Trust management of options


Matter: Congress may wish to consider enacting proposed trust fund management reform legislation to establish an Office of Special Trustee in the Department of the Interior.

Trust and Investment Management

This office would help to ensure the proper discharge of the Secretary's trust responsibilities by: 1 developing a comprehensive strategic plan for all phases of the Indian trust management business cycle; 2 overseeing reform efforts within BIA, BLM, and MMS; and 3 coordinating the development of BIA, BLM, and MMS policies, procedures, systems, and trust management of options.

Recommendations for Executive Action Status: Closed - Implemented Comments: Interior's Special Trustee for American Indians stated at his confirmation hearing on September trust management of options,that he would develop a strategic plan for trust fund and asset management within his first year of office.

The Special Trustee used a contractor to assist in exploring the range of options available in the federal and private sectors, and in Aprilhe released his strategic plan to implement the reforms required by the American Indian Trust Fund Management Reform Act of Recommendation: The Secretary trust management of options the Interior should direct the Assistant Secretary for Indian Affairs and trust management of options Assistant Secretary for Lands and Minerals to fully explore the range of options available in the federal and private sectors to provide input to Interior's comprehensive strategic plan for Indian trust business management.

According to the Land Records Officer in Interior's Office of Trust Responsibility, additional resources for eliminating the backlogs were not made available in ordue to budget cuts.

Financial Management:

Interior's Special Trustee for American Indians, in his April strategic plan, called for the elimination of title and ownership determination and recordkeeping backlogs. In Augustthe Secretary of the Interior established a trust improvement project that included two subprojects directed at eliminating probate backlogs.

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This system was completed in and maintains both current and historical titles--some of the historical titles date back to the original land grant. However, in AugustInterior reported that processing of probate actions and title recordations had been slowed by the unavailability of key automated systems due to a temporary restraining order of the Court that was hearing the class-action trust litigation brought against Interior.

Interior later recognized that implementation of sustainable corrective actions is dependent on business process transformation and system re-engineering. In Januarythe Secretary initiated an effort to develop a comprehensive, department-wide approach for improving Indian trust management.

FUNDING OPTIONS: TRUST MANAGEMENT -

On March 28,Interior issued the Comprehensive Trust Management Plan, which presented a strategic plan to guide the design and implementation of integrated trust reform efforts, including organizational reform and business transformation as well as systems architecture and a higher level of systems integration.

Under the comprehensive plan, Interior placed trust management and reform activities under a new Assistant Secretary for Trust Management, separating it from other BIA operations, to provide more focus on trust management reform.

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Further, as each Interior region's system was converted, OST would provide beneficiaries with asset statements that identify the source of the funds and a listing of assets owned in that region and any active encumbrances, as required by the American Indian Trust Fund Management Reform Act of Pub.

Prior to the system conversion, statements that beneficiaries received only included information on account balances and account transactions. In addition, Interior implemented a data quality and integrity project to verify the completeness and accuracy of the TAAMS title and leasing information for Indian lands.

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Recommendation: The Secretary of the Interior should direct the Assistant Secretary for Indian Affairs to take immediate action to eliminate title and ownership determination and recordkeeping backlogs by reprogramming existing resources, hiring temporary employees, or contracting for services.

These improvements cover accurate and timely postings of collections and periodic reconciliations of accounting data. In addition, OTFM has initiated action to clean up field office accounting records and bring those offices in compliance with the new accounting policies and procedures.

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Recommendation: The Secretary of the Interior should direct the Assistant Secretary for Indian Affairs to take immediate action to correct field office trust fund accounting weaknesses. In Aprilthe Special Trustee for American Indians released his strategic plan, which called for the acquisition of an integrated trust fund management system. In Augustthe Secretary of the Interior established a Trust Improvement project triple binary options strategy includes subprojects directed at 1 acquiring a new Individual Indian Money IIM accounting system and trust management of options acquiring a system that integrates BIA land records and ownership information and trust fund accounting information.

Contracts were awarded for both systems and the new IIM accounting system has been deployed. However, difficulties were encountered in acquiring the land records and ownership information system.

TRUST MANAGEMENT

In Marchthe Office of Trust Fund Management contracted with a commercial vendor to use a version of its trust accounting system that provides basic collection, accounting, investing, disbursing, and reporting functions.

TFAS is an accounting and investment system that enables the automated production of account statements for individual Indians and tribal account holders. TFAS also allows automated trade settlements, automated payments of financial asset income, daily securities pricing, and automated reconciliation. Interior subsequently contracted for assistance in Developing a Comprehensive Trust Management Plan, which was issued in January This Plan provided strategic direction for trust organization reform and realignment and trust systems architecture.

Trust management in Forex.

The TAAMS Title Module maintains and tracks land title documents, including supporting revenue distribution, invoicing, acquisitions, and all legal details trust management of options to land transactions.

The TAAMS Leasing Module establishes, tracks, and manages various contracts, such as surface area, mineral, rights of way, and range; automates invoicing, collections, and revenue distributions using captured payment information, and tracks leases of Indian assets. Selected data interfaces with TFAS ensure that both systems have accurate and complete title, leasing, and financial information.

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Recommendation: The Secretary of the Interior should direct the Assistant Secretary for Indian Affairs to take immediate action to ensure timely action to replace the BIA subsidiary and Individual Indian Money accounting system with a system that integrates BIA land records and ownership information and trust fund accounting information.

In AugustInterior reported that it would soon solicit proposals for a new, integrated, land and natural resource management system. Tribal representatives will have access to system records, allowing them to encode documents into TAAMS or use the system for research.

FUNDING OPTIONS: TRUST MANAGEMENT

Interior began training tribal representatives on the new TAAMS release in preparation for system conversion targeted for September 25,and the new system will be available on the following Tuesday, September 29,pending a successful validation and verification. Deployment is planned for the first quarter of Recommendation: The Secretary of the Interior should direct the Assistant Secretary for Indian Affairs to take immediate action to why options are so cheap that leases and other contractual information are maintained and validated to ensure that all earned trust fund revenues are billed for, collected, and posted to the correct account.

Agency Affected: Department of the Interior.