The Foundation (Ledger 6) and the Endowment Fund (a subset of Ledger 7) endowment spending budgets are posted in the system for the new fiscal year in July. The general fund budgets for the new fiscal year are posted in July for Foundation projects.

Did you know that Balances in Foundation (Ledger 6) projects also roll forward annually? The process of rolling these balances forward at fiscal year-end is different from other fund sources at the university.

The beginning balance roll forward is a manual process completed with two entries made by Foundations Accounting and Investments (FAI):

First Entry

The first entry is made in late July to roll forward the system balance as of June 30 into the new fiscal year. Additionally, general fund budgets and endowment spending budgets for the new fiscal year are posted at this time.

Until this entry is made, Foundation projects will display a zero beginning balance in the WolfPack Reporting System (WRS). Activity within the fund (revenues and expenditures) will show in WRS in real time. To determine the balance in a Foundation project prior to beginning balances rolling forward, you will need to combine the prior fiscal year’s ending balance with the current fiscal year-to-date activity. This entry in late July affects all Foundation projects. Campus may proceed using the balances as reflected in WRS once this entry is made.

Second Entry

The second entry is made by December, once all audits have been completed. This entry consists of all year-end adjusting entries (period 998). This second entry involves very few projects and has minimal impact on campus operations.

FAI would like to remind the university community that Foundation and Endowment Fund spending budgets will be posted for the new fiscal year in July. Along with these new spending budgets, the current end-of-the-year balances will roll forward through a manual process performed by FAI in July. 

Need Help?

Please contact Sherry Ferguson in Foundations Accounting and Investments if you have any questions about your fund balances.