Funding Awards and Distributing Funds

Chris Quiroz -

Often times administrators will use FluidReview to keep track of keep track of funds and manage which applicants receive funding, how much they receive, and when they receive it. However, FluidReview is not integrated with any financial management systems and the actual payout of funds will take place externally from the site. This tool is simply used to organize the transactions alongside your awards and submissions.

Step One: Create a fund

Use funds to transfer funding to your awards. You can create as many funds as you like. A single fund can fund as many or as few awards as needed.

To create a fund:

  1. Click Manage your site
  2. Click Funds.
  3. Click + Add Fund.
  4. Give your fund a Name, Balance, and optionally a Description.
  5. Click Save at the bottom of the page.

Step Two: Transfer Funds to Awards

Transferred funds automatically deduct from the fund's balance. For information on adding more funds to an existing fund, reversing transfers, or downloading the transfer log see Keeping Track of or Reversing Fund Transfers.

To transfer all or part of a fund to awards:

  1. Click Manage your site
  2. Click Manage Awards.
  3. Select the award(s) to add funds to.
  4. Select the fund you want to transfer from, from the Transfer from Fund drop down in the upper left corner of your screen.
  5. Enter the amount you want to transfer to each award.
  6. Click Save

Step Three: Create Transactions and Set Up Installments for Winning Submissions

You can match the installments sent out in FluidReview to how your financial management system distributes funds to selected submissions by creating transactions. Pay out awards in a single installment or break them into many.

To create a transaction:

  1. Click Manage your site
  2. Click Manage Awards.
  3. Click the Distribute (Dollar Sign) icon on the award you want to distribute. This brings you to a list of all submitted submissions for the award.
  4. Select which submissions you'd like to distribute funds to, for example, all submissions with Approved as their status, and click Distribute over selected.
  5. Enter a dollar amount to be Allocated to each award recipient. The total of the allocated amount times the number of recipients should not be more than the current Award Balance displayed at the top of the Create Transaction window. Note: You will also be able to apply any Award Metadata that you may have in this window. 
  6. Click Continue to Installments.
  7. If you are distributing funds to recipients in a single payment, adjust the Effective Date as desired and click Continue to Summary. If you are distributing the award in multiple installments, for example to pay a portion of the award at the beginning of each school semester, click Add Another and adjust the distribute amount and Effective Date for each installment. When you have finished adding installments the Distributed total at the top should match the Available amount. You also have the option to mark each installment as Approved or leave it as Pending. When you have finished configuring installments, click Continue to Summary. Note: Transaction Metadata can be applied here
  8. Review your installments on the summary page. If you are satisfied with the set up, click Save.

 

Step Four: Approve Installments

To approve pending installments:

  1. Click Manage your site
  2. Click Manage Awards.
  3. Click the Distribute (Dollar Sign) icon on the award you want to approve installments for.
  4. Click Transactions in the upper right corner of the screen.
  5. Click on the pending installment you want to approve and select Approved from the Installment Status drop down. 
  6. Click Save.

Note: You can choose to approve all pending installments for that submissions or only specific installments, by clicking on the ID number of the submission

 

An added part of Distributing Awards would be setting up triggers to occur based on the transaction. For more information please see the Awards section of Explaining the "Activation" Section within Triggers.

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