State Aid Report (“Local Aid” Identification)

Each business day our staff monitors the accounts of those customers who have elected to receive state aid (Cherry Sheet funds) electronically through UniBank. If the customer has received funding, we identify the source of the funds and the specific reason the aid was provided. In order to provide the high level of service in identification of these funds as promised, many times it is necessary for our staff to contact the forwarding agency at the Department of Revenue. This is a great timesaver to a treasurer and/or staff who previously would spend a great deal of effort on identification of these funds. We pride ourselves in providing the most defined state aid reporting available. When the research is complete, we prepare and FAX (within 24 hours) a detailed report to our customers. There is no charge for this service. Click to view a sample of our “State Aid Report.”

Consolidation of Trust Accounts and Interest Allocation

UniBank can provide your city or town with account consolidation and interest allocation services for trust funds, stabilization, planning board security deposits, student scholarship and award monies and any other funds for which withdrawal activity is limited.

On a monthly basis, the treasurer is provided with a report that distributes interest proportionally among the various trust funds held in the account. The report indicates the beginning balance for each fund, interest earned by that fund, a record of withdrawals and/or deposits (from information provided by the customer) and the fund’s ending balance. In addition, the fund notes whether or not a portion of any fund is to be considered “non-expendable.” If so, that amount is shown on the report.

While this consolidation product utilizes a money market account, it will also allow for funds within the account to be invested in a certificate of deposit. There is no charge for this report.