Setting up Funds

[Amy Lee]

We use the below process to set up funds at CommunityGiving (CG).  Because we are always looking for ways to improve processes and procedures, I’d be interested to find out how others set up funds at their organizations.  Does one person do the entire process?  What software does your foundation use?  How long does it typically take your foundation to get the fully executed fund agreement back to the donor?

1. The Executive Director and/or the Director of Donor Relations works with the donor to create a fund.  After creating the fund, the donor will sign the fund agreement (this is sometimes done onsite and given to our staff right away or done offsite and mailed back to the office).

2. Once the partially signed fund agreement is returned to the office that, the New Fund Donor Information Form (a form used to write out details about the donor, what type of fund they are wanting, succession information, etc.), and whatever other documentation are gathered together and given to the Director of Finance and Investments.

3. The Director of Finance and Investments reviews the Fund Agreement and the other paperwork to complete the appropriate coding that will be entered into FIMS.

4. The Office and Events Coordinator sets up the fund in FIMS once the paperwork is received back from the Director of Finance and Investments.  After setting it up, the Office and Events Coordinator reaches out to the board chair and asks for his/her signature.  Once signed the President and CEO signs the Fund Agreement.  The fully executed Fund Agreement is scanned in along with the other paperwork and saved in the electronic fund folder.

5. Once set up is complete the fund paperwork is given to the CG Administrative Coordinator, here is where a letter is prepared for the donor to send the fully executed Fund Agreement back to them.  A paper folder with the fund documentation is also created and stored.

6.  At a later date, the Director of Community Programs reviews the funds that have been set up for any unique granting information.

The whole process (steps 1-5) typically takes 2-3 days (depending on timing of getting signatures).

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