25 C.F.R. Subpart F—Trust Fund Accounts: General Information
Title 25 - Indians
Congress has passed a number of laws that require the Secretary to establish and administer trust fund accounts for Indian tribes and certain individual Indians who have an interest(s) in trust lands, trust resources, or trust assets. Indian trust funds are deposited in tribal accounts, Individual Indian Money (IIM) accounts, and special deposit accounts. The illustration below provides information on each of these trust accounts. [66 FR 7094, Jan. 22, 2001, as amended at 66 FR 8768, Feb. 2, 2001] We must accept proceed on behalf of tribes or individuals from the following sources: [66 FR 7094, Jan. 22, 2001. Redesignated at 66 FR 8768, Feb. 2, 2001] No, we will not accept funds from sources that are not identified in the table in §115.702 for deposit into a trust account. No, we will not accept retirement checks/payments or pension fund checks/payments or any funds from sources that are not identified in the table in §115.702 for deposit into a trust account. We will accept money awarded or assessed by a court of competent jurisdiction for a cause of action directly related to trust assets to be deposited into a trust account. Other funds awarded by a court of competent jurisdiction may not be deposited into a trust account. When funds are awarded or assessed by a court of competent jurisdiction in a cause of action involving trust assets, we must receive the funds awarded as stipulated in the court order and a copy of the court's order. No. The Secretary will not accept administrative fees for deposit into a trust account because administrative fees are not trust funds. However, administrative fees may be deposited into a non-interest bearing, non-trust account with the BIA. Trust funds received by the Secretary on behalf of a tribe or individual Indians will be deposited into a trust account within twenty-four hours, or no later than the close of business on the next business day following the receipt of funds at a location with a designated federal depository. Yes, in accordance with the Trust Reform Act an annual audit will be conducted on trust funds. Each tribe and IIM account holder will be notified when the Secretary has conducted an annual audit on a fiscal year basis of all the trust funds held by the United States for the benefit of tribes and individual Indians. This notice will be provided in the first quarterly statement of performance following the publication of the audit. Yes, all money deposited in a trust account is invested and earns interest or yield returns, or both. OTFM manages trust fund investments and its investment decisions are governed by federal statute. See 25 U.S.C. §§161(a) and 162a. The rate of interest on a trust account changes based on how the money is invested and how those investments perform. Funds must remain on deposit at least one business day before interest is earned. Interest earnings of less than one cent are not credited to any account.
Title 25: Indians
PART 115—TRUST FUNDS FOR TRIBES AND INDIVIDUAL INDIANS
Subpart F—Trust Fund Accounts: General Information
§ 115.700 Why is money held in trust for tribes and individual Indians?
§ 115.701 What types of accounts are maintained for Indian trust funds?
§ 115.702 What specific sources of money will be accepted for deposit into a trust account?
§ 115.703 May we accept for deposit into a trust account money not specified in §115.702?
§ 115.704 May we accept for deposit into a trust account retirement checks/payments or pension fund checks/payments even though those funds are not specified in §115.702?
§ 115.705 May we accept for deposit into a trust account money awarded or assessed by a court of competent jurisdiction?
§ 115.706 When funds are awarded or assessed by a court of competent jurisdiction in a cause of action involving trust assets, what documentation is required to deposit the trust funds into a trust account?
§ 115.707 Will the Secretary accept administrative fees for deposit into a trust account?
§ 115.708 How quickly will trust funds received by the Secretary on behalf of tribes or individual Indians be deposited into a trust account?
§ 115.709 Will an annual audit be conducted on trust funds?
Investments and Interests
§ 115.710 Does money in a trust account earn interest?
§ 115.711 How is money in a trust account invested?
§ 115.712 What is the interest rate earned on money in a trust account?
§ 115.713 When does money in a trust account start earning interest?
