Understanding Sunwest Trust Account Statements

Asset Review Report

I would like to take a few minutes to explain our statements and what the different items on the statement mean. The Asset Review Report is a statement you receive by mail on a quarterly basis and it is also one of the statements that you can view online.

How Much is Sunwest Holding in Cash?

The first thing that you will see listed on the statement is Cash. Then you will see a dollar amount with “Savings” next to it. This is the ONLY money that Sunwest Trust is holding on behalf of your IRA. We require you to keep an $800.00 cash balance. If you receive your statement and the Savings balance is below that amount, we request that you make a cash contribution to your account to maintain the $800.00 balance. We will also send you reminder letters if your cash balance is below the account minimum.

So, What About Rollovers, Contributions & Transfers?

Any transfers, rollovers, contributions or interest income received will go into that cash balance. You are free to move that money into an investment, take it as a distribution or transfer it to another custodian at any time. Just keep in mind that if you wish to keep the account open, you must maintain the minimum balance.

Below Cash on the statement, you will see Miscellaneous Assets. These are the things that you have directed us to invest in through your IRA. Once you purchase an investment, the money is no longer at Sunwest Trust. It is sent to purchase the investment that you directed us to purchase on behalf of your IRA.

You will see sub-headings that will say things like “Limited Liability Companies”, “Real Estate”, “Mortgage Notes”, etc. Underneath these sub-headings, you will see a description of the asset and the value that we show for the asset. Once again, these values that you see are the fair market values of the asset and are not values that are held in cash at Sunwest Trust.

These balances may change, but unlike a brokerage house, we are unable to determine the value of your investments for you. For instance, it would be impossible for us to determine the value of a privately held stock in a company from Wisconsin or to determine the property value of a condo in Florida. We require all clients to determine the value of their investments and provide us with those values to keep your statement up to date.

If you transfer or ask us to distribute your account, it is up to you to tell us the value of the asset that we are distributing or transferring. This is the only time that we will ask for a formal appraisal of your asset. It is very important that we know the exact value of your asset, so we can send you a correct 1099. If you take a distribution of an asset instead of cash, you are still liable for the taxes on the value of the asset (taxes do not apply to assets held in a Roth IRA).

Sunwest Trust Offers Convenient e-Statements Quarterly

As you may know, Sunwest Trust sends out quarterly statements in the mail. Some clients have requested that we just email them the statement instead of sending a physical statement through the mail. We have considered this request and have decided to allow clients to make the choice of whether they would like to have paper statements or email statements. They will look the exact same and contain the same information, so that should not have any impact on your decision.

Let Us Know When You Are Ready To Go Paperless

If you would like to discontinue receiving paper statements through the mail and begin receiving your quarterly statement via email, please contact our customer service department at 1-800-642-7167.

If you have questions about getting the fair market value for your assets, please be sure to consult a CPA or tax attorney.

Go here to learn to find continuing information on Sunwest Trust account statements. If you need immediate assistance, then call our office during regular business hours at 1-800-642-7167.