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
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.
VI. Responsible Party for Policy Interpretation/Review
Vice President of Financial Affairs
VII. Related Documents
VIII. Policy History:
a. Adopted by Board: February 20, 1995
b. Previous Policy Section: Finances; Previous Policy No. 2700
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