How do I create an interfund gift and grant?

Select the View menu, and then select Interfund Module. This is called the Interfund Module, but it is just a tool that allows you to create both an Interfund gift and grant at the same time.

1. To create a new Interfund gift/grant, click on the red New Interfund Transfer icon on the top right.
2. Enter the amount of the Interfund.
3. Enter a batch description, if desired.
4. Enter a description of the transfer.
5. Enter the Fund ID of the fund giving the money.
6. Enter the Grantee's ID code. 
7. Enter the Grant Date.
8. Choose your payment option.
   1. Choose the Print Check option,  if a physical check is needed (e.g. if you need to physically transfer money from one bank account to another). 
   2. Choose Automatic Payment option, if you do not need a physical check and enter a check number (this will automatically apply a hand check to the grant voucher in Accounts Payable). We recommend you check Use Grant Number for the payment number. This gives you a unique 'check' number matching the Grant Number for reference. *Important, inputting an already used check number or not typing a check number can create errors and make it unable for you to post the interfund entry.
9. Enter the Payment Date.
10. Enter the Fund ID of the fund receiving the money.
11. Enter the Donor's ID code. 
12. Enter the Gift Date.
13. Optionally you can send email notifications to your grant, gift and finance staff that the Interfund has been created.
14. Select Create to create the Interfund so you can add additional information or for others to review before posting. Or if you want to process immediately, click Create Edit/Post to create the Interfund and post it to gift history, application history, accounts payable and the general ledger.

Note: You must create and post the Interfund from the Interfund module. If you create the Interfund, you can see it in the unposted gifts and applications tabs, but you cannot process it from those tabs in the regular Gift and Grant modules.  

When you run the Edit and Post report, you will be able to Post the Interfund from the menu-bar at the top of the report as long as there are no errors. The Gift Edit Report is displayed first, followed by the Application Edit Report. When you click on Post Interfund, you will be posting the Interfund to Gift History and to Application History, and then the Interfund Posting report will open.  

From the Interfund Posting report, you can first Edit & Post Gifts in G/L from the menu-bar at the top of the report and then Edit & Post Grant Vouchers in A/P.

Tip: If you accidentally close this report before you finish posting, the General Ledger entries for the Gift will be sitting in the Journal Entry tab in the General Ledger module and the Grant Voucher will be sitting in Item Entry in the Accounts Payable module.

Setting up Profiles for Interfund Transfers:

Option 1: Setup a profile with either a donor record or a grantee record for each fund that makes Interfund Gifts or receives Interfund Grants.

• Advantage: The donor fund name or grantee fund name is clearly identified on all gift reports, grant reports, and donor statements.
• Disadvantage: You need to setup profiles for any Fund who gives money to or receives money from any other fund.

Option 2: Setup a single "dummy" profile with a donor record with the name Interfund Gifts and setup another single "dummy" profile with a grantee record with the name Interfund Grants.

• ADVANTAGE: You will not need to setup profiles for any Fund who gives money to or receives money from any other fund.
• DISADVANTAGE: The donor fund name or grantee fund name is NOT clearly identified on all gift reports, grant reports and donor statements.

Most organizations use Option 1 and this is our suggested approach.

Tip: If your Fund ID's are alphanumeric like Adam1, when creating the profile for the Adam Fund Interfund Gift and Grant, change the profile idcode before saving to adam1.  This will shift all the Interfund profiles together in an alphabetical vs numberic section of the profile list and it will make many reports and processes easier because the same value is used for both the fund id and the profile id.