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6 Dickinson Drive P.O. Box 182 Chadds Ford Pennsylvania 19317 610-358-2400 Fax 610-358-4850 |
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ABOUT FCS FCS Role As Support System for Your Fund Dedicated Accounting Professionals
FCS Role as Support System for Your Fund As plan sponsors and their intermediaries address the demands of a new century, a timely and reliable support system assumes an increasingly vital role in the decision making process. Financial Control Systems has become the innovative leader in fulfillment of that role.
Pension fund asset and liability accounting, administration and reporting services represent 100% of our business. We are wholly owned by full-time employees of the firm and have never been affiliated with any outside organization. Since we review the activities of banks, managers and brokers participating in the investment process, our independence has enabled us to gain a level of confidence with our clients that would not have been possible with conflict of interest.
FCS is committed to the timely delivery of accurate reports in a manner that fully satisfies our clients' objectives and expectations. In addition to a wide range of standard reports, custom reports are provided as needed at no additional fee. Reports may be printed at the client site or printed and assembled for express shipping at the FCS production facility.
Dedicated Accounting Professionals The most important part of the FCS system is our accounting production staff, which provides as much support as each client desires in completing the investment accounting assignment. We foster a close relationship between our key personnel and those on the client team. This communication includes not only our clients, but also their custodians and other participants in the investment process. This is a vital element of the day-to-day success of our system and results in a support structure tailored to each client's requirements. Our production staff is tightly integrated with our technical team, allowing us to react quickly to demands brought about by changes in the industry and our clients' requirements. This integration enables us to provide a full-service response to the specific needs of each client and deliver the quality service our clients have come to expect.
The FCS production staff is supported by qualified technical professionals who can respond to all clients needs quickly and accurately. Account supervisors work hand-in-hand with the technical staff to develop new system capabilities and to expand existing functionality.
Working with large sophisticated pension funds for more than a quarter century has led us to supportable beliefs about their needs, and the nature of the investment accounting problems they face.
The information generated by pension fund activity is finite. Assets are purchased, sold, transferred, converted, expired and created through spin-off, stock distribution, or exercise of warrants, rights or options. Income, cash flows, managers or plans are added or deleted on an ongoing basis. If a system collects every data element for every one of these activities, it can then be expected to answer any current or future question relating to the pension fund.
The Auditing Standards Board of the American Institute of Certified Public Accounting (AICPA) issues statements on accounting standards (SAS) to be used by CPA's as guidelines for their audits. SAS70 provides the standard for reports on the processing of transactions by service organizations. The audit subjects the vendor organization and software to a stringent set of tests and procedures intended to provide the user organization and their auditor with assurances concerning the quality of the transaction processing provided. FCS' most recent SAS70 audit was completed in January 2002.
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No
two of our clients are identical, nor do they perceive themselves
as having the same reporting, compliance or operating needs as any
other fund. |
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