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Using the Funds Feature
Using the Funds Feature

Use Funds to track your organization's budget and keep a current record of your awards and payments to applicants.

Pam English avatar
Written by Pam English
Updated over a week ago

Overview

The Funds feature is Submittable's awards tracking tool. With it, level 5 administrators can record and track an organization's funds distribution to applicants. There are several terms to be aware of when using the Funds feature.

Funds

A Fund determines how much money can be distributed to the fund awardees.

Awards

The Award determines how much of the Fund is assigned to a fund awardee based upon a submission. Awards are assigned by submission, so one awardee can have multiple awards for separate submissions if the project is set up to accept multiple submissions.

Payments

The Paid amount is how much of the Award you have paid to the awardee.

Awards and Paid amounts are managed through Transactions.

Set Up Your Funds

To get started, you'll need to set up a Fund. This Fund will be used to distribute awards to submissions.

  1. At the top of your organization's page, click Funds.

 2. Click the + New Fund button.

3. Enter the Fund Name, Fund Amount, and Fund Description, then Create Fund:

All your currently tracked funds will appear on your Funds page, showing total available amounts, funds awarded, and funds already paid:

Note: Deleting a fund will not delete the data from specific submissions that have already received an awarded amount from the fund. If there is still an available balance to be paid from the awarded amount a new transaction can be created with an amount paid from this fund on the submission as well. The data will remain reportable in Advanced Reports. Any data attached to submissions from the deleted fund will need to be removed from each submission manually on the submission details page.

Create an Award

Once you have a Fund, you can award part or all of that Fund to individual submissions. The Award can then be paid out in whole or in part to the awardee, depending on your needs.

1. Select a qualifying submission from your Submission List.

2. In the Submission View that opens, there is a column to the right with additional information. Select Funds to view the Funds pane.

3. In the Funds Pane select New Award. The New Award window will open.

4. In the New Award window, select the Fund the award will draw from. In the drop-down menu, you will be able to see the total amount of money allocated to the fund and how much money a fund has available.

5. Set the amount of money you want to award to the submission.

6. You can add an Internal Memo to the fund. Internal Memos are only visible to team members.

7. Select Save to complete the Award.

View Transactions

Once you have created an award, the Funds pane will display all the existing transactions for the viewed submission.

Each Award shows how much was Awarded, which Fund the Award was drawn from, and how much of the award has been Paid.

Expand the Transaction History to see the Date, Status, and Amount of the Award.

Internal Memos are also visible in the Transaction History.

Adding a memo to transactions

When you create a transaction, you can add a memo to that transaction. The memo will appear in the transaction list. Memos are either internal or recipient facing.

Internal memos are only visible to team members, while recipient-facing memos can be viewed by applicants if the Award and Payment Visibility option is enabled in Project Settings. For more information on enabling Award and Payment Visibility, see Create a Project.

Make a Payment

Once you have created an Award, you can pay the grantee some or all of the Award using the Make a Payment button on the Funds Pane.

1. Select the Make a Payment button.

2. In the Make a Payment dialog that opens, you can pay the entire award amount or enter a custom amount. You cannot enter in more than the Awarded amount.

Enter an Internal Memo if needed, and select Continue to go to the Review Payment view.

3. On the Review Payment screen, review the information to make sure it is correct and select Submit Payment to complete the transaction.

Report Transactions

To download a list of transactions into a .csv file, click on the Transactions area then the download icon:

The downloaded file will contain the Fund Name, Transaction Amount, Transaction Status, Submitter Name, Submission Name Field, Submission ID, Project/Program Name, Date of Transaction, and Transaction Description.

Contact our Account Management team to add Funds to your organization's account.


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