Retire a Fund

Retire a Fund

Retiring a Fund allows you to deactivate the G/L accounts for a Fund, so that they will not be available for new transactions, and the Year End process will not create new General Ledger accounts for the Fund (as long as the account balance is zero).

Fund retirement does not prevent the use of a Fund in FIMS during the fiscal year it was retired. However, you will receive a warning if you use a retired Fund for Gift or Grant entry (“Fund was retired on mm/dd/yyyy”). There is also a warning on the Gift Edit report, Grant Edit report, and any Accounts Payable or General Ledger Edit reports that include transactions to the retired Fund with an apply date after the retirement date.

Note: The fiscal year of the retirement date is used when the General Ledger accounts for the Fund are set to inactive (even if it is different from the current fiscal year).

You can fully retire a Fund when its Fund Balance is zero.

You can also partially retire a Fund that still has a balance (early retirement). The G/L accounts will not be marked as inactive if there is still a balance, but you will receive a warning message when you select the Fund for Gift or Grant transactions. Once the Fund Balance is zero, you can re-run this utility to deactivate the G/L accounts.

You can also use this utility to re-activate a retired Fund and its G/L accounts.

Note: If a Fund that is nearing retirement has assets in an investment pool processed by FACTS, the Fund must be removed from the pool before it is fully retired (although the Fund Retirement utility can be run first for early retirement). Refer to Closing a Fund in a Pool in the FACTS module for more information.

1. In the Fund Management module, select File Maintenance > Retire a Fund. The Retire a Fund window opens.

Retire a Fund Window

2. In the Fund Being Retired field, enter the Fund ID of the Fund you want to retire. If you are not sure of the Fund ID, click the Lookup button (looks like a magnifying glass) next to this field and select the desired Fund.

3. In the Retirement Date field, enter the date when you want the retirement to take effect. The default value is today’s date.

Note: The fiscal year of the retirement date is used when the General Ledger accounts for the Fund are set to inactive (even if it is different from the current fiscal year).

4. Click OK. A message will appear to inform you of the total Fund Balance. If there is a balance, the message will also inform you that the G/L accounts cannot be marked as inactive.

Example: Retire a Fund Message (Fund with a Balance)


Example: Retire a Fund Message (Fund with Zero Balance)

5. Click OK. Another message appears asking if you are ready to retire the Fund. Click Yes to retire the Fund. A message appears to inform you that the Fund was retired and (if the Fund had a zero-balance) that the G/L accounts were deactivated.

Example: Fund Retired and Accounts Deactivated Message