Fund Accounting is first step in the month end closing process for each fund is the preparation of Fund’s monthly Balance Sheet and Income Statement and calculation of Fund’s Net Asset Value (NAV), based on information received directly from the Fund’s broker(s) and the General Partner.
Partnership Accounting includes allocation of Fund’s income among its investors, calculations of investor’s management fees and performance allocation, and preparation of monthly Statements of Changes in Partner’s Capital Account Statements for each investor.
Performance Statistics are prepared once Fund and Partnership Accounting are completed, and include a summary of the Fund’s gross and net returns for the month, quarter, year, and since inception.
DRAFT FINANCIAL STATEMENTS AND YEAR END SERVICES
We work directly with the Fund’s auditors and tax preparers to assure timely delivery of the year-end audit and K-1s to the General Partner and to Fund’s investors. If required by the auditors, we can prepare of complete set of financial statements including Condensed Schedule of Investments, Statement of Cash Flows, footnotes and financial highlights. We also provide the auditors with all the necessary support and work papers and answer any accounting questions.
We also provide Year End Services to selected funds that are not our administration clients.
We work with the General Partners, Management Companies and Investment Advisers to the hedge funds, as well as high net worth individuals and selected closely held businesses. We can assist on temporary or on-going basis.
Examples of our accounting services include:
- Set up and implementation of accounting system within the company
- Bank and other accounts reconciliations
- Preparation of balance sheet and income statements
- “Clean up” of your internal books for audit and/or tax preparation
- Help with various accounting, performance and other special projects