In addition to those services identified previously, SDTCSW can provide other services to the PFTC. These services can be included in any of the three service options identified previously.
Meeting Preparation and Documentation
SDTCSW can assist the PFTC with preparation of its Owner, Board, and Committee(s) meetings. This includes drafting agendas and meeting minutes for Owner, Board, and Committee(s) meetings, and assembling board packets and accompanying exhibits. This service also includes maintaining and filing corporate documents and records. This level of service is commensurate with the number of meetings held by the PFTC each calendar year.
PFTC Financial Operations
SDTCSW can also assist the PFTC with various financial operations. This service includes providing periodic financial reports to the Board for review at its meetings. These reports are provided on a cash basis. SDTCSW can also manage the PFTC’s capital and operating bank accounts, maintain the company-specific trust accounting program (Infovisa) (assuming SDTC is engaged to act as the PFTC’s agent for trust administration), perform daily operations, facilitate monthly bill pay for the trust company, prepare annual reports for the company, and coordinate and facilitate tax filings of the company, as applicable. Please note that SDTCSW cannot provide tax preparation, planning, or advice. This service also includes managing the insurance and bond coverages of the PFTC.
Use of SDTC’s Infovisa trust accounting system
Per sound fiduciary practices, the PFTC will be required to maintain a separate trust accounting system for trusts under its management. If it retains SDTC to provide the trust administration services referenced above, SDTC will allow PFTC to use its trust accounting system and have a separate “branch”, which SDTC will use for the family’s specific trust administration and reporting.
Policies and Procedures Manual
Every trust company should have a company-specific policies and procedures manual. SDTCSW has extensive experience in developing, drafting, and improving policies and procedures manuals for a variety of trust companies. SDTCSW has on staff a former South Dakota Division of Banking trust examiner that has expertise in drafting company-specific policies and procedures. The manual should be completed and approved by the Board before the company accepts an appointment as trustee.