The following statement outlines procedures for closing a trust fund.
General Guidelines/Applicable Policies
Account Custodians should request termination of trust funds which are no longer required. The University Controller's Office will periodically review all trust fund accounts to determine which accounts should be closed due to little or no activity. Account Custodians will be contacted prior to any action being taken.
Procedures
The Account Custodian should send the University Controller a memorandum requesting that the account be closed. When the request has been processed, the Account Custodian will receive written notification from the University Controller that the account has been closed. The disposition of balances left in the accounts will be handled on an individual basis.