Income Distributions automates the periodic calculation of a fund’s distribution amounts and underlying income and tax components.

Income Distributions imports the fund’s income, expenses or any other account balance to calculate the assessable and non-assessable net income and determines the cents-per-unit (cpu) or pence-per-unit (ppu) to be paid to unitholders.

Periodic income distributions can create ‘peak load’ pressures and cause operational stress where manual and semi-automated processes are relied upon. Manually calculated distributions can be expensive, lack scalability and transparency, and carry significant operational risks that adversely impact customer service.

Income Distribution Calculations

  • Supports multiple distribution runs including Estimate Distribution and Actual Distribution.
  • Supports single entity funds and multi-class, including apportioning fund level tax components to share classes.
  • Supports distribution declared category limits  (e.g. capital gains).
  • Avoids manual ledger reconciliations through real-time explanation between accounting income and taxable income.
  • Calculates Unitholder Tax Statement Values, and finalized values for the Tax Return.

Distribution Automation

  • Distribution control record allows navigation from summary to detail level with ability for user to approve or re-run processing.
  • Straight-through-processing is initiated on data arrival.
  • Specific to clients or fund(s), tax related static data is configurable by business users.

Reporting & Distribution Workpapers

  • Account Views directly reflects tax return structure and are configurable by business users.
  • Distribution workpapers are designed to provide an auditable calculation trail including:
    • Capital Gains / Losses YTD
    • Income, Withholding Tax and Expenses YTD
    • Expenses Allocated to Income
    • Carried Forward Values and Adjustments
    • Income Available After Expenses Summary
    • Distribution Declared

Jurisdictional Tax Framework

Unique to pControl is it's tax rule framework purpose built to manage tax business rules across multiple fund jurisdictions. Combined with pControl's single record Fund Ledger, this allows clients to manage a wide variety or jurisdictional requirements on a single platform:

  • Flexibility to configure jurisdictional specific calculations and reporting.
  • Business rules to allocate losses against gains, and manage carry forward items.
  • Business user defined allocation of attributes to tax categories.

See Jurisdictional Tax Framework to find out more.

Integration & Extensibility

  • Uploads, merges and validates data from multiple sources, including accounting systems, registry and transfer agencies, and external data providers, through pControl's native Data Manager
  • Where all Fund Accounting functions are undertaken within pControl then Income Distributions directly utilizes pControl's single record Fund Ledger processing, Gain / Loss Management and Account Views functionality.
  • Integrates with Income Processing for full automation of income allocation and settlement across interfunded investment structures.

Service Level Aware

All pControl solutions are Service Level Aware and can internally monitor and escalate late running events such as late data arrival, and late override / approvals and final release within operational cut-offs and processing calendars.

Operations teams can monitor Service Level compliance through the following dashboards:

  • Production Summary dashboard to deliver progress monitoring of all required Income Distribution approvals and release for the period.
  • Attention Status Monitor dashboard to provide real-time exception monitoring and aging for any activity with critical completion or Service Level Agreement deadlines.

Income Distributions is stakeholder and auditor friendly through a full audit trail of all calculation activity, and via calculation proofs provided through the Distribution Workpapers.

 

Income Distributions was previously known as pControl Distribution Calculations.