(Last Modified on July 1, 2019)

In January 2017, the Government Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities, which identified four types of fiduciary funds: (1) pension trust funds; (2) investment trust funds; (3) private-purpose trust funds, and (4) custodial funds. This section provides guidance for University System of Georgia (USG) institutions on the identification, accounting and reporting of custodial funds.

Custodial funds will be used to account for remaining fiduciary activities that are not structured as part of a trust (pension trust funds, investment trust funds, or private purpose trust funds).