Through an agreement with Fundriver Inc., a provider of endowment accounting software, Northern Trust has deployed FUNDRIVER Online PRO to automate endowment administration through unitization, simplified reporting, and information sharing among multiple subaccounts, a news release said. FUNDRIVER is delivered through Northern Trust Passport, a client information system that integrates Northern Trust and third-party financial information.
The new offering establishes a regular, repeatable process for allocating investment performance across individual endowment fund accounts, tracking donor restrictions on original value or income, and managing spending rules that drive the distribution of income, according to the release.
“Northern Trust’s endowment accounting service provides an alternative to institutions that have relied on spreadsheets or legacy systems to manage the complex accounting requirements of endowment funds,” said Beth Douglass, senior vice president and division manager of the Not-for-Profit segment of Northern Trust Corporate & Institutional Services, in the release. “As endowments experience growth in assets under management, more institutions are turning to automated solutions to meet increasing demands for transparency and accountability.”
For more information, visit http://www.northerntrust.com .
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