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A fund closeout is the process of finalizing and closing a specific fund once all its obligations are met, ensuring accurate and compliant records.
It ensures compliance with donor or grant requirements, maintains transparency, and keeps financial statements accurate.
Aplos provides tools to track, reconcile, and report on fund activity, making the closeout process efficient and compliant.
Any remaining balances are transferred according to grantor or organizational policies, ensuring proper allocation of resources.
A fund should be closed once all transactions are complete, and reporting or compliance requirements are fulfilled.