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Simple English definitions for legal terms
fiscal agent
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A quick definition of fiscal agent:
A fiscal agent is a person or company that helps collect and distribute money for someone else. They act on behalf of another person or organization and are authorized to do so. They can be a bank or financial institution that handles private or public funds.A more thorough explanation:
Definition: A fiscal agent is a bank or financial institution that collects and disburses money on behalf of another entity. They act as a depository of private and public funds and provide services to manage those funds.
Example: A non-profit organization may hire a fiscal agent to manage their donations and expenses. The fiscal agent would collect donations on behalf of the non-profit, manage their bank accounts, and disburse funds for expenses such as rent and salaries.
Explanation: The example illustrates how a fiscal agent acts as a third-party intermediary to manage funds on behalf of another entity. The non-profit organization entrusts their funds to the fiscal agent, who then manages those funds according to the non-profit's instructions. This arrangement allows the non-profit to focus on their mission while the fiscal agent handles the financial management.