COVID-19 Update from Cornerstone Private Asset Trust Company
March 27, 2020
COVID-19 Update from Cornerstone Private Asset Trust Company
Cornerstone Remains Open for Business
Continues Regular Business Operations Amid South Dakota State of Emergency
Deemed an Essential Business During Minnesota’s Stay at Home Order
Dear Clients and Friends,
During this time of uncertainty, Cornerstone remains here for you. Since the inception of our company, it has been our privilege to offer specialized trust services and retirement plan services to our clients. Now, perhaps more than ever, we are proud to stand with you, advise you, and offer you the support you need.
As a South Dakota-based business, Cornerstone has been closely following the various Executive Orders that Governor Kristi Noem has issued. On March 23, Governor Noem signed Executive Order 2020-04 which declared South Dakota to be in a State of Emergency due to the COVI-19 pandemic. Enforcement of this Executive Order has been left to the individual cities and counties to enforce, as the South Dakota constitution does not grant the Governor wide-ranging emergency powers. At this time, Sioux Falls has not put any business closing restrictions in place, but Mayor Paul TenHaken is reviewing the new ordinance and is considering limiting gatherings of 10 or more people. He also stated that each business needs to understand their part in helping reduce the spread of COVID-19. Cornerstone is monitoring the situation and is continuing regular business operations amid the State of Emergency declaration.
As you may be aware, Minnesota Governor Walz signed Executive Order 20-20 which puts into effect a Stay at Home Order that goes into effect this Friday, March 27, 2020 at 11:59 PM until Friday, April 10, 2020 at 5:00 PM. This Order is being put into effect to slow the spread of COVID-19 across the state of Minnesota. This Order directs Minnesotans to stay home and limit movements outside of their homes beyond essential needs. However, the Minnesota Department of Employment and Economic Development (DEED) has deemed that businesses that provide data processing, financial investment activities, and other related financial services as critical and essential. Since Cornerstone falls under the critical and essential category, we are exempt from this Order and will remain open for business.
In both of our locations —Sioux Falls, SD and Bloomington, MN—we have already facilitated remote working arrangements for all our team members. Taking these steps has allowed us to follow the recommended social distancing measures, keep our team members and their families safe, and to do our part to slow the spread of COVID-19.
During this challenging time, providing our clients with the highest level of service remains our top priority. You can rely on us to meet deadlines, respond to your questions, and address any concerns in a timely manner. We will continue to monitor this ever-changing situation and keep you apprised of any new developments.
Best regards,
Chad Halbur, President