FFS provides tailored back office accounting services to funds they do not administer. These services are customized based on the internal resources available or not available at the fund sponsor.
Typical services provided include the following:
- Analytical review, analysis and approval of the monthly accounting prepared by the fund’s administrator. This includes analysis of portfolio valuations and transactions, investor allocations of profit and loss, determinations of fees and performance-based allocations and other general accounting balances and transactions for the period. Any issues identified would be reviewed with the fund sponsor and the administrator of the fund.
- Assist with the calculation of gross and net return estimates for the fund
- Analysis and approval of monthly investor account statements to be distributed by the fund’s administrator
- Assist with the approval process for paying fund expenses and other required disbursements such as for payment of investor redemptions
- Assist the auditors of the fund by preparing the annual financial statements in accordance with GAAP. This includes preparation of the notes to the financial statements, including required fair value and derivative disclosures
- Assist with tax estimates to the limited partners, if necessary
- Assist the tax return preparers of the fund by ensuring that taxable income is being properly tracked for the fund as a whole by the administrator. Also review tax returns and Schedule K-1s completed by the tax return preparers to ensure accuracy and consistency with the fund’s accounting records