Adding Agency Funds liability amount to Balance Sheet
One of the functions of Community Foundations is to do the back office work for some of the not-for-profits in our area – as is the case for most of our agency funds. The balance sheet is used as an assets under management tool which is why we include our agency funds in our asset total BUT they are not our true assets which is the need for the liability number to show on the balance sheet. Our ability to print financials right out of our software is very important to us and is a requirement for our grantees to receive a grant from us. Please consider adding this capability to CommunitySuite. It will take away the need to provide our board with two sets of financials, one straight out of CommunitySuite and another that has been exported and adjusted to be correct.
Deb Pfledderer
shared this idea
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Anonymous
commented
I understand that there is a way to recognize the Agency liability at year-end. 2019 will be our first year-end so I haven't seen it work yet. It would be even more helpful is we could do so at least quarterly, so that our financial statements are consistent and easier to explain to our board and constituents.
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Alison Moeller
commented
I think so... would have to test to make sure it pulls through correctly...