What You Should Know
The Fund ChartField is used to track the source of funding.
The receipt and expenditure of different sources of funding, in some cases, allocations of money, are tracked with a unique Fund value. Similar types of Funds will be grouped into ranges that start with certain letters. Each funding source will have a unique identifier (except sponsored research and capital projects as they will use the Project ChartField).
The Fund ChartField contains 5 alpha numeric characters. Fund value consists of one alpha character to identify the type of Fund followed by four numeric characters.
ChartField Reference Guide
Learn more about the Fund ChartField by reviewing the Fund ChartField Reference Guide, which is updated monthly.
Fund Rollover & Carry Forward Balances
- All Funds, except General Fund (A0000), will have carry forward balances automatically computed in PeopleSoft and displayed on reports.
- General Fund (A0000) will not rollover. This means it will not display any beginning balances.
Fund Comingling (aka Pooled Funds)
We are moving toward improved stewardship and visibility of our Fund sources. This will mean disaggregating funds to ensure we can more easily manage our funds to the source. However, to convert our information we realize disaggregating can pose challenges to departments.
For the purposes of conversion, where we identify P/Gs where disaggregation is highly complex, we will convert these Project Grants to a pooled Fund. For example, some Endowed Fund P/Gs will convert to E9999, Pooled Endowment Expense Fund. We are still working out the details, but we expect in the future to transact to specific fund sources. More to come on this topic.
Fund Assignment & Fund Transfer
Fund assignments (using an Assignment Journal) and fund transfers (using a Transfer Journals) are used to move an existing balance from one chartstring to another chartstring in Prime Financials. While a Fund may show zero balance within your department, there may be a balance in that Fund in another department elsewhere in the University. As long as there is any balance, a Fund cannot be closed. In your example, you’ve moved the money in the Fund from your department to another department, so there is still an existing balance and the Fund would not be closed. Additionally, in Prime Financials the spendable portion of an invested fund shares the same Fund as the invested principal. Therefore, even if the spendable balance is zero, to the extent there is a balance in the principle, the fund will not be closed. The fund can be closed only if the invested shares are liquidated, and the earnings fully depleted.
Faculty Startup Funds
Today, “faculty startups” often held in a single named Project Grants, sourced by a pool of many distinct funds. For conversion mapping purposes, we generally will map these commingled P/Gs to the respective Department, differentiated by a Program that corresponds to the Faculty member’s name on the existing P/G, in one Fund called “Faculty Startup Fund.”
Departmental Discretionary Gifts
General Department Support Gifts
Currently it is difficult for departments or central offices to report on expendable gifts that are given for general support of a department, with no other use restrictions, because there is no common coding scheme or identifier for such gifts. With Prime, all such gifts will be posted to a single fund, B0001, differentiated by Department.
More Restricted Term Gifts
Gifts that have additional donor-imposed purpose restrictions (beyond general support of a department)--or that have special donor reporting or stewardship requirements--will be posted to specific BXXXX fund numbers.
Secondary Pool (082)
The Secondary Pool was closed out on January 1, 2014, with many balances being closed even before that date. In general, balances will be returned to their Fund 20 source P/Gs (usually Endowment Fund). Those P/Gs are being identified and mapped during our departmental meetings.