Comprehensive Services
SDTCS will provide a comprehensive package of services designed to assist PFTC clients in the daily operation of the PFTC to assure compliance with South Dakota law. This Comprehensive Services Agreement will be entered into once the PFTC receives its charter. These services will include the following:
- A leased shared office suite located in Sioux Falls, South Dakota;
- A South Dakota resident to serve on the PFTC’s governing Board (this is required by state law, specifically SDCL § 51A-6A-13);
- A Compliance Officer responsible for assisting the PFTC in complying with applicable law, reporting requirements, and audit procedures;
- An Office Support Employee to answer the dedicated telephone line and collect and forward mail; and
- Ongoing consulting and advocacy concerning best practices and updates in South Dakota law; serve as a liaison with the South Dakota Division of Banking.
Operations Services Agreement
In addition to those services identified above, SDTCS will provide assistance with the trust company’s operations. The Operations Services may include one or both of the following services packages:
Meeting Management Services Package
• Assist with preparation and completion of Shareholder, Board, and Committee meetings;
• Maintain and file corporate documents and records; and
• Prepare agendas and meeting minutes of Shareholder, Board, and Committee meetings
Trust Company Financial/Banking Management Services Package
• Provide financial report(s) to the Board for review (on cash basis);
• Manage pledge, capital, and operating bank accounts;
• Develop and maintain company-specific trust accounting program (Infovisa), if SDTC is engaged as Agent for Trust Administration;
• Perform daily operations;
• Perform monthly bill pay for the trust company;
• Prepare annual reports to Division of Banking and Secretary of State;
• Coordinate and facilitate tax filings (please note we cannot provide tax preparation, planning, or advice); and
• Manage insurance and bond requirements.
