3.2. Funding Sources

Last Updated 07/03/2023

What is a Funding Source?

Funding sources allow you to specify the sources that contribute monies to your fund(s). You can create as few or as many funding sources as you need. These can be used to track exact amounts for accounts in your general ledger. You can then use funds to track spending and purchases for specific collections.

Example funding sources might be:

A municipal allocation for your materials budget;
A trust fund used for collections;
A revolving account that is used to replace lost materials;
Grant funds to be used for collections.

Funding sources are not tied to fiscal or calendar years, so you can continue to add money to the same funding source over multiple years, e.g. County Funding. Alternatively, you can name funding sources by year, e.g. County Funding 2010 and County Funding 2011, and apply credits each year to the matching source.

Create a Funding Source

To create a funding source, from the Administration menu, select Acquisitions Administration.
On the Acquisitions Administration splash page, select Funding Sources.
Click the New Funding Source button.
Enter a funding source name. No limits exist on the number of characters that can be entered in this field.
Select an owner from the drop-down menu. The owner indicates the organizational unit(s) whose staff can use this funding source.
Create a code for the source. No limits exist on the number of characters that can be entered in this field.
Select a currency from the drop-down menu. This menu is populated from the choices in the Currency Types interface.
Click Save.

Note: The rule of parental inheritance applies to this list. For example, if a system is made the owner of a funding source, then users with appropriate permissions at the branches within the system could also use the funding source.

Apply Credits to Funding Sources

You must add money to the funding source before you can use it.

Click the hyperlinked name of the newly created funding source.
The Funding Source Details will appear. Click the Apply Credit button.
Enter the amount of money that the funding source contributes to the organization.
Enter a note, if desired. (This field is optional.)
Click Apply.

Allocate Credits to Funds

If you have already set up your funds (see the page on Funds), then you can then click the Allocate to Fund button to apply credits from a funding source to the intended fund(s). If you have not yet set up your funds, or you need to add a new one, you can allocate credits to funds from the funds interface.

To allocate credits to funds, click Allocate to Fund.
Enter the amount that you want to allocate.
Enter a note, if desired. (This field is optional.)
Click Apply.

Track Debits and Credits

You can track credits to and allocations from each funding source. These amounts are updated when credits and allocations are made in the Funding Source Details. Access the Funding Source Details by clicking on the hyperlinked name of the Funding Source.

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