Current through Register Vol. XLI, No. 36, September 6, 2024
Section 64-38-6 - Fiduciary Responsibilities and Rights6.1. The corporation shall provide evidence that it has sufficient fiscal and administrative resources to perform the fiduciary duties and to make the fiduciary accountings and reports required by law and these rules. Such evidence shall include at a minimum: (a) an annual report of the corporation for the corporation's fiscal year which shall include a complete statement of all assets, liabilities, income and expenses of the corporation for the period covered;(b) a record of bond given as required by law and an estimate of requirements for the next year;(c) a statistical summary of reports and records submitted to the fiduciary commissioner or supervisor and a projection for the ensuing year estimating the number of wards, the number and type of reports required and the employees available to effectuate these reports; and(d) a statistical summary report of any other activities effectuating the provisions of law and these rules concerning estate management and the securing of financial support for the ward.6.2. The corporation may make arrangement for part of all of the activities required to be performed in the management of a ward's financial affairs to be executed by other lawful entities: Provided, That the corporation shall provide written evidence that it has reviewed and approved the activities of such entities for compliance with the requirements of relevant law and this rule at least annually. Such arrangements shall comply with the provisions of Section 5.17 herein.6.3. A blanket bond encompassing some or all of the estates of wards of the corporation shall be acceptable for the purposes of these rules: Provided, That such blanket bond is ruled acceptable by the county commission making the appointment of the corporation as guardian, limited guardian or standby guardian.6.4. The corporation shall manage the income, property and any assets of each ward for the benefit of the ward and shall provide evidence that any expenditures of income or from the estate of the ward for which it has lawful authority are used for the benefit of the ward.6.5. The corporation shall implement procedures to facilitate that any ward receives maximum support for his needs by: (a) annually reviewing the status of the ward's eligibility for any public support programs;(b) enrolling the ward in any public support programs for which his disability, age or any other conditions meet eligibility criteria; and(c) intervening as needed to ensure that any financial or other support continues.6.6. When the corporation makes provision for the consolidation of assets of wards for investment purposes, the corporation shall be responsible for assuring that funds are available as needed for the support and care of the ward.6.7. The corporation shall maintain detailed individual financial accounts and records for each ward. Such accounts shall show payments and compensation for services performed for the ward by the corporation and for all other services received by the ward.6.8. The corporation shall have on file all financial reports submitted to the fiduciary commissioner or supervisor.6.9. The department shall have the authority to require the certification of specified reports and accounts of wards and of the corporation by the corporation's auditor or by an independent accountant. 6.10. Any corporation licensed under these rules and serving as guardian or limited guardian shall be entitled to reasonable compensation as provided by law for services provided as guardian of the person as well as guardian of the estate.6.11. The corporation shall submit no less than annually a schedule of its compensation rates and fees to the department and to the fiduciary commissioner or supervisor of any county in which it is serving as or proposes to serve as guardian, limited guardian or standby guardian.6.12. The department shall review such schedules of compensation rates and fees and shall have the right to make recommendations to the fiduciary commissioner or supervisor and the county commission as to the reasonableness and appropriateness of the rates and fees. The department shall, in making any such recommendations, take into consideration at least the following: (a) average and customary rates and fees of all corporations licensed under these rules; and (b) any special and extraordinary circumstances impacting upon the costs of services provided.