diff --git a/conservancy_beancount/reports/fund.py b/conservancy_beancount/reports/fund.py
index bee58fe28daf7694c0090be5b1f4460c56788e78..3468bbba153de277d19603f248b5df49d6ad4522 100644
--- a/conservancy_beancount/reports/fund.py
+++ b/conservancy_beancount/reports/fund.py
@@ -158,8 +158,11 @@ class ODSReport(core.BaseODS[FundPosts, None]):
         bal_indexes = [0, 1, 2, 4]
         totals = [core.MutableBalance() for _ in bal_indexes]
         threshold = Decimal('.5')
-        for fund, balances in self.balances.items():
-            balances = [balances[index] for index in bal_indexes]
+        for fund, source_bals in self.balances.items():
+            balances = [source_bals[index] for index in bal_indexes]
+            # Incorporate Equity changes to Release from Restrictions.
+            # Note that using -= mutates the balance in a way we don't want.
+            balances[2] = balances[2] - source_bals[3]
             if (not all(bal.clean_copy(threshold).le_zero() for bal in balances)
                 and fund != UNRESTRICTED_FUND):
                 self.write_balances(fund, balances)
diff --git a/tests/books/fund.beancount b/tests/books/fund.beancount
index 68f7068301ae7de389817ce0d2600d792f7ec2fa..30a3c3b189c2814610980357496e474af61141f5 100644
--- a/tests/books/fund.beancount
+++ b/tests/books/fund.beancount
@@ -109,7 +109,13 @@ option "inferred_tolerance_default" "USD:0.01"
   Income:Other    -200 USD
   Assets:Checking  200 USD
 
-2019-12-03 * "Delta income"
+2019-09-06 * "Delta income"
   project: "Delta"
   Income:Other    -4.60 USD
   Assets:Checking  4.60 USD
+
+2019-12-03 * "Charlie release from restriction"
+  Equity:Funds:Restricted     100 USD
+  project: "Charlie"
+  Equity:Funds:Unrestricted  -100 USD
+  project: "Conservancy"
diff --git a/tests/test_opening_balances.py b/tests/test_opening_balances.py
index a13daf2334dbf12969301a41f9efee1413172604..3f45c53d3f45d2e8c24581152b956fd8d827b4d9 100644
--- a/tests/test_opening_balances.py
+++ b/tests/test_opening_balances.py
@@ -146,7 +146,7 @@ def test_2020_opening(arg):
         FlatPosting.make(A_EUR, 32, 'EUR', '1.5', '2019-03-03'),
         FlatPosting.make(A_RESTRICTED, -3064, project='Alpha'),
         FlatPosting.make(A_RESTRICTED, -2180, project='Bravo'),
-        FlatPosting.make(A_RESTRICTED, -1000, project='Charlie'),
+        FlatPosting.make(A_RESTRICTED, -900, project='Charlie'),
         FlatPosting.make(A_RESTRICTED, -5, project='Delta'),
-        FlatPosting.make(A_UNRESTRICTED, -4080, project='Conservancy'),
+        FlatPosting.make(A_UNRESTRICTED, -4180, project='Conservancy'),
     ]
diff --git a/tests/test_reports_fund.py b/tests/test_reports_fund.py
index 298ec5740d2c58c32f37b4a15f9870faf2ed762d..42c6ed8ea2973662fad8005e9e1f504b6a680e1f 100644
--- a/tests/test_reports_fund.py
+++ b/tests/test_reports_fund.py
@@ -60,6 +60,7 @@ BALANCES_BY_YEAR = {
     ('Conservancy', 2019): [
         ('Income:Other', 42),
         ('Expenses:Other', Decimal('-4.20')),
+        ('Equity:Funds:Unrestricted', 100),
         ('Equity:Realized:CurrencyConversion', Decimal('6.20')),
         ('Assets:Receivable:Accounts', -40),
         ('Liabilities:Payable:Accounts', -4),
@@ -81,6 +82,9 @@ BALANCES_BY_YEAR = {
     ('Bravo', 2019): [
         ('Income:Other', 200),
     ],
+    ('Charlie', 2019): [
+        ('Equity:Funds:Restricted', -100),
+    ],
     ('Delta', 2018): [
         ('Income:Other', Decimal('.40')),
     ],
@@ -138,6 +142,8 @@ def check_text_report(output, project, start_date, stop_date):
     assert open_amt == format_amount(balance_amount)
     balance_amount += check_text_balances(
         actual, expected,
+        'Equity:Funds:Restricted',
+        'Equity:Funds:Unrestricted',
         'Equity:Realized:CurrencyConversion',
         'Income:Other',
         'Expenses:Other',
@@ -173,7 +179,7 @@ def check_ods_sheet(sheet, account_balances, *, full):
             if key != 'Conservancy' and any(v >= .5 for v in balances.values())
         }
         totals = {key: Decimal() for key in
-                  ['opening', 'Income', 'Expenses', 'Equity:Realized']}
+                  ['opening', 'Income', 'Expenses', 'Equity']}
         for fund, balances in account_bals.items():
             for key in totals:
                 totals[key] += balances[key]
@@ -190,11 +196,15 @@ def check_ods_sheet(sheet, account_balances, *, full):
             pytest.fail(f"report included unexpected fund {fund}")
         check_cell_balance(next(cells), balances['opening'])
         check_cell_balance(next(cells), balances['Income'])
-        check_cell_balance(next(cells), -balances['Expenses'])
         if full:
-            check_cell_balance(next(cells), balances['Equity:Realized'])
+            check_cell_balance(next(cells), -balances['Expenses'])
+            check_cell_balance(next(cells), balances['Equity'])
+        else:
+            check_cell_balance(
+                next(cells), -sum(balances[key] for key in ['Expenses', 'Equity']),
+            )
         check_cell_balance(next(cells), sum(balances[key] for key in [
-            'opening', 'Income', 'Expenses', 'Equity:Realized',
+            'opening', 'Income', 'Expenses', 'Equity',
         ]))
         if full:
             check_cell_balance(next(cells), balances['Assets:Receivable'])
@@ -209,7 +219,7 @@ def check_ods_report(ods, start_date, stop_date):
         'opening': Decimal(amount),
         'Income': Decimal(0),
         'Expenses': Decimal(0),
-        'Equity:Realized': Decimal(0),
+        'Equity': Decimal(0),
         'Assets:Receivable': Decimal(0),
         'Assets:Prepaid': Decimal(0),
         'Liabilities:Payable': Decimal(0),
@@ -222,8 +232,11 @@ def check_ods_report(ods, start_date, stop_date):
             pass
         else:
             for account, amount in amounts:
-                if year < start_date.year and account.startswith(EQUITY_ROOT_ACCOUNTS):
-                    acct_key = 'opening'
+                if account.startswith(EQUITY_ROOT_ACCOUNTS):
+                    if year < start_date.year:
+                        acct_key = 'opening'
+                    else:
+                        acct_key, _, _ = account.partition(':')
                 else:
                     acct_key, _, _ = account.rpartition(':')
                 account_bals[fund][acct_key] += amount