Administration Services

Fund Management

MFAC establishes and implements the governance framework of a trust and works closely with the board of trustees and legal counsel to ensure that a fund is operating according to regulations and is in the best interests of its shareholders.

  • Coordinate board of trustee communications:
    • Establish meeting agendas
    • Coordinate and compile board meeting materials
    • Secure and monitor fidelity bond and director and officer liability coverage
    • Prepare board meeting minutes and shareholders meeting minutes
    • Provide personnel to serve as officers of a trust
  • Act as liaison among all fund service providers
  • Assist in overall operations of a trust
  • Prepare and assist with financial audits
    • Prepare appropriate schedules and assist independent auditors
    • Provide information to the SEC and facilitate audit process
  • Assist with the start up of new funds
MFAC Client Services Department

Compliance Oversight

MFAC provides expert regulatory and financial administration support during the fund creation and for ongoing operations. Our professionals work as back office “quarterback” to ensure fund compliance with federal securities laws and minimize costly reliance on outside counsel.

Portfolio Compliance

  • Monitor fund compliance with:
    • policies and investment limitations of the trust as set forth in its prospectus and statement of additional information
    • the requirements of Investment Company Act of 1940.

Internal Revenue Code Compliance

  • Monitor fund compliance as a regulated investment company under Subchapter M
    • Asset diversification requirements
    • Qualifying income requirements
    • Distribution requirements
MFAC Compliance Department

SEC Registration and Reporting

  • Coordinate and assist fund counsel in
    • annual update of registration statements
    • preparing proxy statements
  • File certified reports under Section 302 of the Sarbanes-Oxley Act of 2002 on Form N-CSR , N-CEN, and Form N-PORT
  • Prepare and file:
    • Rule 24f-2 notices
    • Rule 17g-1 filings – fidelity bond
  • Coordinate and assist filing Form N-PX - proxy voting

Financial Reporting

MFAC provides vital financial administration support, including monitoring a fund’s operating budget and preparing financial statements for regulatory filings.

  • Oversight of expense accruals and payments
  • Prepare financial statements
  • Prepare quarterly schedule of investments for Form N-PORT and Form N-CEN
MFAC Financial Reporting Department