The Fund Master defines each financial aid fund a school awards to students. These funds must be identical to those created in PowerFAIDS. Each fund the financial aid office creates in PowerFAIDS must have one single corresponding fund in Fund Master. Multiple PowerFAIDS funds MAY NOT map to the same J1 Fund Code. The Fund Master allows schools to configure funds to ensure that student and general ledger accounts are properly updated by each disbursement processing function.
Each fund must be assigned to a subsidiary account for proper connection to student and general ledger accounts for the Business Office to track. Multiple funds can be assigned to the same subsidiary account. Work closely with your Business Office to define your funds.
Normally, funds are defined on the Fund Master window when you initially set up the Financial Aid Manager module. However, new funds can be created or updated as needed.
Each fund may also have a priority assigned to it so the financial aid awards are applied in a certain order. This priority order is useful only if your organization chooses to allocate financial aid to eligible charges.
The Fund Code is a 5 digit code used to identify each fund. Schools may consider a coding convention that groups funds by type or source in order to organize codes, but this is not required.
PowerFAIDS maintains funds annually. Each fund is assigned a new Fund ID for each new award year. This occurs during the Parameter Roll Forward (Parm Roll) process. The PowerFAIDS field named Ledger # provides a constant, unchanging identifier for funds to communicate to their campus systems. It rolls forward just like the PowerFAIDS Fund Name during the Parameter Roll Forward. The Financial Aid Manager module maps funds based on the PowerFAIDS Ledger # and not the Fund ID. The PowerFAIDS Ledger # equates to the J1 Fund Code. It is important to understand that the PowerFAIDS Ledger # is NOT a J1 general ledger account number.
The following example shows the Board of Trustees and Presidential Scholarship funds as defined in PowerFAIDS and how they have the same Fund Codes and similar descriptions in PowerFAIDS and J1.
PowerFAIDS |
J1 |
|||||||
Fund Name |
Find ID for 2013 Award Year |
Fund ID for 2014 Award year |
Ledger # |
Fund Code |
Fund Description |
Subsidiary Account |
Credit Account Number |
Debit Account Number |
Board of Trustees Scholarship |
271 |
342 |
205 |
205 |
Board Scholarship |
AR |
1-0002-0001-0 |
1-5040-6001-0 |
Presidential Scholarship |
272 |
343 |
206 |
206 |
President's Scholarship |
AR |
1-0002-0001-0 |
1-5040-6002-0 |