INSTRUCTIONS FOR ACCOUNT FOR MINOR
INSTRUCTIONS FOR ACCOUNT FOR MINOR
I. GENERAL
A. Accounts must be filed with the Commissioner of Accounts. Ask the Commissioner
how many copies are required to be filed.
B. Accounts must be signed by each Guardian.
C. The first Account must cover the period from the date of qualification through the next
four months. It must be filed within six months from the date of qualification.
D. Second and subsequent accounts are due within 16 months from the ending date of
the prior account, and should cover 12 months. A final account may cover less than 12
months.
E. Appropriate documentation to prove the account (as set forth below) must accompany
the account. Whenever these instructions refer to a receipt, statement, invoice, etc.,
you must furnish the original of the document in question to the Commissioner. If you
seek to use a photocopy of a check as a voucher or receipt, a copy of both sides of the
canceled check shall be sufficient or a copy of the front side of the canceled check, and
the periodic statement from the financial institution showing the check number and
amount that coincides with the copy shall be sufficient, provided such copy was made
in the regular course of business in accordance with the admissibility requirements
of Va. Code § 8.01-391, and provided further that the Commissioner of Accounts may
require a fiduciary to exhibit a proper voucher for a specific payment or for distributions
to the minor.
II. BEGINNING
ASSETS
A. Use total of Parts 1 and 2 from Inventory (including Amended or Supplemental
Inventory) if this is a First Account.
B. Use total Assets on Hand from prior account if this is a Second or later account.
III. RECEIPTS
A. A guardian is required to account to the Commissioner of Accounts regarding the
minor's Virginia income and property that the guardian has received or become
chargeable with. If certain federal benefits (Social Security, Supplemental Security
Income, Veterans Affairs and Black Lung benefits) are paid to a designated
representative (whether the guardian or another) on behalf of a minor, and if (i) the
designated representative is required to report to a federal agency for the use of
such benefits and (ii) the benefits are kept in a separate account and are not
commingled with other guardianship assets, the guardian does not have to account
to the Commissioner of Accounts for the use of such benefits. However, the amount
received must be listed on the line marked with "*". If such benefits are kept in the
same account as other guardianship assets, then these benefits are included under
Part 2 and accounted for in the same manner as Virginia income. Any federal
benefits paid to a guardian on behalf of the minor for which the guardian is not
required to report to a federal agency for their use must be disclosed in Part 2 and
accounted for in the same manner as the minor's other income.
FORM CC-1683 (INST) (MASTER, PAGE ONE OF THREE) 11/06
B. Itemize in chronological order in Part 2 all receipts (interest, dividends, periodic
payments, etc., but not Social Security, Supplemental Security Income, Veterans
Affairs and Black Lung benefits except as discussed in III.A. above) brought in
during the account period. You may list all receipts from each payor in the same
place, so long as each receipt is separately stated.
C. Show each item of income separately. For example, show each quarterly dividend
from XYZ stock rather than showing a lump sum for the year.
IV.
GAINS ON ASSET SALES
A. For securities sold by a broker, show net proceeds less carrying value of asset sold.
In all other cases show total sales proceeds less costs of sale and less carrying
value of asset sold.
B. Provide original broker's statement or signed settlement sheet as verification.
V.
ADJUSTMENTS
A. If you received permission from the Commissioner of Accounts not to file a
Supplemental Inventory, itemize any additional assets discovered that were not
reported previously.
B. Show any corrections to items reported on the Inventory or prior account, e.g. where
the value of an asset was incorrectly reported or the number of shares was
incorrectly reported.
VI.
DISBURSEMENTS FOR ADMINISTRATIVE EXPENSES
A. All disbursements for administrative expenses paid from the minor's assets should
be listed in chronological order.
B. A proper voucher or a signed invoice or receipt from the payee must be provided in
support of each disbursement.
VII. DISBURSEMENTS FOR CARE OF THE MINOR
A. Do not include any disbursements from U.S. Government benefits unless the
amount of these benefits has to be included in Part 2 as explained in III.A. above.
B. All disbursements for the care of the minor paid from the minor's assets should be
listed in chronological order. You may group disbursements by payee. If you group
disbursements you must also group your proper vouchers and receipts in the same
order as shown on your account.
C. A proper voucher or a signed invoice or receipt from the payee must be provided in
support of each disbursement and be organized in the same order as they appear
on the accounting.
D. Where a reimbursement is made to the guardian or another person for expenses
paid on behalf of the minor, evidence of the expenses paid must be provided. The
Commissioner may also require further evidence that the obligation paid was a debt
or expense of the estate. Any disbursement made directly to the minor should be
shown on Line 6, on Page 2.
FORM CC-1683 (INST) (MASTER, TWO OF THREE) 11/06
NOTE 1:
If a minor has a living parent, Virginia Code Sections 31-8.1 and 31-8.2
prohibit a guardian from using any of the principal or income of the minor's
estate for anything except costs of administration (e.g., filing fees, bond
premiums, guardian's compensation) without FIRST (i) obtaining an order
from the circuit court, or (ii) if the total of the proposed expenditures will
not exceed $3,000 during the accounting year, obtaining the consent of the
Commissioner of Accounts. A guardian should consult an attorney or the
Commissioner of Accounts to receive information on the exact process
required.
NOTE 2:
Except as restricted by Note 1, Virginia law states that a guardian shall
provide for the minor's health, education, maintenance, and support, after
FIRST taking into account the minor's other sources of income, support
rights and other reasonably available resources of which the guardian is
aware. A guardian's expenditures should first be made from the income of
the minor's estate but, if the income is not sufficient, the guardian may
make expenditures from the corpus of the minor's estate.
VIII. LOSSES ON ASSET SALES
A. Show carrying value of assets sold less total sales proceeds.
B. Provide copy of broker's statement or signed settlement sheet as verification.
IX. DISTRIBUTIONS
.
A. When the minor reaches age 18, the guardianship ends and the remaining assets
must be delivered to her or him. Show this amount on Line 8, of Page 2.
B. A signed receipt or proper voucher from the distributee must be provided.
X.
ASSETS ON HAND
A. Itemize each asset remaining on hand at its carrying value as of the ending date of
this account.
B. Where the market value of the asset is not equal to its carrying value, show the
market value in parentheses within the asset description.
C. Provide verification of the existence of each asset, i.e., bank statements (reconciled
to agree with your account balance), broker's statements or original stock
certificates, original notes, copies of K-1 forms.
XI. FORMAT
You must use this form or you must make a complete accounting that complies with the
provisions
of
Virginia Code Section 26-17.3.
FORM CC-1683 (INST) (MASTER, PAGE THREE OF THREE) 11/06
SAMPLE ACCOUNT FOR MINOR
Court File No.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
COMMONWEALTH OF VIRGINIA
Circuit Court of
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Estate of
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
, a minor
Minor's date of birth:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Is either parent alive?
[ ]
yes
[ ]
no.
Type of Fiduciary:
[ ]
Guardian
[ ]
Temporary Guardian
Name of Fiduciary
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Day telephone
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mailing address
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Name of Co-fiduciary
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Day telephone
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mailing address
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
This is account number
[ ]
one
[ ]
two
[ ]
three or
[ ]
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Is this a final account?
[ ]
yes
[ ]
no
From
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(date of qualification or end of last account) to
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(end of this account)
ACCOUNT SUMMARY
1. BEGINNING ASSETS (from Parts 1 and 2 of the inventory or
$ 39,460.15
from the prior account):
2. RECEIPTS*
Interest, XYZ Bank, CD, 9/30/06
$ 600.24
Interest, XYZ Bank, money market
7/26/06
2.41
8/26/06
2.43
9/26/06
2.46
10/26/06
2.51
Dividend, ABC Stock, 3
rd
quarter
97.42
Total 2 Receipts
707.47
3. GAINS ON ASSET SALES:
Sold 50 shares ABC stock on 10/15/06 for
11,016.18
Carried at
10,000.00
Total
Gains
1,016.18
4. ADJUSTMENTS:
100 shares DEF stock on 7/1/06
5,250.00
incorrectly shown on Inventory at
5,000.00
Total
Adjustments
250.00
GRAND TOTAL (of 1, 2, 3 and 4 must equal GRAND TOTAL of 5-9)
$ 41,433.80
* Any amounts received as Designated Representative but not included
in 2 above. (See Va. Code Section 26-17.10; Instruction III.A.)
$ 3,000.00
FORM CC-1683 (SAMP) (MASTER, PAGE ONE OF TWO) 11/06
VA. CODE § 26-17.3
5. DISBURSEMENTS FOR ADMINISTRATIVE EXPENSES:
7/15/06 Safety Insurance Co., bond premium
$ 79.00
8/20/06 Commissioner of Accounts, inventory filing fee
113.00
Total Administrative Expenses
$ 192.00
6. DISBURSEMENTS FOR CARE OF THE MINOR:
(See Instruction VII., Note 1)
10/10/06 (description of qualifying expense)
211.50
Total
Care
Disbursements
211.50
7. LOSSES ON ASSET SALES:
None
0.00
Total
Losses
0.00
8. DISTRIBUTIONS:
None
0.00
Total
Distributions
0.00
9. ASSETS ON HAND:
XYZ Bank, CD due 7/15/07
20,000.00
XYZ Bank, Money Market Acct.
15,780.30
DEF Stock, 100 shares @ 52.50/sh. (10/31/06 market value)
5,250.00
$57.50/sh.
=
$5,750.00)
Total Assets on Hand
41,030.30
GRAND TOTAL of 5-9 (must equal GRAND TOTAL of 1-4)
$ 41,433.80
I (We) hereby certify that this is a true and accurate accounting of the assets of this guardianship for the period
described and that to the best of my (our) knowledge all taxes have been paid or provided for.
Date
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guardian _____________________________________________
Date
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guardian _____________________________________________
FORM CC-1683 (SAMP) (MASTER, PAGE TWO OF TWO) 11/06