fidelity bond & new plans

I'm curious when most new (small) plans tend to acquire their first fidelity bond and how that affects reporting on Form 5500-SF.

New plan didn't manage to purchase their bond during first year plan in effect (2020), and only purchased upon review in early 2021.

My approach is to report no fidelity bond on 5500-SF but just wondering if it's legitimate to report the bond since it's in effect at time of filing 5500-SF, even though not in effect during that plan year.

1 hour ago, TPApril said:

 just wondering if it's legitimate to report the bond since it's in effect at time of filing 5500-SF, even though not in effect during that plan year.

I have both seen and done that.  

I doubt it is right.   What I have found is the few times a plan didn't have a fidelity bond and a DOL or IRS auditor comes around they just make the plan get one.   I have never seen them get in actual trouble. 

Having said that not following the rules and hoping for no problems is not a good plan obviously.  

6 hours ago, ESOP Guy said:

Having said that not following the rules and hoping for no problems is not a good plan obviously.  

Alas - not following the rules and getting the fidelity bond late, or not following the rules and reporting it even though it was not effective at the date of the 5500?

I know, obviously both.....

I would report the fidelity bond on the 5500 for the Plan Year in which the bond was purchased and made effective.

The beginning of that 5500 Section does say "during the Plan Year"

16 hours ago, TPApril said:

Alas - not following the rules and getting the fidelity bond late,

You can get a bond with retroactive coverage.  I know Colonial Surety does them, not sure about other providers