On October 18, 2011, the Institutional Limited Partners Association (ILPA) released its latest set of standardized reporting templates focusing on quarterly reporting. The templates were created to enable limited partners to accurately interpret and account for a transaction; reduce limited partner and general partner processing times and ultimately reduce monitoring costs; enable general partner compliance with legal terms in documentation; and improve limited partner/general partner communications.
Core contents of the templates include:
- Summary Management Discussion and Analysis Letter;
- Financial Package (including Balance Sheet, Period End Schedule of Investments, Statement of Operations, Statement of Cash Flows, Partners’ Capital Account Statement and Appropriate Footnote Disclosures); and
- Supplemental Management Reports (including Executive Summary – Firm and Fund Level, Supplemental Schedule of Investments and Portfolio Company Update (one for each active portfolio company)).
A copy of ILPA's Quarterly Reporting Standards Best Practices is available at: http://ilpa.org/index.php?file=/wp-content/uploads/2011/05/ILPA-Best-Practices-Reporting.pdf&ref=http://ilpa.org/ilpa-standardized-reporting-templates/&t=1319070257