All About the $$
You can approve an accounting when these three specific items are met:
–Accounting is complete
–Discrepancies can be reconciled
–Accounts are properly titled
You must request a change in bond amount if there is more than a ___% change.
20%
During the accounting review the hub must suspend benefit payments to the fiduciary when any of these four things happen:
•allegation of misuse is warranted and is documented in the file
•fiduciary is evasive when attempting to clarify information during the accounting process
•hub identifies financial statements that show signs of alteration, or
•fiduciary demonstrates a written or verbal intent not to comply with VA’s request.
VBMS-Fid creates an accounting end product to control for solicitation, receipt, processing and disposition of an accounting based on the date placed in the _______ field in the beneficiary profile.
“Accounting Period End Date”
According to the training last week, who establishes a misuse EP?
The Hub personnel who discovers the misuse allegation is responsible for establishing the misuse EP.
–Outstanding corrections due
–Evidence of misuse
–Excessive fee
–Fiduciary is non-compliant
When you create a surety bond task, how many days until it is due?
30
These two things must happen when a misuse allegation is received.
Document on a 0820 & Establish a Misuse EP
Where are Accounting EPs established?
From the Bene Profile
According to the Accounting SOP, before a Fund Usage Field Exam is established, ___ number of letters must be mailed & ___ number of phone call attempts must be made
2 & 2
Accountings are required when a VA-appointed fiduciary receives benefit payments on behalf of a beneficiary and any of the conditions apply:
•The amount of VA funds under management (FUM) for the beneficiary exceeds $10,000
•This includes retroactive benefits
•The fiduciary deducts a VA-authorized fee for fiduciary services from the beneficiary’s account.
•The beneficiary receives VA benefits at a rate equal to or exceeding the amount paid for a 100 percent disability rating.
•Upon the death of a beneficiary who dies without a valid will and without heirs, whose VA FUM would be forfeited to a State and must be returned to VA through the escheat statute.
•The fiduciary is appointed as a temporary fiduciary.
•The Hub Manager determines an accounting is necessary to ensure the fiduciary will or has properly managed the beneficiary's funds
If the bond task is more than 60 days after the first notification, what must happen?
Successor Fiduciary must be appointed.
The internal timeline for a misuse allegation to be reviewed is:
5 business days
Where are Field Exam EPs created?
From the Bene Profile
According to the Accounting SOP, do you have to sign VA Forms 3537a or 0820s?
100% YES
VA-appointed fiduciaries must submit accountings on an ______ basis.
Annual
Where do you establish a Surety Bond task?
Bene Profile
Why couldn't the pony sing a lullaby?
Because it was a little horse.
What is the maximum percent that a fiduciary is authorized to take on VA money for a Fiduciary Fee?
4%
According to Reclutant Gourmet, what do the pleats in a Chef's hat represent?
The pleats are used to signify a chef's level of experience, such as; the number of folds represent the number of ways they know how to prepare an egg.
What 7 things constitutes a complete and ready to audit accounting?
•Appropriate submission format 4706 b or c
•Beneficiary’s name
•VA file number
•Expenses
•Income
•Background information
•Financial statements
A surety bond will be required if the VA benefit funds under management (FUM) exceeds
$25,000
How many days does a fiduciary get to reconsider a misuse determination?
30 days + 5 days for mailing
When is it required for a fiduciary to submit annual accountings and fund usage reviews for a beneficiary?
Never!
According to the manual how many days to we set the Certified Court Accounting task for?
90 days