Trust Examiner School eBook

IRA Review

Administrative Comments:

Asset Information

Investment Authority

 None

 Full

 Shared

Investment Objective, if applicable

Investments Conform to Objective  Yes If no, is action plan in place to correct  Yes

 No

 No

 NA

Investment Comments:

Unique Asset Administration, complete only if applicable

 Yes, prohibited by SEC, contact Trust Examiner

Invested in Unregistered Common or Collective Funds

 NA

Invests In Own-bank or HC Stock

 Yes  Yes

 NA  No

If yes, does it conform to AO 88-09A and 88-28

Hard-to-value Asset ( e.g. LLC, Partnership, closely held business)

 Yes

 No

 NA

Does management use hold-harmless letters  Yes

 No  No

 Yes Comment:

Valued appropriately (see IRR 59-60) If no, how shown on Form F5498 (FMV required)

Subject to Unrelated Business Income Tax  Yes

 No

Permissible RE Investment

 Yes

 No  No  No  No  No  No

Administered Correctly  Yes

Permissible Loan Investment

 Yes

Administered Correctly  Yes

Past Due  Yes

Permissible Precious Metals

 Yes

Held correctly 



Prohibited Transactions/Assets (see IRC 4975) Participant Loan rolled over from ERISA plan  Yes

 No

Pledged/Security for a loan (remember IRA can borrow directly but cannot be pledged)

 Yes

 No  No  No  No  No

Loan to self or lineal descendent  Yes

Invest in Business of self or lineal descendent  Yes

Collectible Assets (see IRC 408)  Yes

Acquired after 1/1/1982  Yes, prohibited

If Account Rolled Over to the trust department after 12/31/1991 the asset is considered

prohibited  Yes, prohibited

 No

Other Prohibited Transactions/Assets Comments: (please contact trust SME, examiner, or specialist if you have questions regarding IRA issues)

CHI - Line Sheet - IRA Review.doc

Revision Date 12/2016