custodian
noun
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Definition of custodian
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Other Words from custodian
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noun
Synonyms for custodian
Synonyms
caretaker, guardian, janitor, keeper, warden, watchman
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Examples of custodian in a Sentence
Recent Examples on the Web
Gauna started out as a school custodian in a nearby district. — Caitlin O'kane, CBS News, "California man goes from school custodian to district superintendent," 9 Sep. 2019 Andrade had worked for 35 years as a custodian at Santa Rosa Junior College. — Bay City News, The Mercury News, "Fatal fight over door ding: Attacker weeps at sentencing in front of angry family," 29 Aug. 2019 That led the city to add Ed Building Maintenance last year as a supplemental custodian. — Hillary Davis, Daily Pilot, "Newport to spend $800,000 a year to clean beach and park toilets," 15 Aug. 2019 Non-criminal damage: Fairmount Boulevard A custodian at Church of the Western Reserve called dispatch at 7:45 a.m. on July 25 to report damage to an entry door. — Thomas Jewell, cleveland.com, "Four months and still no air conditioner: Pepper Pike Police Blotter," 2 Aug. 2019 Another principal told Blick the district was investigating her because a custodian at Lawton had stolen $25,000 from the school over a four-year period and Blick was being held responsible. — John Wisely, Detroit Free Press, "Ann Arbor principal says she was forced out for being white, files $5M lawsuit," 23 July 2019 But there is no doubt that Border Patrol is not a suitable custodian for children; that’s why the law requires prompt transfer of custody to ORR. — Michelle Brané, Washington Post, "This is what’s really happening to kids at the border," 30 May 2018 Similar lawsuits have been filed in Ohio, including one filed in federal court in Northern Ohio by three custodians at Kent State University. — Eric Heisig, cleveland.com, "Right-to-work group sues Ohio Gov. Mike DeWine, union to help state workers who don’t want to pay dues," 28 Aug. 2019 For centuries Yogyakarta has been the repository of Javanese culture, and the sultan its custodian. — The Economist, "A Javanese sultan wants his daughter to succeed him. His people object," 17 Aug. 2019These example sentences are selected automatically from various online news sources to reflect current usage of the word 'custodian.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for custodian
custodian
nounFinancial Definition of custodian
What It Is
A custodian is an institution or individual that can act as an agent and exercise legal authority over the financial assets of another individual or company.
How It Works
A custodian typically handles a variety of activities, including physically holding equities and bonds, settling purchases and sales, reporting the status of assets, tax compliance and reporting, and management of the client's accounts and transactions.
For example, a bank may act as a custodian for a customer's investment activities, moving funds into brokerage accounts, researching investment alternatives such as companies and funds which might be appropriate investment targets, instructing brokers to buy or sell securities, monitoring the investment activities within the account, and reporting account activity to the owner. The custodian may also prepare the necessary tax filings on behalf of the owner, based on the activities within the account.
Custodians may be appointed to hold control of assets of a minor or an incapacitated adult. An adult with legal status may act as the custodian for the accounts of a minor. For example, a common tax strategy is to give a financial gift to a minor when their tax rate is lowest. Under the Uniform Transfers to Minors Act (UTMA), an adult or parent establishes the account on behalf of the minor and serves as custodian, maintaining the legal authority and direction over the custodial account. When the minor becomes an adult, the custodian relinquishes his or her authority over the account.
The custodian role is often held by banks, law firms, or accounting firms which usually carry additional fees for the services.
Why It Matters
Custodian services are generally useful for absentee owners (i.e. owners who are not interested or able to be involved in the day-to-day management activities of their accounts), as well as complex transactions, management of substantial assets, timely reporting and compliance, and tax management strategies.
Source: Investing Answers
custodian
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English Language Learners Definition of custodian
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custodian
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Kids Definition of custodian
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custodian
nounLegal Definition of custodian
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