Article 2, Part 3 – Registered Organizations and Organization Fund

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§ 2-307 Custodial Fund

  1. Each Registered Student Organization (RSO) or Registered Organization (RO) has the option to establish a custodial fund which the university will manage on their behalf. A custodial fund is a fund held by the University of Illinois System in a purely custodial capacity as a fiscal agent for the owner of the money. In other words, all financial activity taking place in a custodial fund is not part of the University of Illinois System. All revenue, expense, or other financial activity recorded in a RSO or RO fund belongs to the owner of the RSO or RO, not the University of Illinois System.
  2. A custodial fund shall be the administrative responsibility of the Vice Chancellor for Student Affairs.