Safeguarding of funds for P.E.I.’s most vulnerable inadequate:auditor general

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“In one of these three cases, we found that the client had been deceased since 2004. The Public Trustee office was unaware of the client’s death and the annual fee was charged each year.”

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The report said some receipts and disbursements did not have sufficient supporting documentation. It said proper documentation for nonrecurring transactions could not be provided for 11 of 30 client files, including records for costs of about $125,000 withheld on the sale of a condominium.

The report said the office’s accounting system is inefficient and inadequate, hurting its ability to produce timely financial reports.

It also said there is currently no documented policy for seeking out and contacting heirs in the event of a client’s death, and no policy for investing assets.

“We noted two cases in our sample where the client’s cash balance was maintained for an extended period at an amount much higher than the monthly needs, one at $170,000, and the other at $225,000,” the report said.

“In each of these cases, the client could have earned interest on the excess cash had it been invested by the Public Trustee office.”

The report makes a number of recommendations, including that summaries of basic client information be updated regularly and a better segregation of duties be created in the small office of three people.

MacAdam’s report said the findings and recommendations have been discussed with the Public Trustee, and a written response has been requested.

The Public Trustee was not available for comment Wednesday.

Progressive Conservative Leader Jamie Fox said the Liberal government is failing to properly support programs and services that affect vulnerable Islanders.

“I wish this government would put half the energy into supporting Islanders in need that it puts into its schemes and coverups,” said Fox in a news release.

— Written by Aly Thomson in Halifax.

The Canadian Press