Woodfield Fund Administration provides Real Estate fund managers with a comprehensive suite of services that increase efficiency and introduce best practices while reducing operating costs. Our team of experienced professionals provides high quality, customized solutions to real estate fund managers.
We combine a team of experienced fund accountants with an accounting system specifically designed for closed end funds. This system allows us to systematically calculate management fees and carried interest and create detailed fund and investor performance reports. It accounts for investments denominated in foreign currencies, investor capital activity, special allocations to GP’s and LP’s and enables us to produce consolidated financial statements at any level of the entity.
Woodfield will work with you to determine the best way to account for your real estate portfolio. We can account for your portfolio directly, shadow your current property accountant, or receive all the property accounting directly from each property manager and consolidate each set of financials up to the fund level.
We will then complete the fund-level and investor accounting. Providing you with fund-level financial statements and completing the investor allocations while producing individual investor account statements.
We take care of all aspects of processing investor subscriptions including:
- Answer investor questions regarding the execution of documents
- Review and approve all subscription forms
- Issuing confirmation notices
- Communicate with investors regarding deficiencies in subscription documents
- Determining how the investor wishes to receive communications
- Maintain files with signed original copies of all subscription documents
Maintain a roster of capital commitments, calls met and calls outstanding
- Issue capital call and confirmation notices
- Review sources used to fund accounts
- Track funds received
- Calculate distribution amounts
- Issue confirmations
Woodfield handles Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance requirements including:
- Verifying investor identity
- Documenting transactions
- Verifying fund origins
- Verifying transferee identity
- Checking all investors against AML watch lists, including the Office of Foreign Assets Control (OFAC) list and maintaining records related to AML investigations
- Ongoing weekly scan of all investors against the OFAC list
Investors are becoming increasingly concerned about the lack of adequate controls on the movement of money from unregulated private investment funds. Woodfield has a robust system of financial controls in place to protect investors. These controls are designed to require the approval of both Woodfield and the Fund in order to transfer money to a third party.
This system relies on the principle of joint control (the Fund and Woodfield) on the movement of cash and also separation of duties within Woodfield. Moreover, the bank account is generally held at a major institution that has elaborate security safeguards and other controls, such as ACH debit blocks.
Woodfield has extensive experience accounting for GP Carried Interest Vehicles. Within our accounting system, a Carried Interest Vehicle is set up as feeder fund through which carry-holders can invest and also receive distributions of carried interest. This structure allows for the necessary level of transparency while at the same time maintaining the desired level of confidentially for the carry-holders. A comprehensive set of financial statements, including full general ledger detail, investor statements, and performance reporting are produced for the carry vehicle on a quarterly basis.