Within Fundriver, you have the ability to track non-unitized gifts/assets. These would be assets that belong to a specific fund but are not part of the investment pool. For example: real estate gifted to a specific fund. The value is added to the fund, but does not increase the fund's share of units. Therefore, earnings do not get allocated to the non-unitized asset. Non-unitized assets are included in the total market value of the pool. Whereas Expendable Funds are temporarily restricted funds not included in an endowment balance. Expendable Funds are typically tracked in a separate GLID. These funds sit in an accessible account (like a "checking account") where money is readily available and able to be spent.
To record the non-unitized asset's initial balance, enter a transaction type of “Non-Unitized Asset Transfer” on the TRANSACTION ENTRY screen under ACTIVITY (show below). The Non-Unitized Asset Transfer transaction type does not impact your cash reconciliation or ending pooled market value.
Below is an example of how the asset will appear on the Fund Profile page:
What About Reporting?
Non-unitized assets add to the TOTAL market value of an endowed pool. To view non-unitized assets, you would need to select a report that displays "total" value as opposed to pool value.
The Total Transaction Summary report and the Market Values and Historical Gift report both show non-unitized assets. For footnote disclosures, the Change in Endowment Net Assets (ASU 2016-14) report does include non-unitized assets. The Investment Pool Transaction Summary Report does NOT display non-unitized assets.
In addition, we have a newer report called the Endowment Transaction Rollfoward Report. It is similar to the Investment Pool Transaction Summary Report, but has an additional column at the end that displays non-unitized assets, shown below. This report can be deployed to databases upon request.
What About Spending?
Our spending interface in Fundriver allows you to either include or exclude non-unitized assets in your calculation. If using a percent average rule, organizations can choose to either average at the fund level, average by units, average by the pooled market value or average by total market value. Averaging by total market value would include non-unitized assets.