Yes, please see our timeline below:
- 2/1/2023 – STRATA will mail a Request for Fair Market Value Letter to the investment sponsor, or client if for real estate holding, to provide an updated FMV of the investment as of December 30, 2022. Please return the letter to STRATA as soon as possible and not later than May 15th. If you are aware that the FMV will not be available until after May 15th, please notify STRATA in writing of the expected date it will be available so we can suspend notifications until that date.
- 4/3/2023 – STRATA will mail a second reminder to the investment sponsor, or client if real estate holding, if the FMV has not already been provided (and STRATA has not been notified that the FMV will not be available until after May 15th). We will also mail a notice to our account holder(s) as a reminder that FMVs are due by May 15th.
- 5/1/2023 – STRATA will mail a final reminder to the account holder(s) that FMVs are due by May 15th if the FMV has not been provided yet. This letter will remind the account holder of the Late FMV Fee, $50, as well as a notice of resignation that would be effective 9/1/2023 if the FMV is not received.
- 6/1/2023 – A Late FMV Fee of $50 will be assessed to the account holder(s). STRATA will also attempt to contact investment sponsors and/or account holders by email or phone to follow up on the late FMV.
- 9/1/2023 – If the FMV has not been provided by this date, STRATA will resign as custodian for the account and distribute the asset in-kind to the account holder. This will be considered a taxable event, and penalties and additional taxes could be incurred. Please be sure to provide the FMV to ensure that STRATA will not resign as the IRA custodian.
If the investment company has recently moved, please be sure to provide STRATA with their updated contact information (address, phone, email, etc.).
You may email the requested documentation to us at InvestmentUpdates@StrataTrust.com.