IQEQ

Senior Associate, BDC Fund Accounting (Remote Optional)

Recruiter
IQEQ
Location
Dallas, United States
Salary
Not disclosed
Posted
05 Aug 2022
Closes
22 Aug 2022
Approved employers
Approved employer
Contract type
Permanent
Hours
Full time
Experience level
Qualified accountant

Job description

General Fund Administration Oversight:

  • Act as liaison among all Fund service providers, including, but not limited to, accountants, administrators, custodians, transfer agents, dividend reinvestment plan administrators and independent auditors.
  • Assist in overseeing the Fund administrator’s coordination and preparation of materials and communication to the Fund’s Board of Directors’ (the “Board”):
  • Review reports generated by the Fund administrator for the Board based on financial and administrative data provided by the Fund.
  • Review notices announcing declaration of dividends and other distributions to shareholders prepared and distributed to appropriate parties by the Fund administrator.
  • Assist in overseeing the Fund administrator’s preparation of appropriate schedules and assistance to the Fund’s independent auditors.
  • Assist in overseeing the Fund administrator’s monitoring of arrangements under shareholder services or similar plan.
  • Assist in overseeing the Fund administrator’s monitoring and communication activity under share repurchase or tender offer plans.

Portfolio Compliance Oversight:

  • Regulatory and Internal Revenue Service (the “IRS”) Compliance Oversight:
  • Review and comment on the Fund administrator’s prepared portfolio compliance reports to monitor compliance with the Investment Company Act of 1940, as amended (the “1940 Act”), requirements applicable to business development companies and the Fund’s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), including:
  • IRC Section 851 - 90% Qualifying income
  • IRC Section 851 - Annual Distribution Requirement
  • IRC Section 851 - Fund Diversification
  • Section 12(d)(l)(A) of the 1940 Act – Diversification Requirement
  • Section 55(a) of the 1940 Act - 70% Eligible Assets Requirement
  • Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act - 200% Asset Coverage Requirement
  • Maintain awareness of applicable regulatory and operational service issues.
  • Maintenance of books and records under Rule 3la-3 of the 1940 Act.

SEC Reporting Oversight:

  • Assist in overseeing the Fund administrator’s preparation of financial statements for inclusion in Form 10-Q, Form 10-K and Form 8-K filings, as applicable.
  • Assist in overseeing the Fund administrator’s preparation and filing of fidelity bond under Rule 17g-1 of the 1940 Act.
  • Assist in overseeing the Fund administrator’s preparation and filing of reports and other documents required by U.S. stock exchanges on which the Fund’s shares are listed.

Financial Reporting Oversight:

  • Review and comment on the Fund administrator’s prepared financial data for inclusion in the prospectus (the “Prospectus”) included in the Fund’s registration statements filed under the Securities Act of 1933, as amended.
  • Assist in overseeing the Fund administrator’s maintenance of the Fund’s general ledger and the preparation of the Fund’s financial statements prepared by the Fund administrator, including oversight of the Fund administrator’s expense payments, determination of net asset value of the Fund’s shares, and declaration and payment of dividends and other distributions to shareholders.
  • Review and comment on the Fund administrator’s calculation of the total return and expense ratio of the Fund and the Fund’s portfolio turnover rate.
  • Review and comment on the Fund administrator’s prepared quarterly and annual financial statements, which include without limitation the following items:
  • Schedule of Investments.
  • Consolidated Balance Sheet.
  • Statement of Operations.
  • Statement of Changes in Net Assets.
  • Statement of Cash Flows.
  • Notes to the quarterly and annual financial statements.
  • Assist in overseeing the Fund administrator’s coordination and preparation of certification requirements pursuant to the Sarbanes-Oxley Act of 2002 (the “SOX Act”).
  • Review and comment on the Fund administrator’s total return calculations for market and net asset value.
  • Assist the Fund’s Chief Executive Officer and Chief Financial Officer in connection with establishing and maintaining internal control over financial reporting (as defined in Rules 13a-15(f) and 15-d(f) under the Securities Exchange Act of 1934 (the “Exchange Act”)) for the Fund.

Tax Reporting Oversight:

  • Assist in overseeing the Fund administrator’s coordination and preparation of filing Form 1099 Miscellaneous for payments to the Board and other service providers.
  • Assist in overseeing the Fund administrator’s coordination and preparation of tax schedules, which include without limitation the following items:
  • Fiscal Distribution Schedule (including recorded ROSCOP journal entry to general ledger).
  • Excise Distribution Schedule.
  • Fund Accounting Oversight:
  • IQ-EQ shall provide the following assistance in overseeing fund accounting services to the Fund:

Portfolio Accounting Oversight:

  • Prepare daily trade files and transmit to various counterparties, Fund custodian and Fund administrator.
  • Perform daily reconciliation of trades with Fund custodian and Fund records on a T+1 basis and resolve any trade breaks.
  • Perform monthly three-way reconciliations of (i) Fund shadow books and records, (ii) Fund administrator books and records, and (iii) Fund custodian.
  • Reconcile cash and investment balances of the Fund with the Fund’s custodian and provide the Fund with the beginning cash balance available for investment purposes on a monthly basis.
  • Coordinate with Fund accountant and/or administrator to maintain accurate books and records.
  • Review interest and dividend accrual balances as of each quarterly valuation date and confirm the Fund accountant and/or administrator has calculated gross earnings on investments for the accounting period correctly.
  • Review gain/loss on security sales and confirm the Fund accountant and/or administrator has identified them correctly as short-term or long-term.
  • Review and confirm the Fund accountant and/or administrator has accounted for periodic distributions of gains or losses to shareholders and maintains undistributed gain or loss balances as of each quarterly valuation date.

Expense Accrual and Payment Oversight:

  • Review expense accrual amounts as directed by the Fund as to methodology, rate or dollar amount.
  • Review payments for expenses upon receipt of written authorization from the Fund.
  • Account for expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by IQ-EQ and the Fund.
  • Provide expense accrual and payment reporting.

Fund Valuation and Financial Reporting Oversight:

  • Review and confirm the Fund accountant and/or administrator accounts for Fund share repurchases, tenders, sales, exchanges, transfers, dividend reinvestments, and other Fund share activity correctly as reported by the Fund’s transfer agent on a timely basis.
  • Review and confirm the Fund accountant and/or administrator has applied equalization accounting as directed by the Fund.
  • Review and confirm the Fund accountant and/or administrator has determined the net investment income (earnings) for the Fund as of each quarterly valuation date.
  • Review and confirm the Fund accountant and/or administrator has accounted for periodic distributions of earnings to shareholders and maintains undistributed net investment income balances as of each quarterly valuation date.
  • Maintain a shadow general ledger and other accounts, books, and financial records for the Fund in the form as agreed upon.
  • Review and confirm the Fund accountant and/or administrator has calculated the net asset value of the Fund according to the accounting policies and procedures set forth in the prospectus (the “Prospectus”) included in the Fund’s registration statements filed under the Securities Act of 1933 or other operative documents.
  • Review and confirm the Fund accountant and/or administrator has calculated the per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations as of each quarterly valuation date and at such time as requested by the Fund.
  • Review the Fund accountant and/or administrator prepared monthly reports that document the adequacy of accounting detail to support month-end ledger balances.

Qualifications

  • 2+ years of experience in alternative Investment Management industry (Hedge Fund, Private Equity, Venture Capital, Real Estate)
  • Bachelor's Degree in Accounting
  • CPA preferred
  • Public Accounting background
  • Administration experience a plus
  • Superior management skills
  • Attention to detail and ability to multi-task
  • Hard-working, self-starter, dedicated, punctual and personable
  • Excellent organizational skills
  • Excellent interpersonal, oral and written communication skills
  • Strong accounting and analytical skills
  • Strong computer skills: Microsoft Office Suite and QuickBooks
  • Passionate about working in a dynamic entrepreneurial environment
  • In depth understanding of investment management and alternative products
  • Ability to define problems, collect data, establish facts and draw valid conclusions to solve problems — quickly and competently

Additional information

In addition, IQ-EQ will:

  • Facilitate and assist with non-trading cash movements and cash controls of the Fund.
  • Coordinate the payment of Fund expenses upon written authorization from the Fund.
  • Confirm management fees and incentive fees calculations and billings
  • Perform recalculation of management fees and incentive fees as of each quarterly valuation date.
  • Interface with the Fund’s third-party valuation firms (as applicable).
  • Budgeting/forecasting for the Fund.

Available Out-of-Scope Services

  • Assisting with due diligence questionnaires.
  • Ad hoc reporting (aside from the reporting listed above) which can include performance reporting, performance reconciliations, exposure (including foreign currency) calculations, rebalancing scenarios, updating and review of marketing materials (tear sheets, marketing decks, investor letters).
  • Manual trade affirmations with counterparties.
  • Establishing local trading accounts in foreign countries.
  • Coordinating settlement/affirmation of trades.
  • Proxy monitoring/voting.
  • Return estimate calculations.
  • Board meeting preparation.
  • Gathering/preparation of data for shareholder factsheets/marketing decks/quarterly letters.
  • Services related to setting up and/or changing administrators, custodians, trading/portfolio/accounting systems, and adding additional ISDAs.

Company description

IQEQ is a preeminent service provider to the alternative asset industry. IQEQ works with managers in multiple capacities ranging from hedge fund, private equity fund, and mutual fund launches; private equity fund administration; advisory firm set-up, regulatory registration and infrastructure design; ongoing regulatory compliance (SEC, CFTC, and 40 Act); financial controls and operational support services; compliance and operational related projects and reviews; and outsourced CFO/controller and administration services to private equity fund investments – portfolio companies, real estate assets and energy assets. Our client base is growing and our existing clients are engaging the firm across the spectrum of our services offerings.

For further information, and to apply, please visit our website via the “Apply” button below.

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