Former Custodian definition

Former Custodian. Fund Balance: Current Fund Balance: Amount of Increase/(Decrease) : New Fund Balance: =
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Former Custodian. Fund Balance: Current Fund Balance: Amount of Increase/(Decrease) : New Fund Balance: = Reason for Modification: As Custodian of this fund, I agree to accept the responsibility for the protection and proper use of this fund. I have read and agree to abide by Indiana University Policy FIN-ACC-560. I understand that I am covered by the university's Blanket Bond and that I will be held personally liable for losses except loss by theft if it is reported at once and the police investigation absolves me of negligence. To terminate my custodianship of this fund, I agree to contact the IU Indianapolis Budget Office for specific instructions. In no event will I transfer or assign these funds to my successor without submission of another signed agreement containing the appropriate signatures and approved by IU Indianapolis Budget Office . I will submit written justification via the annual Custodial Funds Revalidation Form to the Custodial Fund Coordinator in the IUIndianapolis Budget Office. Signature of Custodian: Print Name: Date: Approval of Dept. Fiscal Officer: Print Name: Date: Approval of RC Fiscal Officer: Print Name: Date: Approval of Grant Consultant: Print Name: Date:
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Examples of Former Custodian in a sentence

  • The Custodian shall be fully protected in relying on the accuracy of the Account Owner information provided by the plan sponsor, the Former Custodian (if applicable), and the Account Owner, and the Custodian shall not be responsible for any losses, damages, taxes, interest, penalties or other similar expenses resulting from the plan sponsor’s, the Former Custodian’s (if applicable), or the Account Owner’s failure to provide the Custodian with accurate, complete and updated information.

  • Account Owner information was provided by the plan sponsor, or the Former Custodian (if applicable), from the most recent records of the plan sponsor and employer, or the Former Custodian, as applicable.

  • A Successor Custodian shall acquire all of the powers conferred upon its predecessor, but shall not be personally liable for any act or failure to act of the Former Custodian.

  • The Custodian is authorized and empowered to receive from the retirement plan in which the Account Owner was formerly a participant, or the Former Custodian (if applicable), the funds to be invested in the Account in the Initial Investment.

  • To the extent the Account Owner has not provided any updates to Account Owner information provided by the plan sponsor, or the Former Custodian (if applicable), the Custodian may use and rely on the Account Owner information provided by the plan sponsor or the Former Custodian (if applicable).

  • The Custodian shall provide all services as described herein based upon the Account Owner information provided by the plan sponsor, or the Former Custodian (if applicable), as the same may be updated from time to time under Article XIV above.

  • If this Account was established pursuant to an agreement between the Custodian, or the Former Custodian (if applicable), and the plan sponsor and/or plan administrator of a retirement plan (“plan sponsor”) to create an automatic rollover IRA within the meaning of IRC section 401(a)(31)(B) (“automatic rollover agreement”), then the provisions in this Article XXI also apply to this Agreement.

  • In accordance with the automatic rollover agreement, the plan sponsor made a distribution in a direct rollover to the Custodian, or a Former Custodian (if applicable), on behalf of a former participant, beneficiary, or alternate payee in the plan who did not elect to have such a distribution paid directly to an eligible retirement plan in a direct rollover or to receive the distribution directly in accordance with the terms of the plan.

  • This Agreement governs the Account established with the Custodian by the plan sponsor, or the Former Custodian (if applicable), including the plan sponsor’s, or Former Custodian’s (if applicable), direction with respect to the initial investment of the Account (“Initial Investment”) acting in the name of, on behalf of and for the benefit of the Account Owner for whom the direct rollover was made.

  • The Custodian does not assume or incur any liability by reason of, or have any duty or responsibility to inquire into, or take action with respect to, any acts performed or omitted or to be performed by the plan sponsor or by a Former Custodian of any qualified plan or IRA that has transferred any assets to the Custodian or Account.