Institutional Federal Compliance Report 2021

Fiduciary Funds

Fiduciary Funds are used to account for assets held by the State in a fiduciary capacity or as agent for individuals, private organizations or other governments and include Private Purpose Trust Funds, the State and Local Retirement System Fund and Agency Funds. Private Purpose Trust Funds: Agriculture and Milk Producers’ Security Funds— to provide security to agriculture and milk producers against loss of revenues. Abandoned Property Fund— accounts for assets from banks, utilities, investment companies and insurance companies representing inactive accounts that are required by law to be turned over to the State. The Comptroller is custodian of this account. Assets are returned to the proper owner upon approval of a claim. Tuition Savings Program Fund— accounts for contributions made by individuals and families for college savings. The withdrawals from the Fund are used to pay college costs at any eligible public and private college and university in New York State. New York ABLE Savings Program— allows eligible individual a means to save for disability-related expenses in a tax-advantaged way, without jeopardizing benefits from other programs like Social Security or Medicaid. Agency Funds: Employee Benefit and Payroll Related Funds— account for various employee benefit programs, such as the New York State employee health insurance programs, for the disposition of various payroll related deductions, such as for social security contributions. MMIS Statewide Escrow Fund— accounts for the transfer from other funds of the Federal, State and local shares of Medicaid program expenditures to a paying agent for ultimate payment to health care providers. Other Agency Funds— account for various escrow, revenue collection and agency accounts for which the State acts in an agent’s capacity until proper disposition of the assets can be made. This includes accounting for advances from the State for paying CUNY operating costs.