diff --git a/conservancy_beancount/reports/fund.py b/conservancy_beancount/reports/fund.py
index 71eaf69bcae2ec69630c9551b7e07c8774e170d6..f4dfaa6e27abdadb01cbd97a27ae0e1329b973e9 100644
--- a/conservancy_beancount/reports/fund.py
+++ b/conservancy_beancount/reports/fund.py
@@ -301,7 +301,7 @@ class TextReport:
                 print(line_fmt.format('─' * acct_width, '─' * bal_width),
                       file=self.out_file)
             bal_iter = iter(bal_seq)
-            print(line_fmt.format(acct_s, next(bal_iter)), file=self.out_file)
+            print(line_fmt.format(acct_s, next(bal_iter, "—")), file=self.out_file)
             for bal_s in bal_iter:
                 print(line_fmt.format('', bal_s), file=self.out_file)
             if is_end_bal:
diff --git a/setup.py b/setup.py
index 0ca26c3305e8236533add54c0648018e8b1110f4..81a16dc5d246115f5882b34ec8de08b7d0338735 100755
--- a/setup.py
+++ b/setup.py
@@ -5,7 +5,7 @@ from setuptools import setup
 setup(
     name='conservancy_beancount',
     description="Plugin, library, and reports for reading Conservancy's books",
-    version='1.14.1',
+    version='1.14.2',
     author='Software Freedom Conservancy',
     author_email='info@sfconservancy.org',
     license='GNU AGPLv3+',
diff --git a/tests/test_reports_fund.py b/tests/test_reports_fund.py
index fbcba40fc8f6f70d089286c80a864f42b0e59a5f..acaf27f9631bc47b095e1d6928900de960fea71b 100644
--- a/tests/test_reports_fund.py
+++ b/tests/test_reports_fund.py
@@ -296,6 +296,13 @@ def test_text_report(project, start_date, stop_date):
     assert retcode == 0
     check_text_report(output, project, start_date, stop_date)
 
+def test_text_report_empty_balances():
+    retcode, output, errors = run_main(io.StringIO, [
+        '-t', 'text', '-b', '2018-01-01',
+    ])
+    assert not errors.getvalue()
+    assert retcode == 0
+
 @pytest.mark.parametrize('start_date,stop_date', [
     (START_DATE, STOP_DATE),
     (MID_DATE, STOP_DATE),