The PRO package in the Paxton range has full multi fund accounting facilities plus the ability to maintain projects that provide a further dimension of analysis.  As many projects as required can be created and they can be assigned to a single fund or span multi funds.

For example, you may have a fund called YOUTH through which you raise money for a variety of activities.  If you run a 'Summer Camp' each year and wish to produce a statement of its income and expenditure then you can create a project called SUMMER14 for the 2014 camp and assign it to the YOUTH fund.  Then, when you book transactions to the system you will analyse them by account code, fund code and, optionally, project code.  You will then be able to produce income and expenditure reports for the SUMMER14 project as well as for the YOUTH fund.  For subsequent years you would create projects SUMMER15, SUMMER16, etc. in the YOUTH fund.  Budgets can also be set for each project and so you can also generate variance reports for each project if required.   

For donation funded churches, your funds would normally be created as your main divisions of activity with projects as your various events within those activities.

However, for grant funded churches, the PRO pack is of extra value.  Here, each grant provider can be set up as a fund and the activities that they are funding set as projects within their fund.  This not only allows each activity to be monitored but also allows accurate financial statements to be produced on demand for each grant provider.  Also, the budget facilities of the package allow you to generate a forecast for each grant provider to assist in the bidding process.  Coupled with the ability to maintain budgets for any fund, grant providers can be assured of your ability to manage their funding with confidence.