FINANCIAL MATTERS

Monitor monthly custodian reports and other activities:

• Were employee and employer contributions transferred to custodian for investment on a timely basis?
•  Do assets listed by custodian agree with assets shown on investment manager reports?
• Are retirement payments, disbursements for fund expenses and any other deductions from assets correct?
• Have Form 1099s been issued when due?
• Are custodian’s fee invoices in agreement with terms stated in its contract for services?

Review Investment Manager and Performance Monitor reports:

•  Is the asset allocation in line with Investment Policy Statement?
• Are the quality and type of assets in line with Investment Policy Statement?
• Has the custodian informed the manager of new money (contributions and other cash received) for investment?
• Does there appear to be too much cash and cash equivalents that have not been explained to the Trustees?
• Are the fee invoices in agreement with terms stated in their contracts for services, and are the assets on which the fees are based consistent with balances reported by custodian?

Determine that the Trustees have evaluated the services of custodian, investment consultant and manager periodically, say, every three years, or if the service or performance do not meet expectations.  Assist in RFP process if desired; arrange special meetings for personal presentations and provide Trustees with a follow-up summary to assist them in making final decision.  Is a signed agreement, approved by Fund attorney and encompassing current Investment Policy Statement, on file for each manager and financial service provider?

Annual audit:

• Maintain records of expenses paid during the year with documentation of Trustees? approval and make available to auditor at end of plan year.
• Provide managers and custodians reports to auditor for confirmation of accuracy.
• Assist auditor in obtaining all records necessary to perform the audit.
• Assist auditor in determining accuracy and transfer of contributions.
•  Distribute auditor’s report to Trustees and all interested parties when received