Funds can be imported from Your Cause automatically. Just goto the Funds page in RaiseDonors and click the button, "Import from Your Cause". You are also free to create funds directly in RaiseDonors - but doing so will require you to also create the fund in Your Cause.
As long as the bolded line below is a match, a duplicate will not be created in RaiseDonors. Here is the mapping of how RaiseDonors imports designations from OLOD into RD.
Rd.Fund.Name = Olod.Designation.defaultDisplayValue (if that is empty, use: Olod.Designation.longDescription)