First Previous - Page 1 of 1 - Next Last

charity restricted and designated funds

  • Member
  • Practice Licence
  • 179 posts
  • # 116873

I'm trying to help a charity with its funding. As you will know funds are a bit of a problem as there could be loads of money in the bank but it is restricted in a fund and cannot be spent elsewhere.

In trawling the internet, I have found a lesser known fund called a designated fund.

http://www.charitysorp.org/media/513614/module-2.pdf

The difference is that this fund is usually money set aside from unrestricted funds for some purpose such as saving up for a new audio system but if necessary it can be undesignated - because it was not restricted in the first place.

My question is, if a fund exists but it is not specfied which kind of fund it is, is there a default? The URL above does not say and I cannot find an answer elsewhere.

Thank you

Peter



Edited at 26 Jun 2018 05:59 AM GMT

  • Member
  • Practice Licence
  • 42 posts
  • # 116874

Hi Peter,

I have volunteered with a local charity for the last 3 years. The Auditors for us split all the various funds into restricted, designated and the final one is the general unrestricted fund. I think that might be the default account name that you are looking for.

Hope that helps.

Janet

First Previous - Page 1 of 1 - Next Last
loading