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University of Pennsylvania
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[ BEN Financials ]

114.ORG: Endowment Fund Summary Report
Documentation :|: BEN Balances Report Documentation :|: Quick View

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Last Updated: 01/30/09

The 114.ORG report provides financial information for endowment Funds summarized at the Fund level. Because the information displayed crosses all schools and organizations for the fund being reported, the report can only be run by the responsible organization.

The report consists of a Fund header and three parts. The Fund header provides key fund attributes such as fund type, donor restrictions and university designations.

Part 1: Statement of Financial Position provides the net asset value of the selected endowment fund. Current balances for assets and liabilities are presented by net asset class. The current total for all net asset classes is compared to the balance at the beginning of the fiscal year associated with the accounting period parameter. The difference between these two indicates the net change in assets for the reported fiscal year as of the specified accounting period.

Part 2: Statement of Activities provides a more detailed view of the net change in the fund's net assets. Fiscal year-to-date revenue and expenses are presented by net asset class. The total net change from Part 1 reconciles to the total fiscal year-to- date activity in Part 2, although the signs will be reversed.

Part 3: Current FY Operating Activity (NAC 0) provides a macro level view of unrestricted activity in the endowment fund. For each ORG where activity has occurred within the endowment fund, the fiscal year-to-date revenue and expense totals are displayed. Sub-totals are provided by ORG and a grand total is provided for the fund. This portion of the report matches the totals provided on the corresponding 100.ORG report for the same CNAC/ORG/FUND combination.

Note: because Part 3 presents an "operating view" of activity in the fund (for example, only "spendable" income is included, non-spendable income such as spending rule, gains/losses etc. is excluded), information in Part 3 of the report cannot necessarily be matched to the revenue/expense data listed in Part 2 of the report.

Report Break:

Report 114.ORG will break after each Fund. Within each Fund, page breaks will occur between Parts.

Sort Order:

The 114.ORG report uses three levels of sorting. The first level is the Responsible ORG. Within Responsible ORG, the report lists information by Fund. Within each Fund, Part 3: Current FY Operating Activity (NAC 0) is sorted and displayed by ORG.

Report Template:

Two Report Templates are used for this report. These templates determine what rows to print and which object code balances are to be included in each row.

Parts 1 and 2 of Report 114.ORG use Template #7. The asset and liability categories for the Statement of Financial Position as well as the revenue and expense categories for the Statement of Activities used in this report are defined in Template #7.

Part 3 uses Template #5A, which is a highly summarized version of Template 1A.

For more information about these Templates, see the Template section of this document.

Parameters:

In addition to the Accounting Period, the following parameters are provided for account selection on the 114.ORG report:

1. Resp ORG Low/High (required)
2. Fund Low/High
3. Active Only (Y/N)

These parameters work just like they do for other BEN General Ledger Reports (see Section 6, Report Parameters).

Note: Due to the time-sensitive nature of some of the calculations used in this report, the 114.ORG report can only be generated for closed periods; that is, it cannot be run for an open accounting period.

Report Heading:

The report heading includes the following information:

1. RESP ORG

   Indicates the numeric code and name of the Responsible ORG for the fund listed on the report.

2. Summary As Of:

   Indicates the accounting period through which balances are provided. Accounting period is provided as a parameter when the report is requested. Only Closed accounting periods can be reported.

3. Fund

   The fund number and fund description (name) are displayed.

Fund Header:

At the beginning of each Fund the following header information will be displayed:

Fund Type:

Indicates the type of endowment fund (True, Term or Quasi)

Date Fund Established:

Date that the fund was established.

Fund Purpose:

Primary purpose of expenditures in this fund.

Revenue Treatment:

A code used by the system to determine the appropriate NAC to which investment income and gains are to be recorded.

ORG Responsible For Internal Designations:

Reclass Option:

'A' (Automatic Reclass-- revenue is reclassified to unrestricted when received) or 'M' (Manual Reclass-- revenue is reclassified to unrestricted on an as needed basis, based on expenditures in the fund).

Subject To OH?:

A Y/N indicator specifying whether or not this fund is subject to overhead.

Subject To SR?:

A Y/N indicator specifying whether or not this fund is subject to the spending rule. Spending rule is only applicable to income from AIF investments.

Donor Restrictions:

ORG:

Organization or group of Organizations to which use of this fund is restricted based on donor stipulation.

Program:

Program or set of Programs to which use of this fund is restricted based on donor stipulation.

Object:

Object or set of Objects to which use of this fund is restricted based on donor stipulation.

Penn Designations:

ORG:
Organization or group of Organizations to which use of this fund is restricted based on Penn designation.

Program:
Program or group of Programs to which use of this fund is restricted based on Penn designation.

Projected Gross AIF Income For FY nnnn:
This is a calculated number that represents the projected gross AIF income for the fiscal year associated with the accounting period parameter. In this context, "gross income" refers to the amount of AIF income before the overhead adjustment is applied.

The calculation of projected gross AIF income consists of the following:

    total fiscal year-to-date AIF income posted as of the accounting period parameter
+  projected AIF income for the remainder of the fiscal year

[this projection takes into consideration both existing AIF investments as well as new gifts received that have not yet, but will be, invested and, therefore, will generate investment income]

There is a one month time lag between the time investment income is earned and it is recorded in the ledger. For example, income earned in April is not posted until the May accounting period. Therefore, for a report run for MAY-97, the above calculation will provide the total fiscal year-to-date income posted through May plus projected income to be earned in May and June. Income earned in May and June will be posted to periods JUN-nn and ADJ-nn respectively.

The fiscal year-to-date AIF income component includes both unrestricted (NAC '0') and temporarily restricted (NAC '1') income.

The projected component includes balances from all NACs and consists of independent computations for the following three parts:

1. Fair market value (FMV) of the AIF investment as of the end of the prior period
2. Cash contributions received during the prior period
3. Cash contributions received during the current period

Each part is multiplied by a monthly investment factor (AIFG) to determine an estimated monthly investment income amount. For financial aid endowments, each part is also multiplied by a second monthly investment factor (AIFA) to determine an estimated monthly investment income amount for the additional aid income distribution. The AIFG and AIFA factors are statistical objects used to accurately project the future AIF investment income amount. They are determined prior to the beginning of the fiscal year and adjusted each month by the Treasurer’s Office based on changes in the fair market value of AIF.

The estimated monthly investment income amounts are then multiplied by the appropriate number of months remaining in the fiscal year.

In the following documentation, assume that a report is being run for period MAY-97.

1 - FMV of the AIF investment as of the end of the prior period

The projected amount is calculated by taking the fair market value of the AIF investment as of APR-97 and multiplying it by the current period’s AIFG factor (and also by the AIFA factor for financial aid endowments). The result represents the estimated monthly income to be earned based on the value of the investments held. This amount is then multiplied by the number of months remaining in the fiscal year; in this example, there are 2 months remaining (May and June).

2 - Cash contributions received during the prior period

Cash contributions received in one month are not invested in the AIF investment pool until the beginning of the next month.

Cash contributions received in April are not invested in the AIF investment pool until the beginning of May. Therefore, the projected amount is calculated by taking the cash contributions received in April times the AIFG factor (and AIFA factor if financial aid endowments) for the current period times the 2 months remaining (May and June) in the fiscal year.

3 - Cash contributions received during the current period

Cash contributions received in May are not invested in the AIF investment pool until the beginning of June. Therefore, the projected amount is calculated by taking the cash contributions received in May times the AIFG factor (and AIFA factor if financial aid endowments) posted in May (most current factor available, see Note 2) times the 1 month remaining (June) in the fiscal year.

In summary, the fiscal year-to-date AIF income component and the three parts of the projected component are combined to provide the total "Projected Gross AIF Income For FY nnnn" amount.

Notes:

1. Because there is a month lag in posting investment activity, the114.ORG report generated for periods ADJ and JUL have special significance.

   ADJ	June investment activity is posted in the ADJ period. Therefore, for reports generated for the ADJ period, the "Projected Gross AIF Income For FY nnnn" amount will represent all actual earned income.
   JUL	July investment activity is posted in the AUG period. Therefore, for reports generated for the JUL period, the "Projected Gross AIF Income For FY nnnn" amount will represent all projected income. For the JUL period, the program uses a separate factor AIFJ (plus AIFK if financial aid endowments) designed for reporting use only.

2. The AIFG factor used for cash contributions received is not exact. The AIFG factor posted during a period is determined based on the prior month's AIF investment FMV (for example, the AIFG factor posted in MAY-97 is based on AIF Investment FMV as of the end of April). To be exact, the projected investment income calculation for cash contributions received would require AIFG factors that cannot be determined until later months (i.e., cash contributions received in April would use the AIFG factor calculated and posted in JUN-97; cash contributions received in May would use the AIFG factor calculated and posted in ADJ-97). The current report uses the best AIFG factor available. This will only impact on the "Projected Gross AIF Income For FY nnnn" amount when large cash contributions are received and the FMV fluctuates significantly. The 114.ORG report has a flag that will help identify those situations. An asterisk (*) will be placed next to the "Projected Gross AIF Income For FY nnnn" amount if the fund has received cash contributions of $200,000 or greater during either the prior or current month.

Report Columns:

Part 1: Statement Of Financial Position
This part of the report presents the endowment fund assets and liabilities, as of the period specified, by net asset class. The totals for all net asset classes are compared to the fiscal year beginning balance to determine the net change.

UNRES NAC: 0
Unrestricted net assets.

TEMP RES NAC: 1
Temporarily restricted net assets.

PERM RES NAC: 2
Permanently restricted net assets.

Current Balance
Total of all net asset classes as of the period specified by the report parameters.

FY BEG Balance
Total of all net asset classes as of the beginning of the fiscal year associated with the accounting period parameter.

Net Change
Net increase or decrease in net assets during the reported fiscal year. The net change total will reconcile to the total fiscal year-to-date activity in Part 2.

Part 2: Statement Of Activities
This part of the report presents fiscal year revenue and expenses, as of the period specified, by net asset class.

UNRES NAC: 0
Unrestricted activity.

TEMP RES NAC: 1
Temporarily restricted activity.

PERM RES NAC: 2
Permanently restricted activity.

FYTD Total
Total activity for all net asset classes.

Part 3: Current FY Operating Activity (NAC 0)
This section of the report provides summary fiscal year-to-date revenue and expense balances for all ORG's where unrestricted activity in the fund has occurred. For the same CNAC/ORG/FUND combination, this information should foot to the corresponding 100. ORG report for the same accounting period.

Note: because Part 3 presents an "operating view" of activity in the fund (for example, only "spendable" income is included, non-spendable income such as spending rule, gains/losses etc. is excluded), information in Part 3 of the report cannot necessarily be matched to the revenue/expense data listed in Part 2 of the report.

The following describes the information provided in this section of the report.

ORG:
The ORG number followed by ORG name is displayed.

FYTD Budget
The fiscal year-to-date revenue and expense operating budget for the listed ORG is displayed.

FYTD Actuals
The fiscal year-to-date revenue and expense actuals for the listed ORG is displayed.

FYTD Encumbrance
The fiscal year-to-date encumbrances for the listed ORG is displayed.

FYTD BBA
The fiscal year-to-date budget balance available for the listed ORG is displayed.

Last Page Of The Report:

1. Report Parameters
   The parameters used to request the report are printed on the last page as confirmation of what was requested. If the account combinations returned to you in the report are not what you expected, the report parameters list is a useful first place to start . At a minimum, you can verify the range of values you provided at the time you submitted the report.

2. Report Break - Resolved Parameters
   The list provided here presents the list of values within the range you provided as Report Parameters that passed security verification. When a report is submitted, ORG parameters that were provided are compared against your security profile. All ORG in the range that match your profile will be returned to you in the report.

   This is a good place to look if you did not get the results you expected. Compare the list of ORG in this list against the parameter range you provided. If an ORG is missing, chances are it does not exist in your security profile.