SECTION 21.1 – TRUST FUNDSINTRODUCTIONTrust funds (also called Private Purpose Trust funds) are used to account for andreport donated resources held and administered by the district when it is acting in atrustee or fiduciary capacity for others (individuals, private organizations, or othergovernments) for purposes such as student scholarship, student aid, and/or othercharitable purposes or like uses.
They are receipted into the POS receipting system and deposited into the
district’s revenue transmittal account at the bank.
They must be retained
according to state records retention requirements an...
Allowed
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