Creating a Trust Fund
Fund Setup
Under the billing tab on a case, click the Trust tab, then Setup/Admin. This is where you can create your funds.
The fund set up page is where you will set up the details of your fund. Anything that requires percentages to be taken should be added as a fund, such as Perpetual Care, Merchandise, and Services. If there’s a time frame in which the percentage changed, use the active and inactive dates to set the timeframe. Here is also where you’ll set your grace period between interest payments.
Next, you’ll need to create rules for your funds. These outline the percentages taken and the payment timing. We have 3 different options in the drop down to select a payment timing.
- Trusted Portion first is all the trust amount would be taken first. If you receive a payment for $100, but $100 is to be funded, your business wouldn’t receive anything.
- Proportional means as your business receives payments, the appropriate percentage would be taken from each payment and sent to the fund account.
- Trusted Portion Last means that the invoice needs to paid in full before any $ is sent to trust.
Each state has their own rules for trust. If you’re in a state that doesn’t use percentages of price, you can also enter the fixed amount or percentage of cost in the appropriate boxes. Active and inactive dates sections are available in the system to track your state’s rules for percentages, payment timing, Preneed vs at‐need, and interest. Grace periods can be specified at your discretion for no interest to be charged.
Fund Items
Once your fund is set up, you can choose items that are included. On the Fund Items tab, select which fund you’re adding to.
Choose which category you’re pulling from your price list. If the fund you chose is eligible for only at‐need then check the at‐need box. If it’s eligible for both, check both.
After selecting a category from the price list, the items within that category will display in the list below. To add an item to the fund, highlight the item and click the "Apply Selected" button.
Once you have your fund created and your items added, the fund setup is complete.
Applying A Trust To An Invoice
To apply a trust to an invoice, open the invoice in the billing tab and click on the trusting section. On the trusting section, an option is available to "Enable Funding". be sure to select the appropriate case type (At-need or Pre-Need) from the sales need drop down.
Once you have enabled the funding, you can click "Trust Details" to see a breakdown of the invoice in the trusts section.
The top box shows the whole invoice broken down. If you have more than one invoice for this person, they’ll all be listed here.
The middle chart will display each item individually. You can see if they’re trusted, funded, which fund they’re associated with, and what percentage
The bottom chart is a summary of only trusted and funded items, and a balance for each fund.
Trust Payments
Go to the payment and adjustments tab and enter a payment as you would any other payment. When your payment is entered, go back to Trusting. As you start to receive payments, you’ll see money start to build in the funded column. This is based on the payment timing associated with each fund.
- For a funded portion first fund, if you receive $100, all of it would go to the funded column towards the trust amount.
- For a funded portion last fund, if you receive $100, none of the money would go to the
funded column because the invoice must be paid in full before any money is funded. - For a proportional fund, if you receive $100, the program would withhold 10% and put that towards the fund, making the funded column show $10. Your business would keep the remaining $90.
Once the trust has been fully funded, the balance will be $0 owed to the trust.
Depending on your payment timing, you can run a report to see when you have to pay the trust account to the bank. Click the Reports tab, then find the Perpetual Care Withdraw Report. Select a date range, and click the printer icon.