REIT sponsors gain unparalleled services for account inquiry and audit reporting
DENVER (January 10, 2007) – Trust Company of America, a specialized provider of transfer agent and registrar services for non-traded REITs and other direct participation programs, today announced the introduction of enhanced transfer agent capabilities including a new comprehensive online account information and inquiry application and Statement on Auditing Standards (SAS) 70 Type II reporting.
“These enhanced capabilities are on par with Trust’s commitment to best-of-breed technology and service,” said Terry Reitan, Trust Company of America’s President and CEO. “We are in constant dialogue with our clients to identify areas for improvement and gather feedback. These capabilities will enable REIT and other direct participation program sponsors to improve their operating and administrative efficiencies while they grow their business.”
Trust’s new web-based account information and inquiry application provides sponsors, their representatives, and end-investors 24/7 access to account information. The platform is organized in a hierarchical fashion around each investor to display registration information, investment positions, and transaction history. Sponsors, their representatives, and end-investors all access the same real-time position information and are provided with both summary and detail for each account. For additional reporting requirements, users can download an investor’s account data into spreadsheets for further use. Sponsors and their representatives who manage multiple investors can easily cross-reference and access related accounts.
Additionally, Trust is the only transfer agent specializing in services for non-traded REITs to offer sponsors a Statement on Auditing Standards (SAS) 70 Type II. This statement signifies Trust’s control activities have been reviewed by an independent party and, in the case of a Type II report, the controls have been suitably designed, tested, and are operating effectively. SAS 70 Type II documentation may be critical for compliance with Section 404 of Sarbanes-Oxley regulations and a sponsor’s independent auditors may rely on the document to satisfy risks are mitigated, ultimately saving the sponsor significant time and cost of completing an audit.