Our Services

Fund Accounting and Administration

FFS provides independent administration and accounting services to alternative investment funds and their investment managers and trading advisors.  The nature and extent of services are customized to meet the specific needs of each client, which vary greatly from client to client depending on their size, complexity and the extent of their internal resources. 

Typical services provided include the following:

  • Preparation of Investor Account Statements
  • Balance Sheet, Income Statement, General Ledger maintenance
  • Maintain Portfolio of Investments and other trading account reconciliations
  • Preparation of Investor allocation schedules
  • Calculation of fees and performance allocations due to the fund sponsor or investment advisor
  • Inception to date performance reporting for the fund
  • Third Party Control of cash movements
  • Processing of Subscriptions and Redemptions
  • Anti-Money Laundering (AML) Compliance
  • Distribution of communications to Investors
  • Coordination of Audit and Tax Services - Bridging the gap between managers and auditors/tax accountants during this critical time; allowing managers to remain focused on investment research and deal development, while still meeting the reporting requirements as outlined in the fund’s agreement with investors
  • Assist with periodic regulatory reporting requirements (NFA, SEC, etc.)


Back Office Accounting Services

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


Outsourced Chief Financial Officer Services

FFS provides Chief Financial Officer (CFO) services to fund sponsors that are looking to outsource the day to day tasks that accompany running a successful business.  These services may relate to the operations of a fund’s management company and are customized based on the needs of our client. 

Typical services provided include the following:

  • Cash control and bill payment services.  FFS develops a client approval and reporting process to ensure clients are fully aware of all cash transactions
  • Assist with the management of the company’s payroll
  • Maintain the full books and records for the management company, including tracking of receivables, payables, fixed assets, fee income, etc.
  • Assist with the development of operating budgets
  • Provide monthly and quarterly reporting of company results to management
  • Provide audit and tax coordination services      
  • Consult and provide general business, accounting and operating guidance to management on an ongoing basis


Consulting Services

FFS offers consultation with respect to:

  • Business and fund operations and maintenance of accurate and complete books and records
  • Tax planning and compliance strategies for alternative investment funds and alternative investment managers
  • Formation and structure of U.S. and offshore alternative investment funds
  • Referrals to other professional service providers (independent auditors, attorneys, brokerage, etc.)
  • Due diligence on contemplated investments with other alternative investment managers or contemplated private equity investments
  • Calculation of payments to selling agents or brokers
  • Development of automated feeds to investor custodians, brokers or selling agents
  • Daily reconciliation of trades and reporting of daily return estimates
  • Waterfall calculation and independent verification
  • Assistance with valuation models and calculations
  • Overall business operations, structure and opportunities


Financial Statement Preparation

As a CPA firm with extensive knowledge and experience in the alternative asset industry, FFS is adept at preparing fund financial statements and the required note disclosures. FFS provides this service to its fund administration clients as part of its standard service package, but also offers this service in a stand-alone fashion to clients it does not administer who need assistance in this critical area.

  • Includes all financial statements required under generally accepted accounting principles ("GAAP")
  • Full note disclosures and recent accounting pronouncements implemented
  • Financial highlights and investment look-through disclosure, if applicable
  • Word processing and incorporating the final audit opinion upon issuance


Tax Return Preparation

FFS offers tax services as follows:

  • Analysis of taxable income (loss)
  • Identify differences between book and taxable income (loss)
  • Allocate taxable income (loss) to investors
  • Preparation and filing of the U.S. Return of Partnership Income (Form 1065) and state income tax returns (as required), inclusive of individual Schedule K-1s
  • Distribution of Individual Schedule K-1s to investors


Please contact us to discuss the services that FFS can specifically provide to your company and the alternative investment funds that you operate.