At HPP CARES, we provide a specialized service: a trust account for grant funds. This type of bank account is designed to securely hold money awarded by a grantor (whether an organization or an individual) to a grantee (also an organization or individual) for a specific purpose.

The funds within this trust account are strictly allocated and can only be utilized for the purposes outlined in the grant agreement. Oversight of the trust account is typically managed by a trustee, which can be a bank or a third-party organization. Their role includes ensuring proper management of the funds in accordance with the grant's stipulations.

Here are some notable advantages of utilizing a trust account for grant funds:

1. Ensures that the funds are utilized solely for the intended purpose.

2. Safeguards the grantor's investment by ensuring responsible spending.

3. Promotes transparency and accountability in financial transactions.

4. Streamlines recordkeeping and facilitates accurate financial reporting.