*Fundriver databases that have non-standard net asset classifications (or fund types) will take additional time to incorporate these updates. Clients with non-standard net asset classifications will be notified during the month of January 2018.
Net Asset Classifications
The Net Asset Classification configuration screen will be updated in Fundriver to include a column to comply with ASU 2016-14. The column is called FASB Restriction and will allow clients to assign their current net asset classifications (NACs) to the two new NACs: ‘With Donor Restriction’ and ‘Without Donor Restriction’. The images below show the current configuration as well as the updated configuration for net asset classifications. Please note that some databases have different terminology for net asset classifications. For example, Fund Type is another common term used in some databases.
View of net asset classification screen prior to update:
Note: The Code column will no longer be visible after the update. Please contact Fundriver client support if you are adding a new net asset classification to your database. The Code will need to be added by client support for the net asset classification to work properly.
View of net asset classification screen after the update:
IMPORTANT NOTE: When this screen is updated, clients will be responsible for assigning their current net asset classifications with a FASB Restriction. Options are ‘With Donor Restriction’, ‘Without Donor Restriction’ and ‘N/A’. See below for step by step instructions on how to do so.
Instructions to assign FASB Restrictions
1. Click on the Edit link next to the applicable net asset classification.
Please contact Support if you need help with this process.
A new suite of reports will be added to Fundriver. Per the reports directory below, you will be able to select from six new reports under the ASU 2016-14 reports suite.
Three of those reports will not show in the ASU 2016-14 reports suite until they are published. Please see this article for more info.
IMPORTANT NOTE: These reports are configured using the FASB Restriction on the Net Asset Classification screen as discussed above. The reports will not work properly if the FASB Restrictions have not been assigned to your net asset classifications.
Change in Endowment Net Assets (ASU 2016-14):
Note: Underwater funds are included under the With Donor Restrictions column per ASU 2016-14.
Detail Change in Endowment Net Assets (ASU 2016-14)
This report provides the underlying detail for the Change in Endowment Net Assets (ASU 2016-14) report. Investment return, net is broken out on this report.
Endowment Net Asset Composition by Type of Fund
Report breaks out net assets with donor restrictions between gifts/principal and accumulated earnings.
Restriction Summary (ASU 2016-14)
Updated version of the Restriction Summary report found under the FAS 117-1 report suite.
Underwater Funds Report (ASU 2016-14)
Report is grouped by FASB Restriction and includes a count. Totals on report can be used for footnote disclosure.
Underwater Spending Report
Report to help with footnote on spending policy surrounding underwater funds.
Please note that the FAS 117-1 reports will remain in client databases after the ASU 2016-14 update is rolled out in January.