Each Beneficiary’s funds are placed in an individual sub account. CCT accepts cash assets for deposit into the trust; no real estate or non-cash assets are accepted. The cash assets from all sub accounts are then “pooled” together, and are invested and managed by the Trust Company of Virginia (TCVA) (www.tcva.com). TCVA is a federal chartered financial institution with trust powers, located in Virginia. Pooling the funds reduces administrative fees and increases the principal for investment purposes. Earnings based on the Beneficiary’s share of the principal are reinvested into each sub account.
A financial record is maintained for each sub account that reflects all the activity in the account. The Advocate has the option of receiving quarterly financial statements in the mail or accessing financial information about the account online at the TCVA website.
The funds are conservatively invested. The Investment Committee of CCT’s Board of Directors provides oversight and meets quarterly with the staff at TCVA. TCVA staff members make a presentation to the full Board annually. The Board votes on the Investment Policy.
CCT provides trust administration services that include reviewing payment requests and managing disbursements.