Scope of Services: Carta Europe GP Entity Administration
Per annum pricing will be determined based on your individual General Partner (GP) entity structure, needs, and complexities.
I. Accounting Services
IFRS / UK GAAP / Lux GAAP Reporting
The following year-end reports will be produced annually by Carta for the GP entity:
Balance Sheet
Statement of Operations
Carta system-generated financial reports will be made available in the Carta platform.
Books and Records
Carta will update and maintain the accounting books and records for the GP entity. You will have easy, read-only access to review the books and records.
For the GP Entity, Carta will:
Maintain annual accounting books and records
Grant read-only access on the Carta platform for review of books and records, including the balance sheet, income statement, and general ledger
Conduct capital transaction tracking by member (contributions and distributions)
Provide annual cash reconciliation
Provide valuation updates per fund statement*
Provide annual invoice payments
Necessary documents or information you will provide Carta (1):
Vesting schedules for GP members (2)
Executed copy of the GP entity’s W-9, W-8, or AEOI
Executed copy of the GP entity’s constitutional documents (2)
For GP entities also conducting business on behalf of or in lieu of a management company, an additional fee may be assessed.
* Reporting will not be provided on a look-through basis.
Banking and Payments
Carta will:
Set up electronic payments for all cash activity as requested
Confirm all fund expenses (including management fee calculations) are done in accordance with the constitutional documents
You will provide Carta (1):
Access to the GP entity’s bank account as required, with the ability to set up payments (bank must have two step-authorization capability and account must be in the GP entity’s name)*
Wire or other payment instructions and invoices for expenses
* If you have purchased Fund Formations Services with Fund Administration, we may have opened the bank account on your behalf and will ensure you are given access to the bank account.
You are responsible for:
Setting up bank accounts, one for each Carta administered entity, with your chosen banking partner (unless you have purchased Fund Formation Services with Fund Administration)*
Final review and releasing of payments after you receive confirmation from Carta
Performing any call backs to your vendor
Depositing checks
Ensuring accurate user profile setup within the Carta platform
Establishing authorized access to your bank account
Resolving any failed, rejected, returned, or on hold payments due to additional information or documentation needed by your banking partner
* Change in banking partner may result in a fee adjustment
These services are subject to the Venture Capital Payment Terms and Conditions.
Year-end Filings and Tax
Carta does not provide year-end filing or tax services for GP entities.
You will:
Coordinate with your selected tax provider to file for an extension, as necessary
Complete any reporting or regulatory filings. Such filings or reporting will not be completed by Carta unless otherwise agreed.
To discuss any services that are outside of the scope addressed above, please talk to your Carta representative.
(1) Additional documentation or information may be required by Carta as circumstances warrant.
(2) If you have purchased Fund Formation Services with Fund Administration, Carta will provide vesting schedules for GP members and an executed copy of the GP Entity’s constitutional documents.
DISCLOSURE: This communication is being sent on behalf of Carta Investor Services, Inc. (“Carta”), an affiliate of eShares, Inc. dba Carta, Inc. Certain transactional fees may apply. This communication is not to be construed as legal, financial, accounting or tax advice and is for informational purposes only. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein.