Trust Funds - Closing an Account
REG 07.30.19
Financial Reporting and Accounts Receivables
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Authority: Vice Chancellor for Finance and Business
History: First Issued: November 1, 2001.
Additional References: University Controllers Website
Contact Info: University Controller (919-515-3824)
1. Purpose
The following statement outlines procedures for closing a trust fund.
2. General Guidelines
Account custodians should request termination of trust funds which are no
longer required. The University Accounting Office will periodically review
all trust fund accounts to determine which accounts should be closed due to
little or no activity. Account custodians are contacted prior to any action
being taken.
3. Procedures
The account custodian should send the Manager of Financial Reporting a memorandum
requesting that the account be closed. When the request has been processed,
the account custodian will receive written notification from the University
Accounting Office that the account has been closed. The disposition of balances
left in the accounts will be handled on an individual basis.
