pryme Fund Management

Being a non-profit, a charity or any other fund-based organization means that you rely on external financial resources whose terms and conditions can vary depending on their source or characteristics.

On the one hand, your funding can be unpredictable and may not always be sufficient for accomplishing your mission. On the other hand, because of the nature of your organization, regular reporting is a sine qua non for receiving funds or grants.

All this makes an accounting software for fund management and reporting almost mandatory. pryme Fund Management helps you keep track of your funds or grants regardless of whether they are restricted or unrestricted. Commit, reserve, assign, reassign, allocate and reallocate grants with full traceability and reporting capabilities ensuring that they are used for the specified purposes only.

Monitor how much funding is left on a certain grant or if there’s been overspending with up-to-date reports with the press of a button. Regularly report on your financial performance and use of funds or grants if necessary.

pryme Fund Management is built on Progressus Advanced Projects, adding fund management, and reporting functionalities to those included in the project accounting software, that’s to say: project set up, quotation, budgeting, resource planning, time keeping, enhanced invoicing and analytics.

Manage thus the whole grant/fund lifecycle in a Fund Ledger, which is fully integrated with your General Ledger. End-to-end grant management in a unified financial system with reporting capabilities.

The best approach to get started with the Fund Management solution, would be to refer to the following graphical workflow.

The terms used in the image are explained as below:

• Funder - A funder is the source of income, a party contribution with funding for initiates.
• Fund - The fund consists of commitments from funders. It can be a single funder or multiple. The fund holds related information about dimensions and restrictions.
• Commitment - A contractual commitment from a Funder. It includes one or several commitment lines. Each line is linked to a specified Fund. Once posted, Fund Ledger entries are created of type “Commitment”.
• Allocations - The allocations are used to create and post reservations from one or several funds, and usage (cost) from the project.
  • Reservation - he process of reserving fund commitments to a given project. It can include one or multiple funds commitments where some might be conditional (Performance commitments).
  • Usage - the process when actual Project Usage (cost) is split/allocated to one or several commitments.
• Fund Ledger Entry - Every reservation or usage transaction on a Fund is creating a Fund Ledger Entry. This is the base for the reporting on the funds.

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