A recent OOD memo provides guidance on managing gift awards with small balances, resulting in the ability for schools and units to transfer small fund balances (fund balances that are $100 or less) in order to close out gift funds.
What is changing?
In addition to the current cases where a donor fund may be prepared for closure (e.g., it has a zero balance or by donor request), school and unit contacts can now proactively request fund transfers of eligible small balances to then initiate closure of awards.
What is not changing?
There are no changes to the operational processes to make a fund transfer or close a PTA in PTA Manager. Once the balance reaches zero, financial staff responsible for gift award management still initiate the close-out of awards by coordinating with their contacts for sponsored funding. In the case of sponsored awards, the sponsor (donor) will still notify Stanford of its acceptance and sign-off on all reports, as required by the terms and conditions of the award.
Where can I learn more?
Financial staff responsible for gift award management may get in touch with their local contacts for non-sponsored funding and sponsored funding for additional guidance.
