New Gift/Endowment accounts are created in KFS
New accounts are created in the Kuali Financial System (KFS). From the Main Menu, Chart of Accounts channel, click on the Account link. Next, click on the Create New button to start a new account from scratch. Follow the guidelines below to ensure proper information is entered in these critical fields.
| Field/Action | Details | |
|---|---|---|
| 1. | UC Fund Number | When establishing new gift accounts for a new gift fund, save the pending account doc without a fund UC Fund to your Kuali Action List (use of the campus assigned default gift UC Fund number 90000 will be discontinued as of February 1, 2019.) |
| 2. | Account Title | The account title should briefly describe the account purpose. The account title may be designated by the donor, be sure to review any gift agreements. |
| 3. | Account Purpose |
The account purpose field is used to describe in detail the donor intended use of the gift funds. A complete and accurate account purpose will facilitate the selection of an appropriate account to which a gift can be posted. It will also aid in determining whether an expense transaction is appropriate on a particular account. The account purpose field should include a description of all restrictions placed on the gifts that will be recorded to that account so reviewers and approvers of financial and budgetary transactions can determine whether the expense is allowable on the particular gift fund and in accordance with the donor's wishes. NOTE: It is not necessary to include the term "various donors" in the account title or account purpose. A gift fund/account may receive gifts from multiple donors as long as the donor's intent for the activity/function the donation is to support matches that of the gift fund. It is the donor's intended purpose for the usage of the funds that is critical. |
| 4. | UC Account | It is important to associate the appropriate UC Account with any new KFS account that is established for a gift fund. Generally, donation accounts are restricted for general departmental research and instruction and a higher education function code of INST is appropriate (UC Accounts beginning with "40"). If university sponsored projects are conducted within the gift fund, then the higher education function code of ORES would be appropriate (UC Accounts beginning with "44"). Further information on UC Accounts can be found on the A&FR webpage. |
| 5. | Document Approval |
New gift accounts for new allocations are to be created in response to a request from Advancement Services, UCD Foundation, Accounting &Financial Reporting (A&FR) or your Development Office. You will be provided with the purpose information needed to properly establish the account. Once the account number and Account document number are provided to the account requestor, a new fund request will be submitted to A&FR along with back-up documentation. A&FR will establish the new UC Fund in KFS, then notify you of the fund number. The UC Fund number can then be added to the saved Account document and the document submitted. If there are no questions or issues, the Account doc can be approved upon receipt by A&FR. |