NIGP 94942: Named Recipient Deposit

NIGP 94942 Named Recipient Deposit is an Item code under which state and local governments establish escrow, trust, or custodial accounts holding funds on behalf of specified beneficiaries or claimants. State and local procurement activity under this code centers on financial management services related to the receipt, holding, and disbursement of third-party or beneficiary-designated funds — typically arising from legal settlements, grant administration, child support enforcement, tax refunds, unclaimed property programs, or multi-party liability claims. Issuing bodies range across state revenue departments, state comptroller offices, county treasurers, municipal finance departments, and independent agencies managing escrow or trust accounts. The financial administration and accounting infrastructure required to support named-recipient deposits makes this code most active among state-level treasury and finance agencies, which often issue RFPs or ITBs for deposit-account management, reconciliation services, or custodial trust accounting platforms.

Recent state and local procurement activity under this code is not evident in available solicitation records. Without posted opportunities naming NIGP 94942 explicitly, the current market signal for vendors in this space is minimal. Practitioners pursuing this code should monitor state treasurer offices, state revenue agencies, and county finance departments for sporadic ITBs or RFPs related to escrow-account management, trust reconciliation, or third-party funds administration, particularly when those agencies modernize legacy financial systems or consolidate custodial operations.