The steps outlined below are for clients with standard database setup. If you have a customized database please contact email@example.com for assistance merging a fund.
A merge funds feature is available in Fundriver, although it is often recommended that a fund be deactivated and the value transferred instead of merging (to create a better audit trail).
Instructions on deactivating a fund and transferring value are available can be found here
Funds must be in the same investment pool to be merged.
1. Go to ORGANIZE
, click on the MERGE FUNDS
2. Enter the fund that is to be closed and the one into which the fund will be merged. The merge will occur as of your last posting period.
Click MERGE to complete the process.
When you merge funds, make sure to follow the steps below to redirect the distributions that may be generated by the closing fund, if applicable.
3. Newer databases have a spending rule type called Percent Average V2:
If you assign your merged fund to a spending rule with this type, Fundriver will take the old history and include it in the spending calculation for the new fund. This will capture the combined Market Value for average values needed to determine spending.
If your database does not have a Percent Average V2 spending type, contact Support at firstname.lastname@example.org to determine if this can be added.
For older clients, please continue and follow steps 4 - 6 below. If you have Percent Average V2 spending type, you are done! No need to follow these additional steps.
4. A DISTRIBUTION RULE
needs to be set up on the fund that is being closed (either prior to or after fund closure, but before creating distributions). To add a DISTRIBUTION RULE
, navigate to the Fund Profile for the closing fund and expand the DISTRIBUTION ACCOUNT
tab. Click the green ADD
button to add a rule
5. Set up the distribution rule to DISTRIBUTE ALL
(as shown below--keep AMOUNT as 0.00). The INTERNAL DESTINATION
should have the name of the fund into which the closing fund will be merging.
If your organization utilizes a GL Export for distributions, the Destination ID, Fund, Program, and Project should mimic what is set up on the internal destination fund.
NOTE: It may be helpful to take a screen shot of the destination fund for your reference during this process.
In cases where the Destination, Fund, Project, etc. are already the same (due to how the DISTRIBUTION RULE was previously set up), then only the INTERNAL DESTINATION needs to be modified.
6. Once the DISTRIBUTION RULE
is set up for all funds being merged, distributions can be generated by navigating to ACTIVITY DISTRIBUTE
and creating distributions.