Effective June 30, 2021, the FSU Foundation Accounting Office implemented a new accounting software system called Fundriver. Fundriver will assist with the administration of the Foundation’s endowed funds and the reconciliation and management of the investments in the long-term investment pool. This new process will eliminate the need to maintain an abundance of manual spreadsheets and provide an accurate, efficient and secure process to manage the endowed funds.

As a result of the implementation, the Foundation will now be able to distribute the quarterly spending distributions more timely than previously administered. Prior to this conversion, spending distributions were posted four to five weeks subsequent to the quarter end for which the distribution related. The distributed cash was posted and backdated to the previous quarter end date.

Going forward, the spending distribution will be posted more timely and allow for donor funds to be utilized more quickly. The spending distributions will be posted at the end of the quarter in which it relates. For example, the September 30th quarter end spending distribution will now be distributed at the end of September and posted on September 30th and cash will be made available on September 30th. The market earnings and the administrative fee will continue to be posted four weeks subsequent to quarter end as our investment managers provide the earnings updates ten business days after quarter end and we require time to reconcile our 90 plus investment manager statements.

Now that we are posting the spending distribution prior to the market earnings, spending decision changes must be submitted by the 15th day of the last month in the quarter in order for the changes to take effect for that quarter’s spending distribution.

If you have any questions concerning this process, please contact our Director of Investments, Keith Tolbert, via email at ktolbert@foundation.fsu.edu or by phone at (850) 644-9094.