Tracking Deals to Safeguard Your Investment
Third party fund accounting that ensures someone besides the manager is reviewing the books.
What Does Monitored Mean?
A “Monitored” designation means a manager has retained Verivest for certain administration or accounting services. When this happens, the specific opportunity or deal administered by Verivest is designated as “Monitored.” Depending on the level of engagement, here are some of the services we provide to “Monitored” managers.
Bank account review: Preparation of period-end bank reconciliations. Bank statements along with supporting documents are reviewed and transactions are recorded in the books and records.
Financial reporting: Maintaining books and records and producing period-end financial statements and related schedules. Where applicable, Verivest obtains financial statements of the underlying investment properties to facilitate the preparation of the fund level financial statements.
Fee calculations: Calculation of management fees and carried interest in accordance with the governing documents.
Distributions: Calculation of investor distribution allocations, including carried interest and the preparation of bank distribution files.
Investor balance tracking: Maintaining investor capital balances and updating for applicable capital activity including investor subscriptions, capital calls, distributions and period allocations.
Investor reporting: Preparation of period-end investor capital account statements, and annual 1099-INT’s and K-1s.
The new standard
Monitoring is the new accountability standard of real estate investing. Don’t invest without it. Look for the ‘Monitored’ label to find managers you can more easily trust.