Funds are defined according to their own active period, their fiscal year associations, and their product and service associations. The active period of a fund is defined by a start and end date. From the start date until the end date, amounts can be obligated from the fund to clients.
Fiscal years are periods used for tracking fund fiscal year budgets. The purpose of associating fiscal years with funds is to set targeted budgets for a manageable period of time, i.e., typically one fiscal year. A fiscal year can be associated with a fund provided its active period falls within the fund active period.
A fund fiscal year line item contains details of monies available from a funding source for a fund for a given fiscal year. A fund fiscal year can have many line items associated with it. Each line item contains the initial budget allocation for that funding source, for a specified period.
When associating a fund fiscal year line item with a fund fiscal year, the fund fiscal year budget is set for that fiscal year. Throughout the fund fiscal year, a running tab is automatically kept on the budget amounts, including a record of the original budgeted amount, the amount obligated to clients, and the budget remaining (original minus obligated).
Associating products and services with funds enables the clients in receipt of the products and services to be obligated funds. For example, a client eligible for child care services can receive funding for these services through the child care fund.