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Fund Administration Services

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Fund Administration Services

As a leading national Environmental Project Management and Coordination firm, de maximis recognizes the unique needs of PRP Groups and individual clients in establishing and administering funds to address environmental liabilities.  Since 1989, de maximis, has been providing Fund Administration Services for clients involved in the investigation, remediation, and operation and maintenance of environmental sites across the country.  de maximis presently administers 96 funds with more than $185,000,000 under administration.  These funds vary in size and complexity depending upon each client’s method of funding, administration requirements and the particular phase of the project.

Over the last 25 years, de maximis has focused on providing the flexibility, security and documentation necessary to meet the fund administration needs of our clients.  We work closely with various financial institutions and have developed and maintained favorable banking relationships that result in cost-effective Fund Administration services. 

de maximis has developed and maintains the resources necessary to provide the services required by multi-party groups.  In addition to maintaining software which allows for the appropriate accounting functions and requisite reporting features, we currently have a staff of four (4) accountants, including two (2) CPAs, along with administrative support to record and manage all aspects of the environmental remediation fund process.  We may also use the services of an independent accounting firm for various aspects of the fund administration process as needed.
Below is a highlight of the services we can provide:

  1. Maintain and reconcile (monthly) any bank account(s).
  2. Record all requests for payment/invoices on an accrual basis.
  3. Promptly make payment of invoices upon authorized approval.
  4. Monitoring of cash balances and the issuance of assessment invoices to participating members at the    direction of the group.
  5. Prepare relevant reports for tax reporting including the issuance of 1099 forms to appropriate parties (if any).
  6. Quarterly and Annual financial statements.
  7. Track individual participant information based on allocation.
  8. Ad Hoc reporting at the request of the group.
  9. Maintenance of appropriate records.
  10. Other duties as requested by Group.

We also work with various investment advisors, as needed, when idle cash is available for short-term or long-term investment.  When liquidity is important, FDIC protected options are available.  Conservative instruments such as certificates of deposit can be provided for accounts where funds are not immediately necessary.

If current processes are in place for the review and approval of invoices along with other activities associated with the fund, we would anticipate following the same procedures unless the group desires to make changes to the current process.  It has been our experience that the establishment of a trust is appropriate for these types of accounts to establish the financial guidelines and reporting requirements along with direction for assessments and disposition of funds at termination.

Our services are generally provided on a time and material basis.  Routine activities are performed by staff accountants with account review and any tax related work performed at the CPA level.  The Fund Administrator will work with the group to provide the desired level of service as well as providing final authorization of payments from the fund and general oversight of the account activities.

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