The steps outlined below are for clients with standard database setup. If you have a customized database, please contact support.balance@evertrue.com for assistance.

To close/deactivate a fund, follow the steps below and Balance will generate the entries to close out the fund's market value, historical gift, and units. 

Note: If you have pending transactions within the period that you are closing a fund, then Balance will NOT allow you to close the fund. 

1. Navigate to Funds on the left side panel in your database. Select the fund you'd like to close.
2. Click 'Fund Actions' in the top right corner, then select 'Close fund'. A pop-up window will ask you to confirm that you want to close the fund, hit 'Close fund' to confirm.

   

    

   

     
3. You'll then see a green banner confirming that the fund has been closed, and 'FUND CLOSED' will appear on the fund page as well. Once the period is closed, the fund will be closed too.

   

    
4. If you have pending transactions posted to the fund, Fundriver will not allow you to deactivate the fund. You'll see the red banner as shown below: 

   

    To continue closing the fund, you must do one of the following:
   1. Delete the current period transaction(s) on the fund (do so by going to Accounting> Fund Activity and searching for the fund).
      OR
   2. Deactivate the fund in the subsequent period.   
5. Once a fund is closed, Balance will automatically create system generated transactions to sell units, to zero out the market value, and to zero out the historical gift of the fund as of the prior period value. The transactions created by Balance will include a note of "Closing Endowment."  Closing a fund will create cash flow in the investment pool reconciliation. 
   
   You can view these system generated transactions by navigating to Accounting, entering in the Fund then hitting 'Load records'.

 You'll see the following transactions have been created:

• Non-Unitized Asset Transfer: This will generate for the total amount of non-unitized assets associated with this fund as of the last closed period. This impacts total market value but does not impact pooled market value.
• Internal Transfer: This will generate for the difference between the Market Value and the Historical Gift amount of the fund as of the last closed period. This impacts total market value, pooled market value, and book value.
• Cash Historical Gift Transfer: This will generate for the Historical Gift amount of the fund as of the last closed period. This impacts total market value, pooled market value, book value, and historical gift.
• Book Value Transfer Out: This will generate for the difference between the Market Value and the Book Value amount of the fund as of the last closed period. This impacts only book value.

Note: You cannot edit the transaction type or amount for these transactions. You can however edit the Journal date and Notes if desired.

Note: You cannot delete the system-generated transactions that are produced from closing a fund. If these entries need to be deleted, simply re-open the fund (see steps below). When a fund is re-opened, the system generated closing entries are erased.

 

Profile information for the deactivated fund will still be stored in your database for historical purposes.

If you are deactivating an Expendable Fund, Balance will automatically generate the necessary transactions to close the fund and these transactions will have no impact on your Endowed Pool reconciliation.  The Expendable Fund will close once your Investment Activity is entered, and your current posting period is closed.

Reopening a Fund

If needed, you can re-open a fund on the Fund page by clicking the 'Fund actions' button and selecting 'Reopen fund'.