Intra-company Grants

Process for when one Shared Platform project grants to another. There is no bank transaction involved in this type of transaction. It’s a journal entry in NetSuite to finalize the transfer.

Regular grant from one Project to another

To initiate this process, a grant recommendation will be sent to the contracts administrator by the project specialist or coordinator. The coordinator may find out about this in a few ways:

  1. They receive the grant agreement
  2. They flag the need for a funds transfer based on internal knowledge.
  3. They are tagged on a Salesforce chatter from Andrea

Once the coordinator receives the grant agreement letter, the coordinator:

  1. Creates opportunity with MakeWay Charitable Society as the account and the recipient project as the Primary Fund.
  2. Submits payment for approval right away entering the Payment Date as the Date Paid on the distribution.
  3. Alerts KeunWoo so that he can adjust internal systems. 

Fund transfer when another Project is taking over the work

  1. Coordinator creates a new opportunity for the project that is taking over the work.
  2. Write off payments on the old opportunity that were not received. Make a note in the description field of each opportunity to link to one another. Payments that have been received will be transferred to new project.
  3. Complete grant recommendation form and submit to [email protected]. Note that no grant letter will be generated, which can make it difficult to know when to submit the payment. Follow up as necessary.
  4. Finance complete manual adjustments on the back-end. Example:
    • KeunWoo requested that Andrea do a manual journal entry
    • KeunWoo moved the realized indirect overhead for the transaction manually
    • Coordinator submitted the payment using the date the transfer was completed (found out through step 3) and add source distribution
    • Irene approved the indirect overhead journal entry
    • KeunWoo marked original opportunity as inactive after the posting