Tracking Your Foundation Project Balances

Written by Michelle Phillips.

At this time every year, we begin reviewing project balances and ensure foundation projects are not in deficit, which means expenditures of the project exceed funds available at the end of the year. The responsible party for each foundation project should ensure that projects are not in a deficit. 

Available Tools

To assist you in this task, we encourage the review of project balances throughout the year. Around May each year, we recommend referring to the Procurement and Business Services Year End Planning Guide, which will be helpful in resolving issues with expenditures prior to June 30.

The OMAR Reconciliation and Tracking Guide can also assist you with reviewing and resolving discrepancies within your Project IDs.

The Foundations Accounting and Investments Financial Reports include a Deficit Balances report. This report lists all projects with deficit balances for a particular foundation or by Department ID (OUC) range. This report should be run regularly to ensure that all project expenditures are within the allotted budget.

To learn how to create the deficit balances report or how to correct a deficit balance, please refer to this article

Need Help?

For more information on deficit balances, please contact Michelle Phillips at mpphilli@ncsu.edu.