Services
Fund Operations and Accounting
- Preparation of all quarterly and annual financial statements.
- Establishing compliance with all partnership agreements – i.e. fund limits, side letter provisions.
- Review funding status calculations (amount available for investment, investment limitations).
- Review accounting for complex transactions.
- Assist in coordinating preparation of annual audits.
- Review and establish partnership allocations.
- Assist with fund structuring based on the location of investors and the portfolio companies.
- Create inter-fund/inter-company cost allocations.
- Track record review.
- Provision of outsourced valuation support in the preparation of financial statements and reporting to investors
- Creation of an accounting policy manual.
Management Company Operations and Accounting
- Prepare budget models based on the fund revenue and management company costs.
- Prepare quarterly management company financial statements.
- Prepare internal partner distributions.
- Prepare placement agent payment calculations.
- Track record review.
Cash Management and Banking
- Coordinate all banking relationships and open bank accounts.
- Set up treasury approval process,
- Review cash management at management companies and funds.
- Set up expense report process including application for credit cards.
Line of Credit
- Assist in the review and negotiation line of credit terms.
- Manage outstanding borrowings and calculate interest payment/PIK interest.
- Prepare covenant reports for submission to the banks.
Tax oversight
- Manage tax vendor relationships.
- Ensure timely tax compliance and payment to the tax authorities.
- Review and ensure accurate filing of Forms 1099 for vendors annually.
- Review and ensure accurate filing of Forms 1065 and K-1’s including assistance of the distribution of K-1’s to the LP’s.
- Note we do not prepare tax filings
Legal
- Work with legal counsel to review and interpret firm legal documents.
- Respond to requests from counsel on document/legal/accounting issues.
- Communicate partnership and side letter issues as needed.
SEC Compliance
- Assist in the creation of high level compliance policies and procedures.
- Review regulatory filings including the preparation of the form PF.
Carry Allocation Review
- Create carried interest calculation.
- Create the carried interest allocation to the internal partners and staff.
- Review of carry distributions, providing a second set of eyes.
Ad hoc Support Services and Solutioning
- The proposed work activities listed above represent our understanding of key near-term firm initiatives and are not a complete and exhaustive list of everything that needs to be done. We will work with the client to prioritize critical dependencies. The client will have full access to LewisLevy personnel to assist with ad-hoc requests and other short term projects.