ANNUAL REPORT OF TRUST ASSETS - FORM FFIEC 001
SCHEDULE E - FIDUCIARY INCOME STATEMENT
Who Must Report: This Schedule must be completed by each
financial institution with more than $ 100 million in Total Trust
Assets as reported on Schedule A (Line 18, Column F). In
addition, all non-deposit trust companies, whether or not they
report any assets on Schedule A, must also file Schedule E.
Institutions which are not required to file Schedule E are
encouraged to file it on a voluntary basis.
Public Availability of Schedule E: The information on Schedule E
is confidential and will not be publicly available. The
aggregate information will be included in the annual FFIEC
publication, Trust Assets of Financial Institutions.
Instructions: Institutions filing Schedule E must complete all
portions of the Schedule. Enter a zero on any line item that
does not apply to your institution.
1. GROSS FEES, COMMISSIONS AND OTHER FIDUCIARY INCOME
1(a through e) Trust and Agency Accounts
Gross fees, commissions and other fiduciary income data is to be
reported by line of business. Please refer to the instructions
for Schedules A and C for guidance in defining these lines of
business. For employee benefit trust accounts, see Schedule A,
column A; for personal trust & estate accounts, see Schedule A,
columns B and C; for other agency accounts, see Schedule A,
column E; and for corporate trust and agency accounts, see
Fees received for IRA, Keogh Plan or other accounts that are not
administered by the trust department should be excluded from this
Schedule. If these accounts require the bank to have trust
powers, then their fees should be reported on this Schedule.
l(f) All Other Fiduciary Income
Report all other direct income derived from other fiduciary
sources not included in any of the above categories (e.g. 12b-1
fees and income from providing fiduciary services under agreement
With another institution). Include all internal allocations of
income to the trust function'(such as transfer agent or pension
plan administration credits), except for credits for deposits
held in own or affiliated institutions, which are to be reported on line 5.
1(g) Total Fiduciary Income
The total of lines 1(a) through 1(f).
(It should be noted that banks with more than $100 million in
commercial bank assets are required to itemize "Income from
fiduciary activities" in the quarterly FFIEC Report of Condition
and Income ("Call Report") on line 5(a) of Schedule RI.
Instructions for fiduciary income to be reported on line 5(a) of
Call Report Schedule RI differ from those for line 1(g) of this
Schedule with respect to allocated income. Consequently, banks
should he aware that the amounts reported in these two items will
differ by the amount of such allocated income.)
2(a) Salaries and Employee Benefits
Include salaries, bonuses, hourly wages, overtime pay, and
incentive pay for officers and employees of the trust department.
If officers or employees spend only a portion of their time in
the trust department, allocate that proportional share of their
salaries and employee benefits. Expenses associated with
employee benefit Plans (Pension, profit-sharing, 401(k), ESOP,
etc.), health and life insurance, Social Security and
unemployment taxes, tuition reimbursement, and all other
so-called fringe benefits, should be included on this line.
(b) Other Direct Expense
In general, direct expenses are immediately identifiable as costs
expended for and under the control of the trust function. These
include expenses related to the use of trust premises, furniture,
fixtures, and equipment, as well as depreciation/amortization,
ordinary repairs and maintenance, service or maintenance
contracts, utilities, lease or rental payments, insurance
coverage, and real estate and other property taxes if they are
directly chargeable to the trust function.
2(c) Allocated Indirect Expense
Allocated indirect expenses are those charged to the trust
function from other departments of the institution as reflected
in the institution's internal management accounting system.
These include any allocation for the trust function's
Proportionate share of corporate expenses that cannot be directly
charged to particular departments or functions. If the
institution's internal accounting system is not able to provide
this information, the institution may use a reasonable alternate
method to estimate indirect expenses.
Indirect expenses include audit and examination fees, marketing,
charitable contributions, customer parking, holding company
overhead, and, in many cases, functions such as personnel,
corporate planning, and corporate financial staff. Other
indirect expenses include the trust function's proportionate
share of building rent or depreciation, utilities, real estate
taxes, and insurance.
If no direct expense is shown for occupancy on line 2(b), and the
institution's internal accounting system does not provide an
allocated amount, an allocated occupancy expense based on
proportionate floor space used by the trust function or some
other reasonable alternate method should he shown on line 2(c).
2(d) Total Expense
The total of lines 2(a) through 2(c).
3. SETTLEMENTS, SURCHARGES & OTHER LOSSES
See the instructions for line 7 for information about the
reporting of settlements, surcharges and other losses.
3(a) Gross Settlements, Surcharges & Other Losses
Report the total losses prior to any adjustments for recoveries.
If the amount shown on this line is $100,000 or more, a breakdown
of this amount should be shown on line 7 below. The amount shown
on this line should then agree to the total of the details shown
in that box.
3(b) Recoveries to Reported Losses
Show all recoveries received on reported losses.
3(c) Net Settlements Surcharges & Losses
Line 3(a) less 3(b).
4. NET OPERATING INCOME (Loss)
Line 1(g) minus lines 2(d) and 3. If the result is less than
zero, the figure should be shown in parentheses.
5. CREDIT FOR OWN-INSTITUTION DEPOSITS
Uninvested cash belonging to fiduciary accounts is available to
the commercial banking side of the institution for investment,
Trust functions are often given credit for the use of these
monies. When this credit is given to the trust department or
trust company as part of the bank's profit tracking system, it
should be reported on line 5. Do not include actual interest
earned on fiduciary funds on deposit, as this income Would
normally belong to the fiduciary account.
6. NET TRUST INCOME (LOSS)
Report the total amount of trust income or loss, prior to any
income taxes, experienced by the trust function for the full
year. The number for this line is the result of adding line 5 to
the sub-total shown on line 4. If the total on line 6 is less
than zero, the resulting figure should he shown in parentheses.
7. SETTLEMENTS, SURCHARGES & OTHER LOSSES
This box should only be completed where total settlements,
surcharges and other losses for the reporting year on line 3(a)
are $100,000 or more. If they are, report individual gross
louses in excess of $10,000 on lines (a) through (j). Report
individual grass losses of less than $10,000 on line (j). These
amounts should not he shown net of any recoveries or insurance
payments. Legal expenses should he included on line 2(b) or
2(c). Do not include contingent liabilities related to
Report settlements, surcharges, and other losses arising from
errors, misfeasance or malfeasance according to the type of
account and capacity. The sum of lines 7(a) through 7(j) should
equal the total shown on line 3(a) above.
MEMO ITEM TO BE COMPLETED BY NON-DEPOSIT TRUST COMPANIES ONLY
8. NON-FIDUCIARY INCOME
Stand alone or non-deposit trust companies, whose activities are limited to providing fiduciary services, may have income not directly attributable to the furnishing of fiduciary services. This income should be reported on this line 8 as a memo figure and should not be included in the data shown on lines 1 through 6.