Financial Statement Preparation

By: Transcontinental Fund Administration, Ltd  10/07/2014
Keywords: Mutual Funds, Investing, Asset Management

Procedures for preparing NAVs and periodic financials An important aspect of the services provided by TFA to its client funds is the calculation of Periodic Net Asset Values, the generation and distribution of shareholder and partner reports and the preparation of periodic and annual financial statements. The typical process involves the following steps – fund data preparation, reconciliations, valuation, profit & loss calculations and allocations, journal entries and generation of financials. For private equity funds TFA also calculates the allocations for capital calls and distributions, waterfalls and generates relevant notices for investors. All entries, reports and calculations are reviewed and approved by senior staff before they are released to the fund manager and subsequently to investors. A detailed procedure manual is created for each fund, which is updated and maintained regularly. Procedures for annual financial statements, audit support, and liaison with auditors Draft Annual Financial Statements including any requisite schedules and notes are prepared under the supervision of a senior accountant. In addition, the COO and the CFO are consulted in case of specific issues that need to be addressed. TFA is experienced with both US GAAP and IFRS standards as well as specific standards for particular industries. Audit support is provided as specified by the fund administration agreement. Typically, a portal is set up on TFA’s servers and access is provided by a secure login and password. The liaison to the auditor for the process is a senior accountant with assistance of the client service manager and operations analyst assigned to the fund and the process is supervised by the COO. TFA can coordinate the entire audit process if necessary, with minimal involvement of the Fund Manager, or supplement the work as needed. A typical process involves an initial phone call or physical meeting with the auditors where any issues are clarified and timelines determined. If a PBC list is available, TFA will work with the Fund Manager to determine support responsibilities for each item and then work toward providing these items within the agreed time frames. As part of audit support, all documents and schedules that are requested by the auditors are provided promptly and with care. Basic documents and schedules that are generally provided include: Balance Sheet, Profit and Loss Statements, General Ledgers and Trial Balances, Schedule of AR/AP, and share capital. Various supporting documentation, such as bank statements, support for all payments made from the fund and investor subscription and redemption documentation, is also provided. In addition, TFA often prepares audit confirmations to assist with the audit process. 

Keywords: Administration, Asset Management, best investmetns, Bonds, business growth fund, Equity Funds, Exchange Traded Funds, Financial Investment, Fund Accounting, Fund Manager, Funds, Hedge Fund, Hedge Funds, Invest, Investing, investing in gold, Investing In Stocks, Investment, investment advice, investment banker, Investment Fund, Investment Management, Investment Property, Investor, investors, Managed Funds, Mutual Funds, Portfolio Management, Private Equity, Share Investment, sip investment, Venture Capital, Wealth Management, wealth management firms,

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What distinguishes TFA?

FA offers a wide range of private equity and real estate fund services including the execution of calls and distributions, accounting payment of fees and expenses, reporting on cash received to the manager, preparing financial statements, and collecting all documents relevant to the fund portfolio.In addressing the real needs of our clients, our staff is well-trained to set up call notices on very short lead time and still keep the quality of the product.


TFA’s fund administration systems and integration:

TFA has developed its proprietary portal for investor reporting (SIMS Investor Reporting). It is specifically geared towards the needs of hedge funds, private equity and real estate fund investors.


Banking and Brokerage

TFA supports funds in onshore and offshore jurisdictions. Jurisdictions of choice for the funds administered by TFA seem to be the US, Cayman or the British Virgin Islands (BVI).

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List of Services

TFA offers a wide range of private equity and real estate fund services including the execution of calls and distributions, reporting on cash received to the manager and collecting all documents relevant to the fund portfolio.