Written by Erin Delehanty.
Did you know that Balances in Foundation (Ledger 6) and the Endowment Fund (subset of Ledger 7) projects 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:
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.
Until this entry is made, Foundation and the University Endowment Fund 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 or University Endowment Fund project prior to beginning balances rolling forward, you will need to combine the prior fiscal year’s ending balance with current fiscal year-to-date activity. This entry in late July affects all Foundation and University Endowment Fund 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.