PRIVATE FAMILY TRUST
A J. Paul Getty, Jr. Trust, located in Reno, NV, (over $800 million in assets) required the establishment of the Trustee's unconditional control of the trust assets. I was employed as a consultant to establish the necessary controls. Chase Manhattan Bank's Custodial Department in New York, NY and some 18 money managers around the world were investing the funds of this Trust with the aid of an analysis and advisory group from Boston, MA. A standard microcomputer accounting package was designed to accommodate the reporting, and the data from Chase Manhattan Bank was converted by computer programs into the source information for automatic transfer to the Trust accounting system.
Chase's internal controls were substantially increased as a result of the investigations and system design. Subsequent audit expenses were reduced to 1/4 of the auditing firm's first year's costs. The control of the Trustees was satisfactorily established.