custodian

noun

cus·to·di·an | \ ˌkə-ˈstō-dē-ən

Definition of custodian

: one that guards and protects or maintains especially : one entrusted with guarding and keeping property or records or with custody or guardianship of prisoners or inmates

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Examples of custodian in a Sentence

the custodian made his usual rounds of the building to make sure that everything was OK served as custodian of the prisoner until he could be turned over to federal authorities

Recent Examples on the Web

Wylie’s mother, Bridget Miles, works as a custodian for the East Jefferson YMCA, which is located at 6691 Riverside Drive in Metairie. — Earl Hodges, nola.com, "Victior Wylie explores new passion thanks to YMCA," 13 June 2019 In doing so, the shinise firms are like custodians that protect local traditions. — Innan Sasaki, Quartz at Work, "How to build a business that will last centuries," 10 June 2019 He was supposed to be watched by a third-party custodian 24 hours a day — a practice the Department of Corrections and court system is phasing out in favor of electronic monitoring and other bail supervision. — Michelle Theriault Boots, Anchorage Daily News, "Wasilla man who fled state on last day of child sex abuse trial apprehended in Washington," 28 June 2018 Maricruz Manzanarez, a custodian who has worked on the Berkeley campus in the San Francisco Bay Area for two decades, told KPIX-TV that wages aren't keeping up with the cost of living. — CBS News, "Thousands of University of California workers go on strike over pay," 7 May 2018 Under a law passed after the shooting, districts can arm non-classroom employees such as principals, other administrators, custodians and librarians who undergo training. — Terry Spencer, The Seattle Times, "Education unions oppose calls to arm teachers," 11 Feb. 2019 The National Park Service is the plane’s only custodian and the wreck site is under consideration for National Historic Landmark designation. — Andrew Craft, Fox News, "70 years after B-29 crash in Vegas, new footage of wreckage is released," 24 July 2018 Here's what patients need to know about UC Davis strike AFSCME 3299 represents 24,000 workers across the UC system, including medical assistants, respiratory therapists, health care unit workers, custodians and groundskeepers in its service unit. — Molly Sullivan, sacbee, "'You can feel it when the workers aren’t there.' Nurses strike with hospital workers | The Sacramento Bee," 9 May 2018 The district has no African-American administrators, teachers, coaches, bus drivers, cafeteria workers, or custodians. — Byron Mccauley, Cincinnati.com, "Byron McCauley: After racist jersey scandal, Kings schools needs a black board member. And these two men have volunteered.," 23 Jan. 2018

These 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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23 Jun 2019

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The first known use of custodian was in 1602

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More Definitions for custodian

custodian

noun

Financial 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

noun