Good software is always in renovation – continually improving to better meet users’ needs. We’re very proud of some renovations we’ve released over the last year, such as our Forms update, and we’re very excited about upcoming releases we have in the works.
Today, we’re pleased to release a fantastic update to our Budget Management System – Revenue Funds. We first announced this at OrgSync Connect last year, and after a beta period, we’re now releasing this for all of our BMS subscribers.
A Revenue Fund is a rolling balance of funds attached to a particular organization. These may include revenue an organization has generated from dues, sales, fundraisers, or even a lump sum of money provided to the organization.
How It Works
Revenue Funds can be used independently or alongside our existing budget processes. Organization members can request to add and remove money via Deposit and Withdrawal Requests to and from Revenue Funds. Just like other BMS requests, these are approved or denied by Umbrella administrators.
Umbrella administrators can also manually add and remove money from Revenue Funds in organizations. For our API customers, Revenue Funds can be programmatically managed through the OrgSync API.
Two Great Ways to Use Revenue Funds
Revenue Funds can be used inside our 2- or 3-step budget process, or work as a stand-alone.
With Budget Process: in 2- or 3-step processes
Umbrellas will be able to enable Organization Revenue Funds in addition to their current 2- or 3-step process. Students can both request funds from umbrellas as well as allocate money from their own organization’s Revenue Fund within Budget, Spending, and Payment Requests.
Standalone: a new 1-step process
Disable the Budget Process completely while leaving only Revenue Funds enabled. This works well for institutions wanting to give a lump sum of money to their organizations to spend throughout the semester/year. Organizations would then be able to submit Withdrawal Requests to spend this money.
Managing your money is hard enough—but managing the money for all your student organizations is an epic challenge. We hope this helps!
What budget process do you prefer? Let us know in the comments so we can continue to serve you better.