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TRUST ADMINISTRATION
American Funeral & Cemetery Trust Services has complemented their Master Trust Program by implementing their very own trust record-keeping component… Trust Administrative Services… TAS. TAS has been specifically designed to allow funeral homes and cemeteries the option of selecting their own custodial bank and asset manager. TAS is designed to work in concert with the bank and asset manager of their choice to provide a fully customized record-keeping component.
KEY features of trust administrative services TAS record keeping component
MONTHLY STATEMENT OF ACCOUNT
The Statement of Account based marked-to-market is a comprehensive management tool which identifies deposits, claims, earnings, expenses, realized gains, and unrealized gains activity within three time frames: the given month, year-to-date, and contract-to-date. The information is inclusive for individual trusts as well as a complete summary page for the firm. The summary also provides a recap of new accounts, death claims and cancellations, including accounts receivable. Year-to-date taxable earning is also identified as well as the Trailing twelve-month return investment percentage.
INSTANT CLAIMS
AFCTS provides the exclusive Truschek system to access death claims and cancellations. It is as simple as one telephone call to the Claim's 800 number enabling a consistent cash flow.
MONTHLY BILLING AND AUTOMATIC DEBIT SERVICE
AFCTS has an in-house account's receivable department that provides a customized billing statement at intervals selected by the consumer. This selection can be monthly, quarterly, semi-annually or annually. The statement includes all relevant information regarding the balance of the account as well as a self-addressed envelope for the return payment. The Automatic Debit allows for monthly withdrawals at the consumer's request. A monthly payment activity report is provided to the firm.
MONTHLY STATISTICAL REPORTS
The reports are sent identifying new business as well as all claims.
ASSISTANCE WITH PRENEED ANNUAL STATE REPORTS
captures all necessary data customized to each state's reporting requirements and forwards to firm within the state's specific timeframe.
ENDOWMENT CARE RECORD KEEPING
At the election of the cemetery administrator Endowment Care distributable earnings checks can be disbursed to the cemetery within a selected timeframe: monthly, quarterly, semi-annually, annually, or upon request. In addition, AFCTS contracts with a Certified Public Accountant to file all IRS tax returns as a Master Trust. The cemetery simply completes a Gravesite Maintenance Report and returns to AFCTS.
TAS CLIENT SERVICES
Complementing the TAS record keeping service is a fully staffed Client Services Dept. All Trust agreements and accompanying forms are provided along with sales manuals. AFCTS personnel is also available to travel to the firm and provide personalized training.
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