Fund Tax Data

Maintain Fund Tax Data

The Maintain Fund Tax Data function is available only if you have purchased a license for the Pooled Fund Administration module.

The Maintain Fund Tax Data function allows you to view, modify, delete, and save the character of income earned by each pooled income fund during each tax year. This information is typically supplied by the asset manager or trustee of the fund.

The reports and files available under PIF > Tax Reporting use the information entered using Maintain Fund Tax Data to compute the tax information for each fund beneficiary. This information appears on Schedule K-1.

1. Click PIF > Maintain Fund Tax Data in the Menu Bar.

2. Change, view, or print fund tax data as desired.

To add fund tax data

· Click $image\add.gif$ above the grid.

· Choose the organization, fund, and tax year for which you wish to add fund tax data.

· Enter the fund tax data. There is help available on each field.

The total payments made by the fund during the selected tax year is displayed at the top of the window (Total Gross Fund Payment). The total of all of your entries in this window, excluding Foreign Tax Paid, should equal this amount.

· Click Close, then click Yes to save your changes.

To view/modify fund tax data

· Double-click the fund tax data line in the list box that you wish to view or modify.

· Review or modify the data as desired. There is help available on each field.

· Click Close, then click Yes to save your changes.

To delete fund tax data

· Double-click the fund tax data line in the list box that you wish to delete.

· Click $image\delete.gif$ .

· Click Yes to confirm the deletion.

To print fund tax data

· Click above the grid.

Do the following, as needed:

Print the report.
Save the report to a file.
Export raw data for the report.
Click $image\closebox.gif$ when done viewing the report to return to the Maintain Fund Tax Data window.

3. Repeat step 2 for each check row you wish to add, view, modify, or delete.

4. Click Close to close the Maintain Fund Tax Data function.

Notes:

· The Total Gross Fund Payment displayed at the top of the Maintain Fund Tax Data window for a specific fund and year equals the sum of all the payment amounts with Payment Dates within the selected tax year that are currently stored for all active beneficiaries of gifts to the selected fund.

The total of all Maintain Fund Tax Data items, ignoring Foreign Tax Paid, should exactly equal the Total Gross Fund Payment amount. The difference between the Total Gross Fund Payment amount and the total of all Dividend, Interest, and Other Income items should be entered in the Adjustments field. Adjustments may be positive or negative. Bank fees paid from principal (which reduce taxable income without reducing income distributed) are one common source of a positive adjustment.