Public Finance

State Funds

SECTION 35-4-24

§ 35-4-24. Custodial funds received and held in trust by state agencies.

(a) State agencies which receive funds from wards of the state for the purposes of maintaining these funds in trust while the person is in the care of the state shall deposit these funds in the general fund.

(b) All funds received from patients, wards, inmates, or residents on a custodial or trust basis shall be turned over to the general treasurer and shall be placed in a custodial account within the general fund. The general treasurer will provide the agency with an estimate of earnings on these funds while held in the general fund, and the state controller shall transfer these earnings to the trust account. It will be the responsibility of the agency to determine the allocation of these earnings. The state controller, upon receipt by him or her of properly authenticated vouchers, is authorized to draw from time to time his or her orders upon the general treasurer for payment from these custodial accounts and the general treasurer is authorized and directed to make payments from these accounts upon receipt of the orders.

History of Section.
(P.L. 1993, ch. 138, art. 5, § 2.)