Adjusting a gift that crosses fiscal years

Melissa Worthington

Hello,

We need to change the fund on a gift that was made last fiscal year but are concerned how this will look as the adjustment is not made in the same fiscal year as the gift. Will this mess up our GL or is there a way to get around this?? Or is there no need for concern as we are just changing the fund on the gift??


Thank you in advance for your help! Please reply to missiworthington@comcast.net.


Thanks again!!

Missi Worthington

JoAnn Strommen

We would mark the gift adjustment to post with current date. And, yes, you would need to make a manual adjustment to financials for previous fiscal year. Guess how much mess it might cause would depend on several things like has board approved closed financials for previous year? Has an audit been completed?  These type of things happen.  I'd check with your auditor for best way to document.


Will send above to your email - most often replies posted here so others can comment also and others benefit if they have same question/issue.

Melissa Worthington

JoAnn,


Thanks so much for your quick response!  All makes sense.


Appreciate your help!

Missi