Entering Financial Holdings Data in BEACON

The Financial Holdings page captures the following information (as appropriate):

  • type of financial holding (required entry)
  • number owned (number of shares of stock owned)
  • unit value (the value of a single unit, if more than one owned) total amount will be system-calculated
  • amount of the holding, or, if entries made in number owned and unit value, amount will be system-calculated (number owned times unit value)
  • third party name and ID
  • tradable (yes/no)
  • beneficiary name; and
  • trust type (revocable/irrevocable)

The Financial Holdings page is enabled whenever you select a Yes answer to the financial holdings question in the Income and Assets Q and A Navigator.

Unless you indicate that ownership or accessibility is less than 100 percent, every financial holding type is treated as countable in full and the countable amount for each program is displayed at the bottom of the page. You can change this amount, when appropriate.

Reminder: The two icons at the top right-hand corner of this page are for Verification on the Fly and Case Notes. The icon at the bottom right hand corner of this page is for the Case History.

The Verification on the Fly Icon is available on all workflow pages. Click on the Verification on the Fly icon to enable it (a blue check mark will appear). You will be able to verify any new or changed item on this page without leaving the page. To turn off the Verification on the Fly, click on the icon again (the blue check mark will no longer appear). If the Verification on the Fly icon is not enabled you will have to visit the Verification tab to record receipt of a verification.

The Case Notes icon is available on all the workflow pages. The Case Notes icon can be used to make notes, concerning the page, actions taken or actions to be taken, for anyone visiting the page.; however, the Case Notes can only be viewed on the Narrative tab and not on the page itself.

The History icon is available on all the workflow pages. The History icon displays a historical record of past EBC transactions and the date entered, from most recent action to the first application.

Add a New Financial Holding Record

  1. access the Financial Holdings page
  2. select a client from the Members List (BEACON defaults to grantee)
  3. for Type, select an asset type from the following dropdown list View/HideView/Hide

    Annuities

    Bonds

    Contracts

    Debenture Bonds

    Futures

    Money Market Accounts

    Mutual Funds

    Options

    Promissory Notes

    Securities

    Stocks

    Trust Funds
  4. for Number Owned, if Type is Futures, Options, or Stocks, enter the number of the type of financial holding; for example, if for Type you selected Stocks, enter the number of shares of the stock
  5. for Unit Value, if Type is Futures, Options, Stocks, Securities or stock, enter the dollar value of each kind of financial holding. percentage of the asset owned by the client ExampleExampleIf the client owns half of the asset enter 50 for 50%. 
  6. for Amount, if Type is Not Futures, Options, Stocks, or Securities, enter the dollar value of each unit of the financial holding

    1. Important: BEACON adds a decimal point only for whole dollar amounts (if $40 is entered, BEACON adds the decimal point and the amount will show as $40.00). You will need to add a decimal point when entering the value of financial holding that is not a whole dollar amount. ExampleExampleIf a value of $40.50 is entered in BEACON as 4050, BEACON will add a decimal point and make the amount $4050.00.  You will need to insert a decimal point manually ($40 + decimal point + 50) to capture the correct amount of $40.50. 

  7. for % Owned, enter the percentage of the financial holding owned by the client, if less than 100%  ExampleExampleIf the client owns half of the asset enter 50 for 50%. 
  8. for % Accessible, enter the percentage of the financial holding that is accessible to the client, if less than 100%
  9. for Inaccessible Reason, if the client cannot access the financial holding, select a reason why not from the following dropdown list View/HideView/Hide

    Arrangement No Access

    Cannot Be Subdivided

    In Battered Women’s Shelter

    In Legal Proceedings

    Incompetent-No Guardian

    Lack of Ownership

    Partial Ownership

    Security has no Market
  10. for Third Party Name, enter the name of the third party holding the financial asset
  11. for ID Number, enter the account number of the financial holding or the Trust ID number where the holding is held
  12. for Tradable, if the financial holding is valued at the most recent closing bid price, select Yes; if the financial holding is valued at current equity value, select No

    1. Note: A non-tradable security is one for which there is no market.

  13. for Beneficiary Name, click the popup; the Basic Person/Household Member popup displays. Search for and select the basic person; if the person is not in the system, you can enter the person’s name here
  14. for Trust Type, select Revocable or Irrevocable
  15. for Purpose, enter the purpose for the trust
  16. to get Countable Amounts, click Calculate; the system will calculate the countable amount for each program based on program rules and information entered for the asset on this page
  17. click Save, to save the record to the select list
  18. to add additional assets, complete steps 2-17
  19. click Next to save your entries or changes and go to the next page in the workflow, or
  20. click Finish to save your entries or changes and to exit the page and the workflow

Related Topics

Changing Financial Holdings Data

Last Update: March 15, 2012