Trust money is money that the agency is holding in trust (it does not include creditor payments such as salary deductions or money that is held in a separate “trust fund” which is not a true trust) As stipulated in the Act and Finance Instructions, trust money is to be kept in a separate bank account and accounted for separately from “public money” and “other money”.
The policies and procedures in this Part assign particular responsibilities to:
§
the Accounting Head;
§
a trust officer;
§ an accounts officer.