Written by Erin Delehanty.
Have you spent too much? A foundation project is considered to be spent into deficit if expenditures of the project exceed your funds available at year end. The responsible party for each foundation project is required to ensure that projects do not get spent into deficit. Foundations Accounting & Investments (FAI) has created an easy campus report that will help you monitor spending throughout the year.
The Deficit Balance Report
The Foundations Accounting & Investments Financial Reports includes a Deficit Balance report. This report lists all projects with deficit balances for a particular foundation or by Department ID (OUC). This report should be run regularly to ensure that all projects are in good standing.
There are two ways to remedy a deficit balance in a project:
- Expenditures can be moved to another project of similar purpose
- Enhancement funds can be transferred to the deficit project, except for endowment income projects
For more information on deficit balances, please contact Michelle Phillips at mpphilli@ncsu.edu.