Custodian Funds

Used to manage departmental cash flows and pay research participants.


Funds are administered by a UW-Madison employee known as a custodian, who is responsible for monitoring the fund. There are two categories of funds: Business and Research. Within these two categories of Custodian Funds, there are a total of seven types of Custodian Funds.

Common Tasks and Roles

Tasks associated with Custodian Funds

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Open a Custodian Fund

Tasks will vary according to the type of custodian fund, but generally the first step would be to request an NR number. See the procedures for the various types of custodian funds for more information.

Maintain a Custodian Fund

Task will vary according to the type of custodian fund, but common tasks include reconciling and if necessary replenishing. See the procedures for the various types of custodian funds for more information.

Close a Custodian Fund

At the end of a custodian funds allowed timeframe or use, there are procedures required to close the custodian fund which are outlined in the procedures for the various types of custodian funds.

Roles

The Cash Management team in the Accounting Services Department will process Custodian Funds requests and help oversee all Custodian Funds. The following roles are may be involved. There is at least a Custodian for each type of Custodian Fund, however, not all roles are required for each type.

This is an accordion element with a series of buttons that open and close related content panels.

Custodian

A UW-Madison employee who is responsible for monitoring the custodian fund.

Reconciler

A UW-Madison employee who is responsible for performing reconciliations and if necessary replenishments.

Signer

A UW-Madison employee who is responsible for writing and signing checks to the appropriate recipient. The signer is also responsible for ensuring all checks are logged and accounted for.

Tools

Access Custodian Funds System and NR Number Generator

If you need to maintain or make a change to your current Custodian Fund use the guide below.

Guide for Maintaining a Custodian Fund

Contact

Address

Accounting Services
21 North Park Street, Suite 6201
Madison, WI 53715

phone

Phone: 608-263-2450