Establishing a BOLI plan is the first step, for proper administration of the plan.

Administrative Service include:

• Preparation of suggested general ledger entries on a policy level basis based on FASB TB 85-4, on client’s exact fiscal reporting period(s).
  
  
• Preparation of suggested “adjusting entries” for plan events (at time of event) such as death, disability, business exchange, 1035 exchange, termination, surrender, etc.
  
  
• Report and track policy “cost basis”.
  
  
• Provide summary of all pertinent Revenue, Private Letter Ruling, and any regulatory issues creating plan impact.
  
  
• Provide “Standard Confirmation” of policy values as of the close of the fiscal period.
  
  
• Provide record of all prior period accounting entries with daily accuracy.
  
  
• Provide annual participant benefit statements with detailed breakdown of policy “splits” and impact to benefits and cost recovery.
  
  
• Comprehensive Plan Administration Manual.
  
  
• Provide Management Information on:
  1. Net effect on earnings analysis
  2. Record of all plan participants (past and present) and key transaction dates
  3. Policy inventory
  4. Premium payment calendar
  5. Plan design assumption (original and current)
  6. Insurance carrier annual “due diligence reports