Endowment Fund Sub-Accounting

Endowment Fund Sub-Accounting

Endowment Sub-Accounting has become a very important area of our business over the past two decades because of its strong accounting similarity to the defined contribution recordkeeping we have been involved with since the early 1970s. Our endowment sub-accounting application has been so well-received that we recently heard from an existing client that the system is "the only application that works right at the bank." While that may be a bit of an overstatement, we certainly take pride in producing a system that has earned a compliment of that magnitude and has produced very satisfied clients.

Software Solution - ReSource

ReSource, our flagship sub-accounting application, is the answer for fund sub-accounting of Endowments, Planned Giving, Donor Accounting, and Pooled Income Funds for Colleges and Universities, Churches, Libraries, Municipalities, and other Non-Profit Organizations.

The system allows for the pooling of endowments for trust accounting purposes (and expense reduction), while retaining the details of the individual trusts (gifts) or sub-accounts for client and tax-reporting purposes. The system provides earnings and fee allocations, trust additions and distribution/spending processing, fund transfers, and fund reinvestment allocation. It also handles both unitized and cash-only funds and accommodates multiple money types include principal and income. Allocation methods allows for a wide variety of customization and are defined at the account level.

ReSource can be customized to process transaction interface files from a trust accounting system or other system delivering investment results. Comprehensive reporting including balancing reports, administrative reports, and statements are also included. The system can also be customized to generate output files for use by a tax-reporting entity or for client review purposes.

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Tax Processing

The sub-accounting system can be customized for the creation of formatted files for use by a tax-reporting entity. In addition, the system can be customized to produce the actual tax forms required by the IRS for the various account types.

Data Conversion

As with all our applications, our sub-accounting application has a powerful import engine for acquiring sub-accounting data from various input sources. This is helpful when converting new accounts, loading fees, or other detailed transactions by sub-account. We have also written custom interfaces for trust accounting systems, as well as custom extracts for clients that need access to the sub-accounting data. In addition, we also have experience in dealing with successor extract files for various trust accounting systems and can help you in conversion projects of that nature.