PRIVATE TRUSTS - 19420
(Revised: 08/2023)
Private trusts consist of money, securities, or sundry personal property held by agencies/departments for specific individuals, e.g., inmates, students, and state hospital residents. The agency/department acts as custodian of the private individual's assets to the State Treasury for custody.
Agencies/Departments will maintain a trust deposit subsidiary ledger containing an account for each person for whom money or securities are held.
Agencies/Departments will exercise standard principles of internal control and ensure that money, securities, and sundry personal property are stored in a manner commensurate with their value. Agencies/Departments that use safe deposit boxes for the safekeeping of valuable property will permit access to such boxes only when two authorized employees are present to verify the transaction.Revisions
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