Template
What is the first thing you should do before asking questions?
Types of Other Investments?
Real Estate/ Mortgage
Annuities/ Life Insurance
Limited Partnerships
Collectables
Notes/ Deeds
Outside held Stocks
What do you do when a Checklist question does not apply to your specific case?
Mark as N/A
When is it ok to have Negative Receivables.
NEVER
When using a flow thru account for SDBA's what column are distributions shown in?
Participant Column on plan totals.
For the Financial Report how should the contribution sections be formatted.
The same sources should be shown in both sections and at least PS and 4K if there are no contributions for the year.
When are appraisals required.
Request every year but mandatory every year.
How do you answer the Checklist contribution question, where accruals deposited by completion of trust accounting.
If statements are available and it has been deposited select yes. If no statements available type no statements available.
What is it called when a client deposits more than their contributions.
Carry Forward Contributions
If contributions deposits and contribution transfers do not equal zero what does this result in?
Transfers due from Master Account to Participant accounts.
When should you hide rows on the template.
When all work is completed, and you are submitting to QC.
What values are used for annuities and insurance.
Where do you update the SDBA counts?
Billing Tab
These amounts can be automatically run Thru G/L?
Amounts under $1.00
Is it mandatory to do a Per Account for a Master/ Flow thru account?
True
Where should you enter your final notes for the compliance team before submitting to QC.
Yellow section of the TA for the QC'r to enter into Axis
Where do the detailed transactions for rental income/ real estate expenses/ and limited partnership income get reflected.
Per account tab.
Pulse notes in axis should also be saved where?
In the Processing Notes Tab in the TA
What is the hierarchy of allocating total contribution deposits between sources when it is not obvious.
PY EE
PY ER SH / Match
PY ER PS
Current Year EE
Current Year SH / Match
Current Year PS
If the Prior Year TA has transfers due, and the transfers occurred during the current year where do these transfers go on the plan totals tab?
In the per account section, "Other" row.
Where do you pull the Net Beginning Balance for the plan totals tab?
Prior year Trust Accounting and Annual Admin report
What website is used to locate the ending per share value of stocks. and how do you show proof?
Big Charts and save a snip it.
How do you NIGO if QC has already been completed and needs to be NIGO'd for something missing?
Must be transferred manually.
It is shown as a negative Prior Year accrual in the given source.
What is the maximum amount a participant is able to take as loan? (excluding COVID Loans)
DAILY DOUBLE $50,000 max or half of vested account balance.