Each Beneficiary’s funds are placed in an individual sub account. CCT allows only cash deposits into the trust; real estate or other non-cash assets are not accepted. Cash from all sub accounts are then grouped, or “pooled” together, and are invested and managed by The Trust Company of Virginia (TCVA), a nationwide federally chartered financial institution with trust powers, located in Virginia. Pooling of funds reduces administrative fees and increases the principal for investment purposes.
Earnings from the pooled investments are applied to each Beneficiary’s sub account based on the Beneficiary’s share of the total principal amount. Financial records are maintained for each sub account that reflect all activity in the account. The Advocate of the trust account has the option of reviewing account information online through the TCVA website. To request online access, complete and submit the Statement Options Form. Statements will be mailed quarterly to those who have not chosen the online option.
CCT currently administers $42.9 million in funded trusts. The following graph shows the growth of funded trusts under management from January 1, 2006 through December 31, 2016.
Note: The majority of Third-Party Pooled Special Needs Trusts are a part of a Grantor’s estate plan and not yet funded.
The funds for both pooled groups are conservatively invested, with a strategic allocation of 50% equity and 50% fixed income securities. The Finance and Investment Committee of CCT’s Board of Directors establishes the investment policies and works with TCVA to monitor and review performance. Representatives from TCVA meet with the Committee quarterly and as needed, with an annual presentation made to CCT’s full Board of Directors.
The following charts illustrate the mix of investments, both of which are in alignment with approved goals.