CPG Record Keeping 2

Question 1

How long must a guardian typically retain financial records after a guardianship is closed?

Accepted Answer

7 years

Answer

1 year

Answer

3 years

Answer

10 years

Question 2

When a guardian receives cash on behalf of a ward, the best practice is to:

Accepted Answer

Deposit it into the ward's account within 2-3 business days and document the deposit

Answer

Hold the cash in a personal wallet for safekeeping

Answer

Convert it to a money order before recording it

Answer

Report it only in the annual accounting

Question 3

A guardian's inventory submitted to the court at the start of guardianship should include:

Accepted Answer

All assets, liabilities, and their fair market values as of the guardianship start date

Answer

Only real property owned by the ward

Answer

Assets the guardian expects the ward to acquire in the next year

Answer

Only liquid assets above $1,000

Question 4

Which document type provides the strongest legal evidence that a guardian obtained court approval before making a major expenditure?

Accepted Answer

A signed court order authorizing the expenditure

Answer

A guardian's personal note in the case file

Answer

An email from the ward's attorney

Answer

A verbal confirmation from the judge

Question 5

A guardian discovers a receipting error where $500 was recorded as $50. The correct corrective action is to:

Accepted Answer

Void the original entry with a dated notation and create a corrected entry

Answer

Erase the original entry and write the correct amount

Answer

Leave the error to avoid appearing to alter records

Answer

Correct it only in the next annual accounting

Question 6

Under the Uniform Guardianship, Conservatorship, and Other Protective Arrangements Act (UGCOPAA), conservators must file accountings:

Accepted Answer

At least annually unless the court orders otherwise

Answer

Only when requested by the ward

Answer

Every two years

Answer

Only upon termination of the conservatorship

Question 7

What is the purpose of maintaining a receipts-and-disbursements ledger separate from the guardian's own finances?

Accepted Answer

To prevent commingling of funds and demonstrate fiduciary integrity

Answer

To simplify the guardian's personal tax filing

Answer

To allow the ward to access their own accounts directly

Answer

To satisfy a requirement only applicable to corporate guardians