Adjust admin fees; set admin fee max

KristinBoyerKristinBoyer Posts: 5
Conversation Starter First Comment 5 Likes First Compass Anniversary
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edited October 2022 in Finance & Operations

Hello all,

I'm trying to 1) make adjustments to the 3Q2022 admin fees on just 9 of our 86 agency funds and 2) trying to figure out how to set a maximum fee charged to our agency fund fee groups per fiscal year.

We have two fund fee groups that we've agreed to charge a maximum of $10,000 per fiscal year on these fee groups.

Regarding 1) going into Home/Accounting/Admin Fee/Create, I can choose the Admin Fee Type to run. If I run the admin fees for all 86 agency funds, I don't have the option to edit the 9 that need adjusting. Is this possible? If not, any ideas for how to select just those 9 funds for manual admin fees and run the remainder as a batch?


Regarding 2) it would be very helpful to have the admin fee group allow for a maximum fee charged setting. Is this an option that I can turn on? Otherwise, I have to set a calendar reminder to analyze all fees charged to admin fee groups before running the 2Q admin fees. I'm running this analysis in 3Q this year because I assumed that CSuite made the adjustment. That's what I get for assuming!


Any ideas?


Thank you for any feedback you may have!




KaraAdamsCathyWrightGrettaKraus

Answers

  • BryanGearyBryanGeary Posts: 33
    Foundant Team Member 10 Comments Second Compass Anniversary 25 Likes
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    There is not a setting for a max admin fee. But you can make it easier to find which ones are over the max using the Admin Fees custom report.

    Add the following fields : Funit ID, Fund Name and Amount. When adding Amount, use the "Sum" button to the right in the Aggregate section.

    Add two filters: For Post Date, use current year or a specific date range for the dates. Add fund fee type ID and use the checkboxes to pick the fee type(s) you want to include on the report.

    Lastly, set the Amount (Sum) field to sort in Descending order.

    This will give you a list of the total admin fees paid by those funds within that time range. You can then use the Fund ID link to go to the fund and use the "Manual Admin Fee" on the fund to issue an Admin Fee for a negative amount as a refund to the fund.

    I would also add the maximum idea to IdeaLab and if others have a similar structure, encourage them to vote on it!

    Feel free to reach out to me if you need any more help building the report.

    KaraAdamsGrettaKraus
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