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What Is the Job Description of a Fund Accountant?

Fund accountants handle multiple accounts for an organization, helping administrators make appropriate financial decisions. This accounting specialty can be challenging. For one, the accountant must successfully manage the numbers for different pots of money at the same time. Also, sometimes a fund accountant must pass on difficult information.

Job Function

Fund accounting is the separating of resources into groups. Fund accountants identify the origin of funds and how they're used. They sort out and document whether or not funds were used correctly. They help account holders determine what can be done with the current funds, the value of current assets and the effects of keeping or getting rid of assets. Fund accountants check to see if funds are supporting goals and whether these goals are being met efficiently. Fund accountants must also determine cash flow. They decide what information to pass on and who needs to receive it.

Types of Funds

Fund accountants oversee six kinds of funds. Current funds are the expendable funds used for general administrative purposes. Plant funds are used for acquiring assets, replacing assets and paying off debt. Endowment funds are donations made to the institution, while loan funds are available for the institution to lend. The final types of funds include annuity and life income funds. Fund accountants also work with four different types of fund transfers. Mandatory transfers are imposed on the institution by an outside source, while the institution's administrators decide on non-mandatory transfers. Temporary transfers only occur during a particular year, but permanent transfers move money to a particular location permanently.

Job Conditions

Fund accountants usually spend their time in office environments. However, some fund accountants travel from client to client. Accountants usually work 40 hours a week, though accountants with more than one client may work longer hours. Accountants usually work the longest hours during tax season.

Education Requirement

Most fund accountant jobs require a bachelor’s degree in accounting, though some require a master’s degree. However, on some occasions applicants begin as junior accountants and receive training as fund accountants.

Outlook and Pay

The U.S. Bureau of Labor Statistics expects the need for accountants in all specialties to grow by 13 percent between 2012 and 2022, compared to 11 percent for all occupations. The average annual income of fund accountants was $61,000 of August 2014, according to Indeed.com. Those who work as fund accountants can typically move into another form of accounting.



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