Uniform Fiduciary Accounting Format (UFAP)

How Summafolio formats it

Accountings for states without a prescribed form are formatted to the structure of: Uniform fiduciary accounting (UFAP model format).

Summary followed by principal and income schedules in the structure of the Uniform Fiduciary Accounting Principles and model accounts (1983 Report of the Fiduciary Accounting Standards Committee, National Fiduciary Accounting Standards Project); income/principal allocation defaults follow the Uniform Principal and Income Act (1997) or Uniform Fiduciary Income and Principal Act (2018).

Sources:

Uniform Fiduciary Accounting Principles (NFAS)
Uniform Principal and Income Act (1997)
Uniform Fiduciary Income and Principal Act (2018)

Notes:

For states not listed above. Check local court rules for any mandated form before filing.

For every state without its own format

Some states set out what a fiduciary's account must contain without prescribing how it should look. For those states, and as the base layout for several of ours, Summafolio uses the model account format from the Uniform Fiduciary Accounting Principles (UFAP). It's a layout built for people who aren't accountants.

The principles come from the 1983 Report of the Fiduciary Accounting Standards Committee of the National Fiduciary Accounting Standards Project, published with model executor's and trustee's accounts. Pennsylvania's Orphans' Court Rule 2.1(c) adopts them as an elaboration of its accounting rule, and Florida's Rule 5.346 committee notes say that rule substantially adopts them.

The six principles

Understandable. Accounts should be stated so that people unfamiliar with trust and estate practice can follow them. The report singles out "debit" and "credit" as terms that confuse readers.
Summary first. An account begins with a concise summary of its purpose and content, organized as a table of contents, with totals for assets at the beginning, transactions during the period and assets at the end. Each summary entry is supported by a schedule.
Self-contained. An account gives enough information to put interested parties on notice of all significant transactions, without making them refer to an earlier inventory or account. Assets on hand at the beginning are itemized.
Two values. An account shows both carrying values (value at acquisition by the fiduciary) and current values at the beginning and end of the period.
Gains and losses together. Gains and losses during the period are shown separately in the same schedule.
Non-cash events. An account shows significant transactions that don't change the amount the fiduciary is accountable for, such as buying an investment, a stock split or a change of corporate name.

The layout

Section	What it shows
Summary	Principal: opening balance, receipts, net gain or loss, disbursements, distributions, closing balance. Then the same for income, and the combined balance at carrying and current value
Principal schedules	Receipts; gains and losses on sales; disbursements; distributions; balance on hand; investments made; changes in holdings
Income schedules	Receipts; disbursements; distributions; balance on hand
Other schedules	Assets at beginning; liabilities; compensation of the fiduciary and agents; distributions by beneficiary; cash reconciliation to statements

The six principles themselves don't require principal and income to be kept apart; that split comes from the model accounts (Pennsylvania's Model Trust Account has separate principal and income sections) and from the state's principal and income act. Our trust template is a blank annual account with principal and income schedules; the estate template uses a charges-and-credits layout built around closing an estate.

Principal and income: which act applies?

Income and principal follow the governing instrument first, then the state's principal-and-income statute. Two uniform acts are in use. As of October 2026, among the states we cover, these codes use the newer Uniform Fiduciary Income and Principal Act:

California (Prob. Code §16320 et seq., from January 1, 2024)
Florida (Fla. Stat. ch. 738, from January 1, 2025)
Virginia (Va. Code §64.2-1033 et seq., 2022)
Washington (ch. 11.104B RCW)

New York, Pennsylvania, Texas, Ohio, North Carolina and Michigan still cite their acts as the Uniform Principal and Income Act. Illinois has its own Principal and Income Act. Each state page links to the official text. For any other state, check the state's code for which act it has adopted.

What to check in your state

Who is entitled to an account, and how often (several states require trustees to report at least annually)
Whether a court form is mandatory, or the account must be verified or sworn
Notices that must accompany the account, such as a limitations notice
Whether the trust instrument waives or changes the duty

Frequently asked questions

Is the uniform format accepted by courts?

No court has approved or endorsed Summafolio, and some courts require their own forms. The uniform layout is designed to make the required information easy to find.

Why show carrying value and current value?

Carrying value keeps the account balanced and measures gains and losses. Current value tells beneficiaries what the fund is worth.

Samples and next steps

Sample: Pennsylvania trust account21-page PDF and Excel workbook from a fictional matter (a Pennsylvania account, which follows the same principles).
Guide: Principal and Income Act: Allocating Trust Receipts & ExpensesPlain-English explanation with citations.
Free template: Trust accounting template (annual account)Blank PDF and Excel. A template, not a court form.
PricingOne price per accounting, every export included.
How it worksFrom statements to a reconciled accounting.
All states and formatsCompare the 14 state formats and the uniform format.

Other states

No court has approved or endorsed Summafolio. Accountings are formatted to the structure of the sources cited above, and some courts require their own forms or local rules. This page is general information, not legal advice. Confirm the current requirements with the statute, your court and an attorney licensed in your state.

Uniform fiduciary accounting format (UFAP)