How to Migrate Grant Information

When transitioning to MonkeyPod, a frequent question we get is how to bring over restricted grants that were awarded prior to your bookkeeping start date in MonkeyPod. This is particularly important for restricted grants that still have funds available to spend.

Consider the following scenario:

• Your fiscal year is January 1 through December 31.
• Your bookkeeping start date in MonkeyPod is January 1 of this year.
• In June of last year, you were awarded a three year, restricted grant for $100,000 from a foundation.
• The foundation paid you the full amount, $100,000, when the grant was awarded last year.
• You have spent $20,000 of the grant to date.

How should this grant be recorded in MonkeyPod?

1. Record the grant for the full amount that was awarded. In our scenario, we would record a $100,000 restricted grant.
2. Record any grant payments. Keep in mind that in accrual accounting a grant award and a grant payment are separate transactions. Recording the grant payment ensures that your receivable balance is accurate. (Most grants are paid in full, but sometimes there is still an unpaid portion that needs to show up in your opening contributions receivable account.) In our scenario, the foundation paid the full amount of the grant, so we would record a grant payment of $100,000.
3. Record a Fund Release to ensure you have an accurate balance in the grant's restricted net assets account. A single fund release will reflect whatever portion of the grant was spent / released prior to your bookkeeping start date in MonkeyPod. In our scenario, we would record a fund release of $20,000 from the restricted grant.

How do I import legacy grants that are closed out?

The instructions above outline the process for bringing in grants that are currently being spent down. But maybe what you want to do is migrate grants that have already been closed out so that you can have a record of them in your MonkeyPod. That's easy to do using MonkeyPod's imports.

Get started by choosing My MonkeyPod from the main menu. Then under "Imports" select Pre-MonkeyPod Transactions as shown below.

From here, you can follow the instructions on the template and upload your transactions. Keep in mind your Bookkeeping Start Date when entering your historical grants.