- Prepare fund financial statements with the appropriate accruals.
- Allocate the financial income, or loss to the investors including “new issues” income or loss.
- Calculate and record management fee.
- Calculate the performance allocation or performance fee.
- Calculate monthly, quarterly, year-to-date and inception-to-date performance for the fund and each investor.
- Reconcile prime broker reports to brokerage statements.
- Review prime broker reports and make necessary adjustments based on information provided by the fund or prime broker.
- ERISA calculation.
- Prepare audit workpapers to facilitate the fund’s audit and respond to inquiries from the fund’s auditors.
- Provide contact information for investor questions and use reasonable efforts to answer such questions.
- Assist the tax return preparer by allocating taxable income to the partners.
- Maintain a schedule of partner book and tax basis.
- Maintain a list of investors and their contact information.
- Process investor contributions and subscription documents.
- Process investor withdrawals.
- Maintain a file of investor correspondence including original subscription document and withdrawals requests.
- Prepare and distribute a monthly or quarterly account statement for each investor.
Management Company Accounting
- Prepare general partner financial statements.
- Prepare administrative manager financial statements.
- Reconcile bank accounts.
- Assist the tax return preparer with the preparation of the general partner and management company tax returns.
Review the fund documents and provide feedback on the following:
- Management fee structure.
- Incentive allocation/fee structure.
- Subscription procedures.
- Withdrawals procedures.
- Allocation of fund income and expenses including allocation of “new issues” income or loss.
- Tax issues.
- Review investment management agreement.