Onshore Fund Administration Services
Woodfield can provide fund administration and
accounting services to investment managers that include:
Monthly Accounting
At the end of each accounting period Woodfield will gather financial data from brokers, banks
and other sources and reconcile internal records with this data. We then enter all financial and
investor transactions into our fund accounting system and calculate management fees, loss
carryforwards and incentive allocations in accordance with the terms of the fund’s offering
documents and GAAP (US). All entries and financial statements are then reviewed to insure
they are accurate and complete. Although the types of reports can differ based on the nature of
the fund and the preferences of the manager, the following reports are typically produced:
• Investor Account Statements
• Balance Sheet
• Income Statement
• Trial Balance Report
• General Ledger Listing
• Statement of Changes in Partner’s Capital
• Investor Summary Report
• Performance Table
Audit Assistance
Woodfield will collaborate with the fund’s auditors to help insure a timely and efficient completion of the annual audit. We will prepare all required schedules, create and distribute confirmation letters, explain all financial transactions and generally assist in the completion of the audit.
Tax Preparation Assistance
Woodfield will produce federal K1 Forms subject to the review and approval of all allocations and footnotes by the fund’s audit and tax advisor. After all data for the calendar year (including K1 Forms from any investments the Fund has made in other funds) have been entered into our accounting system we will produce preliminary tax allocation reports for review by the fund’s audit and tax advisor. These reports will list the amounts that have been allocated to each investor for each category on Form K1. The allocations contained in these reports will be based on the economic data that has been entered into our system and the tax allocation method that has been selected by the fund. The fund’s tax advisor will then review the preliminary tax allocations contained in this report and indicate approval or communicate any changes it deems proper. Upon receipt of this information we will make any requested changes, produce the final K1 Forms and deliver them to the fund by electronic mail.
Third Party Control on Movement of Funds
Investors are becoming increasingly concerned about the lack of adequate controls on the movement of money from unregulated private investment funds. Woodfield will initiate a
dual control system that requires the approval of both Woodfield and a representative of the fund before capital can be transferred out of the fund.
Processing of Subscriptions and Redemptions
We will perform the services necessary to process investor subscriptions and redemptions including review of all subscription documents, issuance of welcome letters, communications with the investor to obtain needed information not included with the subscription documents, determining how the investor wishes to receive communications (mail or email) determining the proper tax classification of new investors, verification of authenticity and eligibility of redemption requests, calculation of distribution amounts, the initiation of wire transfers and other activities related to this function.
AML Compliance
Woodfield will insure compliance with Anti-Money Laundering requirements as required by local regulatory bodies. We will apply appropriate AML policies and procedures, maintain required investor information and records of AML activities and respond to governmental and regulatory requests for information.
Distribution of Communications to Investors
Woodfield will distribute monthly statements, notices, audit reports and tax forms to your investors and any other interested parties designated by an investor. When possible, these reports will be distributed via electronic mail by means of our Online Reporting System. This system enables the investor to receive documents by email or by visiting a secure website where the documents are archived.
Distribution and Tracking of Offering Documents
We will distribute Offering Documents to prospective investors, maintain a distribution list to comply with sound business practices and the private offering regulations and maintain files with signed original copies of all subscription documents.
Management Company Accounting
Woodfield can maintain the financial accounting records for the management company of the fund on a monthly basis. Each month, we will create a comprehensive set of financial reports for the management company including an Income Statement and Balance Sheet. (Fees
for management company accounting must be paid by the manager
rather than the Fund).
Daily Reconciliation of Trades
For managers with a high volume of trading activity, Woodfield will reconcile trading data received from the manager with reports received from the fund’s prime broker and other trading counterparties.
Calculation of Payments to Sales Personnel
Woodfield can calculate commissions or sales fees due to sales agents at multiple levels. Our sales tracking system accommodates a variety of payout structures. These include front end loads, percentages based on commissions, manager fees or management company fees or other fees. Fee payments can vary by sales representative or by individual client and may be delayed until after a specific amount of time has passed.
ERISA Tracking
Funds that have more than 25% of their capital from investors covered under ERISA are subject to increased regulation and liability. We can track the percentage of capital owned by such investors to prevent the fund from exceeding this limit either as the result of additions or withdrawals.
General Operational Assistance
Woodfield will provide advice and counsel on operational or administrative questions and will also assist in the creation of new funds. Our principals and staff have a wide range of industry contacts and extensive experience in all phases of fund setup and management including operations, administration, compliance and marketing.
Other Customized Services
Woodfield can provide or develop other products or services on customized basis to meet needs that are specific to individual funds. |
