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MinneapolisNaturePreschool
Level 1

How to Account for a Budgeted Scholarship Fund

We are a small nonprofit preschool that offers financial aid/tuition discounts to some students.  There is a set amount we budget for scholarship/tuition discounts each year.  The money we receive from donations is sometimes allotted specifically to scholarships/tuition discounts but we also receive general operating donations that end up in a pool of scholarship spending, supplies purchases, etc.

 

I want to represent the amount budgeted for tuition discounts and the amount coming out of that budget without affecting our balance.  I tried creating a customer account, similar to our other restricted grants, but realized that entering the budgeted amount as a pledge affected our Grants balance.  I am probably missing something super obvious, but feel totally stuck at the moment! Help?

 

4 Comments 4
lauraOLC
Level 1

How to Account for a Budgeted Scholarship Fund

I have the same question. Did you find a way to do it?

Thanks!

shegold19
Level 1

How to Account for a Budgeted Scholarship Fund

any update?

SusanG97227
Level 2

How to Account for a Budgeted Scholarship Fund

I am also trying to figure out how to record and track donations that are to be used to fund scholarships to campers at a camp that we operate.  Did you get any guidance on how to do this?

lauraOLC
Level 1

How to Account for a Budgeted Scholarship Fund

The original post referenced pledges. I decided not to include the money until it was received. I haven't tried assigning it to a customer job yet, but may next time. My scholarships are to our annual conference. For the most recent round of scholarships: As designated money came in, I assigned it to my Scholarship class. As I paid expenses for the scholarship recipients, I took the money from the Scholarship class. Not the most elegant solution, but it worked...I was then able to customize the P&L by Class Report to only show the Conference and Scholarship classes.

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