Recommended Reports

HART

Recommended Reports for Managing Gift/Endowed Funds

 

Transaction Listing

This report provides a list of detailed transactions posted to a fund and is helpful when you want to see the date and dollar amount of gifts deposited into a fund. You can also view the book value, units assigned and detailed transactions of all activity within an account.

 

GL Account Monitoring (FA)

The purpose of this report is to provide a high-level view of a fund’s activity.  It shows a complete picture of the financial status of a fund or funds by showing the beginning balance, transactions by object codes and ending balance. This report does not show the principal balance, principal gift activity or endowment units.

                       

Financial Management Report (FA)

This report provides summary information (beginning balances, total income & expenses, and ending balance).  It is useful in providing summary information on many funds in one report. You may also use this report to sort/view funds assigned the Local Attribute #2, the Fund Purpose Code, and the balance forward designation. This report does not include the principal balance, principal gift activity or endowment units.

 

Local Attribute #2:

This attribute gives departments the ability to further classify funds which can be useful for reporting purposes.  For example: if a department wishes to group several of its funds together by purpose, a code can be added to this field which allows the department to query on this code. This attribute can be used for gift, endowment, and construction funds.  For funds under a faculty member’s direction, we use the faculty member’s root value so that a department can easily report on a particular faculty member’s funds. The root is also used to display a faculty’s member’s funds correctly in the PI Dashboard.

 

Departments can make use of this attribute to sort their funds. The attribute must be assigned to the fund through a chart maintenance request.  Contact the Gift/Endowment Manager in the FAS Finance Office if a new code is required.

 

Fund Purpose Code:

The fund purpose code indicates the purpose of an endowment or current use fund at a quick glance.  This is useful for reporting purposes which enables the unit to group like funds.  The attribute is defined at the University level and is most meaningful at the University and Tub level. Appendix D lists the purpose codes available to FAS and Affiliates under the GL Code column.  This code is assigned by the FAS Finance Office at the time the new account is established.

 

FAS Finance Reporting Hub/FINREPORT

You can access terms and gift advices through this application. Sign in with your HarvardKey, select the Reports tab, top left side of the home page, then choose which report you wish to view.

Terms:

Can access terms managed by the owning department and any funds that have been cross validated to that area.

Best Practice - When the University accepts a gift and the accompanying terms, it is important to ensure compliance within the terms.  It is the responsibility of the department authorized to spend from the restricted fund to ensure that all expenditures charged to the fund are for activity specified in the terms and expenses are properly documented.  It is also important to maintain a record of terms for each fund managed in your department.  The terms should be reviewed periodically with those responsible for spending from the fund.  Each year the University’s Risk Management and Audit Services department and external auditors report misuse of donated funds. 


Gift Advices:

Provide donor and gift information on each gift/pledge/pledge payment received to a particular account. Gift advices are used to provide units with more information about a gift than appears in the GL (such as name, class affiliation, or address). Tubs, Departments and Centers are notified via email when a new gift has been posted to one of their funds.

 

Best practice - the Gift Advice and transaction listing report in HART should be reconciled regularly to ensure that gift information is recorded properly between the two systems. Departments may also use the information on the advices to thank donors for their gift in addition to the acknowledgement sent by ADS.

 

Documentation and Record Retention

Best practice is to keep a folder for each fund assigned to the area…paper or electronic, that includes the notification email, terms, and any other pertinent documentation.