Trust Examiner School eBook

DFI Trust Company Examiner’s Entry Checklist

Q. Describe the procedure in effect for considering and evaluating proposed new accounts prior to their acceptance. Please indicate: 1. The minimum dollar size of account that will be accepted, 2. The type(s) of account(s) currently solicited, and 3. The Company's principal source of new business. R. Provide the Company’s policy with respect to members of committees voting on the disposition of securities of companies in which they have a financial interest. S. Describe the Company's policies regarding the voting of stock held in accounts. Indicate whether the Company has solicited written instructions from beneficial owners as to the forwarding of proxy material, and voting of securities held on their behalf. T. Describe the Company's policy regarding the placement of brokerage business for fiduciary accounts. Provide list of brokers utilized and broker fees and commissions paid last year and year-to-date; the last formal analysis of broker relationships; and procedures followed to assure best execution. U. Describe any soft dollar arrangements in effect. Please state if written policies have been adopted to ensure compliance with the safe harbor provisions of Section 28(e) of the Securities Exchange Act of 1934. V. List of any charitable trust totaling at least $500,000 that has not annually filed a verified written certification with the attorney general per Indiana Code 30-4-5-12 (b). W. List of all outside service providers, with access to written service contracts. Examples include software service providers, pricing services, investment advisors, real estate and farm managers, accounting firms, tax preparers, and proxy voting services. Also provide information regarding any service provider that is an interest of an insider. X. List of most recent vendor management reviews, including current SOC 1 and/or SOC 2 audits Y. In regards to Individual Retirement Accounts (“IRAs”), provide: a copy of prototype documents in use; list of dilatory required minimum distributions; and list of non-publicly traded assets, including name of account holding and last valuation. Z. In regards to Irrevocable Life Insurance Trusts (“ILITs”), provide: oversight processes for ILITs; list of accounts that hold assets other than insurance policies; list of vendors used to assess if the insurance policy is appropriate for the client; and dilatory “Crummey” letters.