• December 18, 2017

Everything You Need to Know About MyMn Conservator Accounting

Everything You Need to Know About MyMn Conservator Accounting

1024 680 Patrick J. Thomas Agency

Conservators in Minnesota must familiarize themselves with MyMNConservator (MCC), a statewide accounting program of all conservators that takes place every year. If you are part of a conservatorship in Minnesota, it is essential for you to be prepared. In order to properly file the accounting, you will be required to submit the necessary documentation through the CAAP for review. CAAP audits all accounts every first year and randomly after that.

Why is the Accounting Required?

These accountings are conducted to safeguard assets of protected persons and to prevent fraud and mismanagement of funds and assets. This is why it’s important for conservators to keep track of the conservatorship funds that they spend, including receipts and statements.

The CAAP “audits all first annual accounts with bondable asset balances over $3000.” Accounts at $3000 and below are subject to local examination.

What You Are Required to Produce

If you have been keeping track of your expenditures and documents, this accounting process shouldn’t be too much of a problem for you. Be prepared to supply some of the following documents:

  • Official bank statements
  • Online bank statements are acceptable if the include a full list of transactions, current balance totals and all account owner information
  • Official documents that outline all asset types (CD’s, life insurance, IRA’s, prepaid funeral and burial arrangements and any other investment information, etc.)
  • Any documentation including receipts and invoices that show expenses paid from the conservatorship
  • Documentation for conservator or guardian fees (hourly rates, dates and hours of service, tasks performed, etc.)
  • HUD settlement statements for real properties sold during the account period

A good rule of thumb is to provide as much information and documentation as possible. However, the CAAP recommends that you do not include online transaction printouts since they are not admissible for auditing purposes.

For more complete information on the CAAP, read the MyMN Conservator (MMC) User Manual. If you have any specific questions, it’s best to consult with an attorney or contact the CAAP or the auditor assigned to your account.

How to Arrange Your Documents

To ensure that you have all the necessary documentation for the account period, arrange everything you have by date and see if there are any missing pieces of information. When you submit the information, it may be submitted to the CAAP for auditing at their discretion. You will receive all the information back once the process is complete.

For more advice on conservatorship, read our Tips for Conservators in Minnesota post.

 

Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.