11 Apr 2014

Keep Asset Values Updated using the “Current Trustee” value field in CaseLink Web

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Compliance Tip:

Keep Asset Values Updated using the “Current Trustee” value field in CaseLink Web

The Initial value of assets listed on Form 1 may be different from the current value over the course of a case. This is because the values of assets can appreciate or depreciate over time. The trustee must keep an eye on these adjusting values as they affect the funds available to creditors. The Current Trustee value field for assets in CaseLink Web allows the trustee the ability to show that fluctuating difference while staying compliant with Handbook requirements.

In order to remain in compliance with the Chapter 7 Handbook, initial values must be assigned to each asset. This value cannot be changed, but can be updated to reflect the assets current value. If an asset’s value needs to be adjusted, due to appreciation or depreciation, an auditor would need to see the justifications for this change. The Current Trustee value field allows trustees this flexibility, by showing the auditor the current value and the reason for the adjustment.

Using New Asset Value Fields

From the CaseLink Web Home Page choose the case you wish to view. In the Case-level home screen, locate the Assets List portlet to choose the asset you want to view.

VAF_CLW1

From this view you are able to see the Current Trustee field where the value of the asset is displayed.

VAF_CLW2

In Form 1, the Current Trustee value is displayed in column 6 as the Asset Fully Administered (FA).  This value equals the Current Trustee value minus the sales received to date.   This only displays if the asset is not yet marked FA (as seen under the Status box in the image above).

VAF_CLW3

As the Handbook states, the value in column 3 and the value in column 6 will not always be the same.

VAF3

CaseLink Web helps you stay in compliance by allowing you to track these adjusted values. The Current Trustee value fields have been built with this flexibility in mind. If you have any questions about Current Trustee Value, please feel free to contact the BMS Support Center via email or call 800-634-7734, ext. 6.

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