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NOTE:

VA_Fast_Letter_09-26.pdf

DEPARTMENT OF VETERANS AFFAIRS

Veterans Benefits Administration

Washington, D.C. 20420

June 5, 2009

Director (00/21)

All VA Regional Offices

In Reply Refer To: 216A

Fast Letter 09-26

SUBJ: Revised Fiduciary Accounting Requirements

Background Information

38 U.S.C. 5502 and 38 CFR 13.100 require VA to supervise the fiduciaries appointed to manage the estates of incompetent beneficiaries. Public Law 108-454 increases VA's fiduciary oversight responsibility and imposes penalties on VA for cases of misuse of funds where a lack of appropriate supervision of the fiduciary is found. Account audits are an integral component of fiduciary supervision.

Federal account audit practice currently requires federal fiduciaries to submit VAForm 21-4706b, Federal Fiduciary's Account, and VA Form 21-4718a, Certificate of Balance on Deposit and Authorization to Disclose Financial Records. Court appointed fiduciaries are required to furnish a court-certified copy of the accounting submitted to the court along with certification of assets. The C&P Service has reviewed cases involving misuse of funds. In multiple instances, fiduciaries were able to transfer money into a beneficiary's bank account prior to the accounting due date. The accounting submitted showed what was seemingly a correct balance; however, the amount stated was only a snapshot of the correct balance for each beneficiary at the time of the accounting. Cases reviewed have shown the potential for considerable misuseof funds resulting from this practice.

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