renewable scholarships and spendable fund balances
We are having “timing challenges” with renewable scholarships that will be paid out over multiple years. At commitment, the general ledger properly records the amount of the full commitment, as an expense and a liability, but improperly, it also reduces the spendable fund balance. At payment of this liability, the spendable fund balance improperly goes untouched. We are continually correcting the spendable fund balances on all renewable scholarship funds (we have 22) with manual journal entries, as corrections are necessary at both commitment and payment. Please change the system’s “trigger” for reduction of the spendable balance to be at payment of the liability vs. at commitment of the liability. Prompt attention to this matter will be greatly appreciated!
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