Invested Funds is responsible for overseeing the accounting for and compilation of financial reports on endowed, medical and contract college endowment, and similar funds. The staff is the liaison with the Investment Office, the Trust Office, Alumni Affairs and Development's Information Services Office, and units associated with endowment and similar fund accounts. Other areas of responsibility include the long-term investment pool (LTIP).
Investment Accounting focuses on true endowments, funds functioning as endowments, split interest agreements, endowment and similar funds assets, and liabilities.
Prior to the implementation of KFS, shares were calculated by the legacy general ledger system. Between July 2011 and June 2013, shares were managed using Microsoft Access. In July 2013, FUNDRIVER, a software application, was implemented to manage the Long-Term Investment Pool (LTIP) shares.
FUNDRIVER manages accounts at market value (MV) rather than "book" value. As a result, the monthly investment earnings will be booked to each general ledger account to bring the balance up to MV. The general ledger balance will reflect a one-month MV lag, with the exception of June 30.
Investments earnings consist of investment income, realized and unrealized gains/loss, net of fees. The activity will be posted to the following object codes: 3208 for funds funding as endowments (FFE) and true endowments (TE), and liability object codes – 2228 for deferred compensation and 2416 for funds held for others.
New features with FUNDRIVER:
The LTIP cutoff will remain the 25th of the month. If the 25th falls on a weekend or university holiday, the cutoff date will roll back to the previous business day, so that actual cash can be invested or withdrawn within the same month. Note: e-docs must be approved by the 25th of the month. Transactions approved after the 25th will fall into the next period. A period cycle runs between the 26th of the current month and the 25th of the following month.
General Accounting will post the following standard Excel reports from FUNDRIVER monthly:
As we become more familiar with additional reports they will be posted to the website. In addition, we will begin working on customized reports to include additional information that has been loaded but not included on the standard reports, like the org number.
- When the income account is initiated, the income account should be routed as “Ad-Hoc Recipients,” as an FYI to Bronwyn O’Brien. Once the income account has been approved, General Accounting will edit the new invested fund gift account with the newly created income account number.
- It is necessary to Ad-Hoc, FYI Bronwyn so that she can enter the income account to the invested fund account, because it impacts payout. Note that the income account that is entered in the Endowment Accounts Number field needs to be an existing KFS account before it can be entered.
- Fiscal Officer: smh44, Sue Hoadley
- Account Supervisor: as defined by the FTC/BSC director
- Account Manager: beo7, Bronwyn O’Brien
Please direct questions about this information to General Accounting.