Money in a Board reserve or a Donor restricted Fund shows as Set aside. It can't be withdrawn until it's released. A release moves money from set aside to available in the same Fund. It never moves money to another Fund or out of the account.
Donor terms. In a donor-restricted Fund, a Primary Admin or Admin chooses Record donor terms. They enter the donor, what the money is for, whether that purpose must be met before release, and an optional date it can be used from, and attach the gift agreement (one to five files). A Fund can hold several sets of terms, each tracked separately. You can also add a reporting schedule so the app reminds you when a report to the donor is due.
Releasing money
- Open the Fund and choose Release set-aside money.
- Enter the amount and reason, and confirm the conditions are met. For donor money, attach proof that the conditions are met.
- A Bookkeeper's release waits for a Primary Admin or Admin to authorize it. If second approval is on, another Primary Admin, Admin or Approver must approve it too.
A release that isn't completed expires 14 days after it's prepared. If the donor's only condition is a date, you can schedule the release for that date, up to a year ahead.
Interest earned by set-aside money stays set aside in the same Fund.
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