Disbursements from the online giving funds will now take place on the 1st of the month
April 19, 2018 by Presbyterian Foundation
Since the online giving upgrade in November 2017, you have received monthly disbursements from your online giving funds approximately on the 8th calendar day of the month. Fund disbursements included the previous month’s donations – less the 2% fee and plus the interest earned during the previous month. These disbursements have included donations processed during the previous month.
Beginning in May 2018, monthly disbursements from your online giving fund will move to the 1st day of the month. The disbursements will include donations deposited into your funds as of one business day prior to the disbursement. View the “Client Deposit Date” column in the Transaction Summary Reports to determine which donations are included in the disbursement. Disbursements are processed on business days only. If the 1st day of the month falls on a weekend or holiday, the disbursement will occur on the previous business day.
Therefore, when you receive your next disbursement on May 1, the donation included in that total will be everything with a processed date and/or client deposit date on or after March 30. Subsequent disbursements will include all gifts deposited into your funds since the last disbursement.
Please note: Interest is posted to the funds on approximately the 3rd business day of the month. As such, interest earned on April account holdings will be paid in the June disbursement. The interest will follow this pattern going forward.