Frequently Asked Questions
With increasing regulations and constant market changes, private equity firms are faced with the additional pressure from limited partners to implement and deliver better reporting and accounting practices, leaving firms to weigh the cost-benefit of outsourcing versus in-house Fund Administration. Benefits to outsourcing include, but are not limited to:
- Reduce and control operating costs
- Improve company focus to core capabilities
- Gain access to world-class capabilities
- Free internal resources for other purposes
- Compensate for a lack of internal resources
- Manage and control difficult or underperforming functions
- Make capital funds available
- Mitigating risks among a changing environment
- Infuse cash into the company
Unlike many of our competitors, our pricing is not based on Assets Under Management (AUM). Instead, Ultimus LeverPoint’s annual base fee is centered on the complexity of your business. During the beginning of our partnership, we will work with you to gather the existing details and understand the end goal for the Fund, in order to accurately deliver a formal proposal. Factors that drive the cost of an engagement include:
- Number of investments
- Number of investors
- Frequency of transactions
- Reporting requirements
Ultimus LeverPoint is located in upstate New York, about 20 miles north of the Capital, Albany. Ultimus LeverPoint’s location enables us to provide our customers with top quality service at a reasonable price. With a variety of top colleges and universities nearby, we have a large pool of talent to draw from. Our location, being outside New York City and Boston, allows us to keep our overhead low, a savings that we can pass onto our clients. You can find Ultimus LeverPoint representatives in New York City, Maryland and Colorado, as well.
While, physically, we may be miles away, our commitment to customer service and our accessibility puts us virtually down the hall from our clients.
SSAE18, SOC 1 Type II Report
SSAE 18, also called Statement on Standards for Attestation Engagements 18, is a regulation created by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) for redefining and updating how service companies report on compliance controls. This annual report is intended to provide Ultimus LeverPoint clients with a general understanding of the procedures and internal controls related to the fund administration services of Ultimus LeverPoint as well as confidence that these internal controls are working effectively. It is specific to the internal controls applicable to the operating environment at Ultimus LeverPoint to the extent that such controls are deemed relevant to the clients own internal control structure for the fund’s financial information. For the most recent testing year, Ultimus LeverPoint received another clean report highlighting that all processes and controls were working as intended.
Ultimus LeverPoint’s management and supervisory personnel monitor the internal controls and ensure controls are operated effectively as a routine part of their daily activities. We work closely with our clients to ensure that there is a clear understanding of what services and deliverables will be provided and establishes that understanding through various contractual agreements.
Security and PII
The software of choice at Ultimus LeverPoint is Investran, a third-party application suite, consisting of fund accounting, reporting and customer relationship management tools. We own and use this software to process portfolio and partnership transactions, maintain general ledger and investor capital accounts, and track other investor data for each client within the Investran database.
Ultimus LeverPoint also utilizes IntraLinks, also a third-party digital workspace that provides online fund reporting for investors. Ultimus LeverPoint handles the administration of individual workspaces for many of our clients, which house fund documents including limited partnership agreements, capital call notices, distribution notices, annual and quarterly financial statements, tax documents, and other general correspondence. Our investor services team works to upload all of the documents to each separate workspace, as well as maintaining login access and user information for all investors and other users.