Policy and Procedure for Ohio Department of Developmental Disability
In the process of management of individuals funds, the trustee undertakes, during the term of the agreement, to carry out, in the interests of a person with developmental disability, the trust management of the property of a person with developmental disability: securities, monetary funds in US currency and/or in foreign currency intended for transactions with securities and (or) conclusion of contracts that are derivatives financial instruments.
Rules & Guidelines
The authorized person is obliged to: Manage the property in the interests of a person with developmental disability in accordance with U.S. law, regulations of the Central Bank and the terms of the Contract.
Manage the property of a person with developmental disability by taking all reasonable measures depending on him to achieve the investment goals of a person with developmental disability, in accordance with the level of risk of possible losses associated with trust management that a person with developmental disability is able to bear. At the same time, the trustee has no obligation to make any transactions with the property of a person with developmental disability of management at the best prices for the purchase and/or sale of securities during a certain time period, or to guarantee the safety and (or) profitability based on the results of management under the Contract.
Separate the property of a person with developmental disability that is under management, as well as the property received by him in the process of management, from the property of the trustee, the property of other persons with developmental disability transferred to the trustee, by maintaining a separate balance sheet and internal accounting.
Use a separate bank account of a person with developmental disability for storing funds under management, as well as received by a trustee in the process of property management, except in the case of combining funds of different persons with developmental disability.
Use a separate personal account of a trustee in the system of maintaining the register of securities owners to account for the rights to securities under management.
A person with developmental disability has the right to: Receive dividends and other income on securities that are part of the property of a person with developmental disability, as well as funds related to the sale of securities, to make claims and receive funds from the repayment of securities, and in case of liquidation of the issuer of securities – to receive the due share in issuer’s property.
Transfer income to a special account. Income is included in the property of a person with developmental disability from the moment they are credited to a special account without signing additional agreements and acts of acceptance and transfer.
In order to protect the rights to the property of a person with developmental disability, to demand the elimination of violations of their rights in accordance with applicable law and the agreement.
Receive remuneration provided for in the agreement, as well as withhold the necessary expenses incurred by the trustee in the management of the property of a person with developmental disability.
To accept funds to a special account as an additional contribution in an amount less than the minimum amount established by the standard investment strategy if the deposit of funds by a proxy is necessary to pay remuneration, expenses incurred or other mandatory payments under the agreement.
In the absence of transactions with property after the conclusion of the agreement, the trustee has the right, upon the application of a person with developmental disability management, to return the withheld remuneration. The remuneration is returned to the property under the agreement.
Policy & Procedure 513
The trustee is obliged to submit quarterly, no later than the 30th business day of each month, a report on trust management activities that meets the requirements of the regulations of the Bank of the USA, containing information on the dynamics of monthly profitability and the value of the property of a person with developmental disability for the last twelve months preceding the date on which the report was compiled.
The authorized person submits a report upon written request within a period not exceeding 10 working days from the date of receipt of the request to the date specified in the request (Opoku et al., 2018).
The reporting is considered accepted and approved if, after 5 working days following the date of submission of the relevant document by the authorized person, motivated comments and objections to the submitted reports have not been received in writing (Opoku et al., 2018).
In case of receiving comments and objections, the authorized person sends explanations to the reports no later than 10 working days (Opoku et al., 2018). If, after 5 working days following the day of the transfer of the explanation to the authorized person, the authorized person has not received in writing comments and objections to the provided explanation, the reporting is considered accepted (Opoku et al., 2018). In case of disputes related to the content of the reports, they are resolved through negotiations, and in case of failure to reach an agreement – in court in accordance with current US law.
Reports and mandatory notifications are submitted by the authorized person in PDF format by posting them in the personal account and are considered provided by the authorized person from the moment of such posting in the personal account.
These reports and notifications contain the names and initials of a person with developmental disability and a proxy authorized to sign reports and notifications. When signing an agreement, receiving reports and all notifications under the contract always takes place using the personal account information service, including receiving other documents and information about the property of a person with developmental disability managed by a proxy in the personal account. Access to the personal account is considered to be provided by the authorized person of the management from the moment the authorization data (login, password) is submitted to him by sending the authorized person of the management an SMS message to the mobile phone number, an electronic message to the email address of the authorized person specified in the contract or a Push notification in accordance with the procedure provided for in the contract.
All mandatory notifications, reports and other documents to be provided by the authorized person under the contract are considered to be properly provided if they are posted by the authorized person in the personal account.
Notifications of the intention to purchase investment units of mutual investment funds under the management of a trustee as part of the property under the agreement are placed in PDF format in the personal account signed by a qualified electronic signature of the trustee.
Reference
Opoku, M. P., Nketsia, W., Agyei-Okyere, E., & Mprah, W. K. (2018). Extending social protection to persons with disabilities: Exploring the accessibility and the impact of the Disability Fund on the lives of persons with disabilities in Ghana. Global Social Policy, 30(1), 27-53.