In an effort to create a better way, we would like to go over your recent statement. Your Account Statement is consisted of two parts: Portfolio Review and the Transaction Detail.
The Portfolio Review section will break down the assets listed in your account, listing their respective Estimated Unit Price, Cost, Market Value, as-well-as Total Asset Percentage in your account.
The Transaction Detail section will list out every transaction that has occurred on your account. It will list out the date the transaction occurred, a description of that individual transaction, as well as the respective transaction amount.
In order to help you understand your statement better, we’ve put together a few quick definitions of common terms you’ll find on the statement itself. Below are quick definitions of those terms:
- Cost Value – The amount paid when an asset is acquired.
- Market Value – Current value of the asset.
- Contributions – Any cash amounts added to your account.
- Distributions – Any withdrawal amount from your account whether required or voluntary.
- Interest – Any interest amount earned on the un-invested cash assets held in your account.
- Account Fees – Any fee amount incurred during the year.
- Net Portfolio Change – Any amount received through the maturing or selling of an asset.
- Realized Gains – Any gain amount resulting from the sale of an asset at a price exceeding the original purchase price.
Frequently Asked Questions
Why do some of my transactions look different?
In June of 2014, we switched from one record keeping system to another. The two systems recorded certain transactions differently, so you may see a similar transaction received before the conversion (prior to July 1) which looks different from a transaction received after the conversion (on and after July 1). For example, an interest payment received prior to July 1 may be categorized as Other Receipts of Cash but after July 1, the interest payment might be categorized as Interest.
Why has my asset value not changed?
Many alternative assets (such as life settlement contracts) do not change in value until a payout happens. Additionally, some alternative assets (like Limited Liability Companies (LLCs)) do not change in value unless a change in value is reported to us by the LLC manager using a Fair Market Value form or other asset statement
What does Cost Basis mean?
On our statements, the Cost Basis shows as the original value of the asset purchase or the value at the time we received the asset. If we update the value, the Cost Basis does not change. However, you can see the updated value reflected in either the Current Price and/or Current Shares.
How much did I pay in fees from my account last year?
You should see the fees you have paid out of your account listed in the Expenses and Other Disbursements section. It will indicate if the fee was paid via Direct Debit which means that the funds were taken from the liquid cash in your account. Payments made via credit card will not show on your annual statement.
What is a Buy?
A Buy is the record of a transaction used to purchase an asset for you account.
What is a sale?
A Sale is the record of an asset leaving your account. This sale may be due to a payment made or a distribution of an asset.
What is Citizen’s Business Bank?
Citizen’s Business Bank is a bank that Provident Trust Group uses. If you see funds in this account, these funds are liquid cash available for re-investment, distribution, or transfer (minus a required minimum balance of $500.00). You can also keep these funds in your account as they are and use them to make payments (if any) associated with your investment.