Does the impending tax deadline have you cringing? Well, take heart. The new tax code, TCJA (Tax Cuts and Jobs Act), is in its second year and expected to be significantly smoother. Unfortunately, the maturity doesn’t ease the documentation burden.

Where is that statement? Shoot! This lease is a draft and not the final. 

Just when you think you’ve corralled all the documents, you get that email from the tax accountant. The email letting you know that amid the document deluge, you’re still missing a critical document.

WHAT DOCUMENTS DO MINERAL MANAGERS NEED TO SUPPLY DURING TAX SEASON?

A lot. In addition to the deeds, leases, division orders and legal paperwork, you also need your monthly statements. This is the time of year when you turn your office upside down searching for errant documents. After exhausting the search, you resort to requesting another copy from your operator. 

How hard can it be for the operator to send you another copy of your March check stub after all?

After navigating the complex phone tree to reach the right person, you wait…. and wait. Unfortunately, many owners are struggling to gather the documentation and the operator’s business office is drowning in tax season requests. When you receive the copy, you discover you’re missing another document from a different operator, and the cycle begins again.

It’s infuriating and exhausting.

Does it have to be this hard?

 All year long you receive notices, documents and statements, and it’s easy for the critical papers to become buried in the flurry of paper. The check every month is great, but reconciling payments, reviewing lease terms and tracking down documentation is brutal.

We understand. We’ve heard it a thousand times (literally), and we’re sharing our insights with you. Take our advice and take control with a Digital Mineral Management Library or a binder. 

Need to send your information to your accountant? spouse? business partners? No problem.

A Digital Mineral Management Library contains and organizes all of your priority documents; so easily print an extra copy or share the file digitally. It’s completely up to you and stress free.

SOUNDS GREAT- BUT WHAT EXACTLY GOES INTO CREATING A DIGITAL MINERAL MANAGEMENT LIBRARY?

Given that a Digital Mineral Management Library contains all your assets’ critical information, it’s no surprise that it will be a heavily utilized resource.  

• Taxes? Send the binder!

• New attorney or mineral manager on your team? Send the binder!

• Want to start teaching the next generation of mineral owners? You know what to do.

Many mineral owners find that it’s easier to stay organized than to become organized. That’s why we produce Digital Mineral Management Libraries. We take boxes of paper, create organized digital files. Prefer a printed binder? Let us know.

We start by

• taking all of the mineral owner’s documents

• working through our process to identify the critical documents

• finding missing documents

• preparing printed copies to the client and a digital binder that can be replicated quickly

It’s simple. Drop off your documents and we’ll take care of the rest.

It provides a blueprint for staying organized throughout the upcoming year–and sets you up for a less stressful tax season.

HOW DO YOU KNOW WHAT INFORMATION SHOULD BE CONSIDERED A PRIORITY DOCUMENT?

This is where expertise comes into play. Because we work with these documents every day, we’re able to efficiently identify which documents belong (and where), and what may be missing. As we scan boxes of documentation onto our secure server, we’re looking for specific keywords and crafting an outline. Every mineral owner’s portfolio is different, so the information we find in the lease agreements and division orders guide our approach.  

WHO BENEFITS FROM A DIGITAL MINERAL MANAGEMENT LIBRARY?

They increase in value when you have a large, complex portfolio of mineral and gas resources. It becomes especially valuable when you’re leading a mineral ownership group. Sharing a Digital Mineral Management Library with each owner, can create additional layers of transparency and trust within the group. These are key traits of successful groups in our article, Setting Up Your Agenda and Stakeholders for Success.

In short, whether you tackle the project on your own or enlist our team to help, a Digital Mineral Management Library helps owners reduce stress.

Couldn’t we all use a little more of that during tax season?

HOW CAN WE HELP YOU?

We’re a national, full-service firm. In addition to mineral management, we support mineral owners with a variety of consulting services. Whether you need a little help, or a lot, our talented advisors are here to help.

We want to hear from you. How did your assets perform this year? Are you seeing unexpected revenue changes in your monthly checks? What aspect of mineral ownership do you want to learn?

Drop us a line and let’s schedule a time to connect.