Current through Register Vol. XLI, No. 36, September 6, 2024
Section 64-99-6 - Fiduciary Responsibilities and Rights6.1. The corporation shall provide evidence that it has sufficient fiscal and administrative resources to perform its fiduciary duties and to make the fiduciary accountings and reports required by law and this rule. An independent certified public accountant shall audit the corporation at least annually. The audit shall be sent to the Secretary within one week of receipt by the corporation. The evidence shall be submitted with its initial and each renewal application and shall, at a minimum include: 6.1.a. A report of the corporation which shall include a complete statement of all assts, liabilities, income and expenses of the corporation for the period covered;6.1.b. A record of insurance;6.1.c. A statistical summary of reports and records submitted to the circuit court, the number and type of reports required and the employees available to effectuate these reports; and6.1.d. A statistical summary report of any other activities effectuating the provisions of law and this rule concerning estate management and the securing of financial support for the protected person.6.2. The corporation may make arrangement for part of all of the activities required to be performed in the management of a protected person'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 the entities for compliance with the requirements of relevant law and this rule at least annually. The arrangements shall comply with the provisions of Subsection 5.17 of this rule.6.3. A blanket insurance certificate encompassing some or all of the estates of protected persons of the corporation is acceptable for the purposes of this rule: Provided, that the blanket certificate is ruled acceptable by the circuit court making the appointment of the corporation as conservator, limited conservator or temporary conservator.6.4. The corporation shall manage the income, property and any assets of each protected person for the benefit of the protected person and shall retain evidence that any expenditures of income from the estate of the protected person for which it has lawful authority are used for the benefit of the protected person.6.5. The corporation shall implement procedures to facilitate that any protected person receives maximum support for his or her needs by: 6.5.a. Annually reviewing the status of the protected person's eligibility for any public support programs; and6.5.b. Intervening as needed to ensure that any financial or other support continues.6.6. The corporation shall maintain current detailed individual financial accounts and records for each protected person. Each account shall be maintained as separate account and the funds of the protected person may not be comingled with any other funds. The corporation shall show on the accounts payments and compensation for services performed for the protected person by it and for all other services received by the protected person. The corporation shall provide a statement of the protected person's account at least monthly and upon request to the protected person or the protected person's guardian or attorney in fact if a guardian or attorney in fact has been appointed.6.7. The corporation shall have on file all financial reports submitted to the circuit court.6.8. The Secretary may require the certification of specified reports and accounts of protected persons and of the corporation by the corporation's auditor or by an independent accountant.6.9. Any corporation licensed under this rule and serving as conservator, limited conservator, or temporary conservator shall be entitled to reasonable compensation as provided by law for services provided as conservator.