Trust and Agency Fund

I. Policy Title: Trust and Agency Fund

II. Who does this policy affect?

HFC Board of Trustees and President of Henry Ford College

III. Purpose

The Board of Trustees directs the establishment of a trust and agency fund for the financial administration of trust accounts operated for the benefit of students.

IV. Policy Statement

The President shall be responsible for the administration of the trust and agency fund. The fund will be audited annually and will be administered under appropriate accounting controls. The books of account will record income and expenses for each approved area.

V. Definitions
N/A

VI. Responsible Party for Policy Interpretation/Review

Vice President of Financial Affairs

VII. Related Documents

N/A

VIII. Policy History:

a. Adopted by Board: February 20, 1995
b. Previous Policy Section: Finances; Previous Policy No. 2700

Reviewed/Updated

April 17, 2023 – Approved by Board of Trustees

March 20, 2023 – Reviewed by Policy Committee and placed in new format

This policy supersedes and replaces any and all policies related to this subject