that DO NOT want to deactivate a fund but need to accomplish the same as a deactivation by clearing out a fund's market value, historic gift and units, please refer to step 8.

A merge funds feature is available in Fundriver, although it is often recommended that a fund be deactivated and the value transferred instead of merging (to create a better audit trail).  Instructions on merging a fund are available in the Fundriver Knowledge Base under GENERAL SOFTWARE USE > MANAGING FUNDS.  

Note that closing an Endowed Fund will not close its linked Non-Pooled Fund.  Follow these same steps to deactivate a Non-Pooled fund.

1. Log in to Fundriver and click on ORGANIZE FUNDS.

3. Scroll to the bottom of the FUND PROFILE.

4. At the bottom of the FUND PROFILE, click the DEACTIVATE FUND button.

5. Click on CONTINUE to proceed with fund deactivation.

Below the CONTINUE button you will see the current historical gift and market values for the fund.  These are the values for which transactions will be created to zero out the fund.

6. To view the transactions that were created, click on the TRANSACTION HISTORY tab.

Once a fund is deactivated Fundriver will automatically create transactions to sell units to zero out the market value and historical gift of the fund for the fund’s prior period values. Deactivating a fund will create cash flow in the investment pool reconciliation.

Profile information for the deactivated fund will still be stored in your database for historical purposes.

If you are deactivating a Non Pooled Fund, Fundriver will automatically generate the necessary transactions to close the fund and these transactions will have no impact on your Endowed Pool reconciliation.  The Non-Pooled Fund will close once your Investment Activity is entered, and your current posting period is closed.

7. If needed, you can reactivate a fund by clicking the REACTIVATE FUND button at the bottom of the FUND PROFILE.

8. To transfer the historic gift and market value to another fund:

Navigate to ACTIVITY > TRANSACTION ENTRY.  You will be creating two or three new transactions to transfer the value from the old fund into a new fund.

Choose the TRANSACTION TYPE of EXTERNAL TRANSFER IN.  This will transfer in the market value from the closed fund.  Choose the ENDOWMENT that will be receiving the dollars and enter the INTERNAL TRANSFER amount from the TRANSACTION HISTORY screen above (record with opposite sign).

SAVE the transaction.

Next, transfer the historical gift using the HG/Cash Transfer TRANSACTION TYPE. Plug in amount that was generated when the first fund was closed (HG CASH TRANSFER on the TRANSACTION HISTORY screen above) but record it as a positive number.

SAVE the transaction.

If your organization tracks BOOK VALUE, you will also want to record a BOOK VALUE TRANSFER IN transaction (which will mirror the BOOK VALUE TRANSFER OUT transaction that was generated when the first fund closed).

Once the transfers have been made and the period posted, run a MARKET VALUES AND HISTORICAL GIFT report to make sure the fund values are reflected accordingly.

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  • 0
    Shelly May

    I followed the instructions step by step but it didn't work. I had to reactivate the fund to follow steps 8 on. And this did not show how to transfer one fund to different fund? I put in the fund that was being closed but none of the steps asked where the funds were being transferred to.

  • 0
    Cosley Campbell

    Hi Shelly, we are working with you in a support ticket :)

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