Q. How many institutions currently use FUNDRIVER?
A. Currently (March 2019), approximately 400 institutions use FUNDRIVER to manage their endowment funds.
Q. What types of institutions use FUNDRIVER?
A. Currently (March 2019), 65% are higher education, 13% are independent schools, 8% are museums/arts, 6% are social services, 4% are healthcare and 4% are religious.
Q. What systems can FUNDRIVER interface with?
A. FUNDRIVER can import and export fixed width, comma delimited and Excel formats. Custom interfaces have been developed for many accounting systems including: Peoplesoft®, Oracle/FRS®, Jenzabar®, Financial Edge®, Ellucian/Banner Finance® and Ellucian/Colleague Finance®. Because each interface is custom-developed, if your system is not listed here, FUNDRIVER can still provide an interface.
Q. How is FUNDRIVER secure?
A. Security is a top priority at FUNDRIVER. Our application and client data is hosted at an SSAE18-audited facility that is monitored 24/7. FUNDRIVER is audited yearly for SOC 1 compliance. The report is available to clients as needed. All FUNDRIVER sessions are encrypted over TLS connections. Each client’s data is maintained in its own database. Physical security, multi-factor authentication and regular monitoring of logins and activity on the site are some of the strategies used to ensure a secure environment. FUNDRIVER offers far more security than the spreadsheets currently used for tracking endowment data used by many institutions.
Q. Can the system support multiple spending rules and assign rules to each endowment?
A. Rules can be based on average market value, units per share, proportional distribution, Yale Method or earned dividends and interest. Custom rules are available as well. Rules can be configured to take into account underwater funds.
Q. What happens if not all of our assets have been unitized?
A. FUNDRIVER can do the initial unitization, typically requiring the last audited balances. We will preserve units if you already have them.
Q. How long does the typical implementation take?
A. A full implementation takes an average of 8-10 weeks, but clients can begin using FUNDRIVER in as few as 2 to 3 weeks, depending on how quickly they can populate their data load template and what customizations are needed. Once we get the data load template back from the client we will have the database set up, configured and loaded with the client data within 3-5 business days. Our implementation specialists will then assist with the setup of spending rules and provide extensive training on the interface and built in tools. We make sure each client can function independently in the software before the implementation is considered complete.
Q. Does FUNDRIVER support multiple web browsers?
Q. How many users can be set up in FUNDRIVER?
A. An unlimited number of users can be set up with access and there are four standard user types to select from.
Q. Does FUNDRIVER provide ongoing client support and training?
A. Yes, ongoing support is unlimited. A team of highly-trained endowment accounting experts are available to answer questions, provide guidance and assist with software use. Training webinars on different topics are usually offered quarterly, and recorded versions of those sessions are available in our searchable Knowledge Base. Our Knowledge Base is also home to over 150 articles and videos on best practices, how-to’s and more.
Q. What does FUNDRIVER cost?
A. Annual fees range from $7,000-$19,000, depending on any add-on features or modules you select. Reduced pricing ($5,000/year) is available for smaller institutions with less than 50 million in endowment assets.
Q. Does FUNDRIVER offer any additional services outside of the endowment accounting software?
A. Yes, for an additional fee, FUNDRIVER offers consulting services that include on-site education and training to clients who may need hands-on support, outside the scope of a typical implementation.