Chapter 24. Funds

Table of Contents

Create a fund
Allocate credits from funding sources to funds
Transfer credits between funds
Track balances and expenditures
Fund reporting
Edit a fund
Perform fiscal year close-out operation

Funds allow you to allocate credits toward specific purchases. In the funds interface, you can create funds; allocate credits from funding sources to funds; transfer money between funds; and apply fund tags to funds. Funds are created for a specific year, either fiscal or calendar. These funds are owned by org units. At the top of the funds interface, you can set a contextual org unit and year. The drop-down menu at the top of the screen enables you to focus on funds that are owned by specific organizational units during specific years.

Create a fund

  1. To create a new fund, click Admin → Server Administration → Acquisitions → Funds.
  2. Enter a name for the fund. No limits exist on the number of characters that can be entered in this field.
  3. Create a code for the fund. No limits exist on the number of characters that can be entered in this field.
  4. Enter a year for the fund. This can be a fiscal year or a calendar year. The format of the year is YYYY.
  5. Select an org unit from the drop-down menu. The org unit indicates the organizational units whose staff can use this fund. This menu is populated with the shortnames that you created for your libraries in the organizational units tree (See Admin → Server Administration → Organizational Units).

    Note

    The rule of parental inheritance applies to this list. See section

  6. Select a currency type from the drop-down menu. This menu is comprised of entries in the currency types menu. When a fund is applied to a line item or copy, the price of the item will be encumbered in the currency associated with the fund.
  7. Click the Active box to activate this fund. You cannot make purchases from this fund if it is not active.
  8. Enter a Balance Stop Percent. The balance stop percent prevents you from making purchases when only a specified amount of the fund remains. For example, if you want to spend 95 percent of your funds, leaving a five percent balance in the fund, then you would enter 95 in the field. When the fund reaches its balance stop percent, it will appear in red when you apply funds to copies.
  9. Enter a Balance Warning Percent. The balance warning percent gives you a warning that the fund is low. You can specify any percent. For example, if you want to spend 90 percent of your funds and be warned when the fund has only 10 percent of its balance remaining, then enter 90 in the field. When the fund reaches its balance warning percent, it will appear in yellow when you apply funds to copies.
  10. Check the Propagate box to propagate funds. When you propagate a fund, the ILS will create a new fund for the following fiscal year with the same parameters as your current fund. All of the settings transfer except for the year and the amount of money in the fund. Propagation occurs during the fiscal year close-out operation.
  11. Check the Rollover box if you want to roll over remaining funds into the same fund next year. You should also check this box if you only want to roll over encumbrances into next year’s fund.
  12. Click Save.