Creating and Opening Funds for New Shared Platform Projects

Each new project must be set up with an Account and a Fund in Salesforce. Before creating the Fund, please follow these steps to create an account for the project.

This article describes creating the Fund record for new shared platform projects using the information provided by the Shared Platform Director and/or the assigned Project Specialist.

Create the Parent Fund

  1. Navigate to the Funds tab and click the New button.
  2. Populate the following fields:
    • Fund Name:  Full name of the project    
      • Once open, add fund number e.g., P099 - Binners' Project
    • Public Name: Full name of project
    • Netsuite Name: Full name of project
      • Once open, add fund number e.g., P099 - Binners' Project
    • Org Type: Society
    • Type: Project
    • Department: Shared Platform
    • Restriction Option: Externally Restricted
    • Acknowledgment Purpose: Obtain information from Project Approval document or from Project Specialist. NOTE: This field is used to populate thank you letters and must complete the sentence, "Your commitment to FUND NAME...".
    • Mission: Obtain from Project Approval Document or from Project Specialist. NOTE: The more recent Project Approval document contains this info.
    • Standard Overhead %:  enter 12, unless advised otherwise
    • Owner: Project Specialist name, if already assigned
    • Finance Lead: Finance lead, if already been assigned
    • Status: Open (if the project has been approved) or Proposed (if you've been asked to create the Fund before the project has been officially approved)
    • Stage: This may vary depending on project. Confirm with the project specialist whether the Stage should be set to Onboarding or Active.
    • Date Opened: Date the Project recommendation was approved by Management
    • Fund Account: Search for and add the project's account
    • Strategic Priority Area: This can usually be found in the project recommendation or email announcement
  3. When ready, click Save.

NOTE: When in the initial Proposed status, a fund cannot be used as a source or recipient of transactions.

Open the Parent Fund

  1. If the fund status and stage are Open and Active and you're ready to officially open the fund, click Open the Fund in the top right corner.
  2. Update the Fund Name and Netsuite Name to include the fund number.

Create a Box Folder

  1. In the Box section of the parent fund object, select Create Folder and then create a sub-folder called “TOR and SC”. File the Project Recommendation and any important email correspondence.

Create and Open the Child Fund

  1. Create one child fund for general operations:
    • Fund Name: [Fund Number-01] - General Ops - [Project Name]
    • Netsuite Name: 01 - [Project Name] - General Ops
  2. Enter information in all other fields as per the Parent Fund instructions
  3. Populate the Parent Fund field
  4. Link it to the project's Account or the fund won't open
  5. Open the Fund in the same way the Parent Fund was opened
  6. Add the fund number to the Fund Name and Netsuite Name once the fund is Open

Notify Finance Manager

  1. When the Parent Fund and Child Fund have been created and opened, you must alert the Finance Manager. You can do that using the Chatter function on the fund object.

Add Fund Roles

  1. Create fund roles for those that are known at the time. See Fund Roles and Workflows article.