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Introduction to the New Year Process Utility

The New Year Process is a process that allows you to create tracking records for a specific year for the documents that are required for an active closed deal or an active closed fund. The records will be created for only those documents required per the deal or entity's OPA requirements or the fund's OPA obligations, and if the records don't already exist for the specific year.

Utility-New-Year-Process.png

The Status column reflects the following statuses:

  • Utility-NYP-queue-icon-v2.png—Indicates New Year Process that has not yet run.

  • Utility-NYP-process-icon.png—Indicates New Year Process that is currently running.

  • Utility-NYP-error-icon.png—Indicates New Year Process that completed with errors.

  • Utility-NYP-completed-icon.png—Indicates New Year Process completed without errors.

Create a New Year Process

  1. Navigate to the Utilities panel, and then select the New Year Process option in the left navigation menu.

    The List New Year Processes screen opens.

  2. Click New in the top toolbar.

    The Edit New Year Process screen opens.

    Utility-NYP-new.png
    Utility-NYP-new-NMTC.png

    Additional fields are available when NMTC is selected

  3. Enter the Year.

  4. Enter the Schedule Date/Time.

  5. For deal documents, select the Programs that you want to create documents for.

    The Documents to Create section may show different options depending on the Program(s) selected.

  6. Select the checkboxes for the Documents to Create.

    You can schedule the New Year Process for deals, funds, or both. By default, the options in the deal Documents to Create section are selected and the options in the fund Documents to Create section are cleared.

  7. Click Save.

Modify a New Year Process

You cannot modify a New Year Process that has already run.

  1. Navigate to the Utilities panel, and then select the New Year Process option in the left navigation menu.

    The List New Year Processes screen opens.

  2. Select a new year process by clicking the row in the grid.

    The Edit New Year Process screen opens.

  3. Update as needed.

  4. Click Save.

Delete a New Year Process

You cannot delete New Year Processes that are currently running or have already run.

Utility-NYP-delete.png

You have two options if you need to delete a New Year Process:

  1. Click AIM-Delete-Icon.png in the first column next to the New Year Process record to delete on the List New Year Processes screen.

    OR

  2. Click Delete in the top toolbar on the Edit New Year Process screen.

You will be asked to confirm that you want to delete the record.

How the New Year Process Works

Once the New Year Process is set up to run at a specific date and time, the application evaluates the selected documents to create and the active closed deals' and funds' existing records for the year.

New Year Processes will not run simultaneously. Each time the scheduler looks for New Year Processes to run, it will look for all New Year Processes with Scheduled Date/Time values in the past that have not yet been run, and will run each process in order from the earliest Scheduled Date/Time to the latest. If another New Year Process is already running, any other scheduled New Year Processes will run after the current process is complete, and at the next time the scheduler runs.

During each run of the New Year Process, the system will find all Active, Closed Deals in the system, and for each Deal, the system will create all Documents selected for creation in the Documents to Create section of the Edit New Year Process screen. Closed Deals are those Deals with an Actual Close Date populated. The system will also find all Active (Fund Status), Closed (Fund Stage) Funds in the system, and for each Fund, the system will create all Documents selected for creation in the Documents to Create section of the Edit New Year Process screen.

If a Document to be created already exists on the Deal or Fund, no action is taken. The system does not create the document and does not change data on existing documents. For each document type, the document already exists if the following conditions are met:

  • Deal Operating Budgets already exist if an Operating Budget record exists with the same Reporting Period, Reporting Entity, and Version.

  • Deal Annual Financials already exist if an Annual Financial record exists with the same Reporting Period, Reporting Entity, and Version.

  • Deal Periodic Financials already exist if any Periodic Financial records exist (for any Periodicity) for the same year and Reporting Entity.

  • Deal Financial Summary Reports already exist if a Financial Summary Report exists with the same As of Date and Type of Statement.

  • Deal Tax Returns already exist if a Tax Return exists with the same Tax Year, Federal / State, State, Reporting Entity, and Tax Return Type.

  • Deal Additional Annual Reports already exist if an Additional Annual Report exists with the same Document type, Period, and Report Type.

  • Deal Occupancy already exists if an Occupancy record exists with the same Reporting Period.

  • Deal Annual Cash Flow Distributions already exist if an Annual Cash Flow Distribution exists with the same Year.

  • Deal Risk Review already exists if a Risk Review record exists for the same quarter for the same year.

  • Fund Annual Financials already exist if a Fund Annual Financials record exists for the same Year.

  • Fund Investor Report Delivery Status already exists if a Delivery Status record exists with the same Year, Reporting Month, Report Type, and Investor.

  • Fund Tax Return already exists if a Fund Tax Return record exists for the same Year.

To account for deals that close after a New Year Process runs, typically at the end of the year, the system also completes the following evaluation when the Actual Close Date for a deal is populated:

  1. Check if any New Year Processes have already been run for the year of the Actual Close Date or later.

  2. If yes, then check if the Program(s) selected on the deal match those selected on the New Year Process.

  3. If yes, then run the New Year Process for only that deal.

Table 1. New Year Process Record Creation

If Annual Financials (deal) is selected on the Edit New Year Process screen

Then for each deal that has Required selected for Annual Financials on the Edit Deal - OPA tab or Edit Deal - Entity OPA tab

The system will create an Annual Financials record and set the following values:

  • Reporting Period = Fiscal Year End Month from the Deal OPA

  • Reporting Entity = Entity that has the Deal Role of Partnership on the Deal, if exists. If not, then Annual Financials for each Entity that has the Deal Role of Master Tenant, if exists. If not, then Annual Financials for each Entity that has the Deal Role of QALICB.

  • Due Date = <Last day of the FYEM in the Reporting Year>; + <# Days Due After Period defined in Deal Details, OPA tab>, if # Days Due After Period is not specified in OPA, use Annual Financials value from # Days Due Defaults section in Config Settings.

  • Financial Status = Not Received

  • Version = One Annual Financial record will be created for each option selected for Versions Required in the Annual Financials section of Edit Deal - OPA tab (and for each Reporting Entity).

If Periodic Financials is selected on the Edit New Year Process screen

Then for each deal in the Stabilization phase that has Required selected for Periodic Financials - Stabilization on the Edit Deal - OPA tab or Edit Deal - Entity OPA tab

The system will create Periodic Financials records for all periods of the selected Periodicity (Periodic Financials - Stabilization section of OPA tab) of the selected Year and set the following values:

Note

If Periodicity is not monthly, the system determines what months will be created based on the Fiscal Year End Month. For example, if FYEM is October, then quarter records are created for January, April, July, and October.

  • Reporting Period = <Month> <Year from Edit New Year Process>

  • Reporting Entity = Entity that has the Deal Role of Partnership on the Deal, if exists. If not, then Periodic Financials for each Entity that has the Deal Role of Master Tenant, if exists. If not, then Periodic Financials for each Entity that has the Deal Role of QALICB.

  • Due Date = <Last day of the Reporting Period> + <# Days Due After Period> defined in the Periodic Financials - Stabilization section of Edit Deal - OPA. If # Days Due After Period is not specified in OPA, use Periodic Financials value from # Days Due Defaults section in Config Settings.

  • Status = Not Received

If Periodic Financials is selected on the Edit New Year Process screen

Then for each deal in the Asset Management phase that has Required selected for Periodic Financials - Asset Management on the Edit Deal - OPA tab or Edit Deal - Entity OPA tab

The system will create Periodic Financials records for all periods of the selected Periodicity (Periodic Financials - Asset Management section of OPA tab) of the selected Year and set the following values:

Note

If Periodicity is not monthly, the system determines what months will be created based on the Fiscal Year End Month. For example, if FYEM is October, then quarter records are created for January, April, July, and October.

  • Reporting Period = <Month> <Year from Edit New Year Process>

  • Reporting Entity = Entity that has the Deal Role of Partnership on the Deal, if exists. If not, then Periodic Financials for each Entity that has the Deal Role of Master Tenant, if exists. If not, then Periodic Financials for each Entity that has the Deal Role of QALICB.

  • Due Date = <Last day of the Reporting Period> + <# Days Due After Period> defined in the Periodic Financials - Asset Management section of Edit Deal - OPA. If # Days Due After Period is not specified in OPA, use Periodic Financials value from # Days Due Defaults section in Config Settings.

  • Status = Not Received

If Operating Budgets is selected on the Edit New Year Process screen

Then for each deal that has Required selected for Operating Budgets on the Edit Deal - OPA tab or Edit Deal - Entity OPA tab

The system will create an Operating Budget and set the following values:

  • Reporting Period = Fiscal Year End Month from the Deal OPA

  • Reporting Entity = Entity that has the Deal Role of Partnership on the Deal, if exists. If not, then one Operating Budget for each Entity that has the Deal Role of Master Tenant, if exists. If not, then one Operating Budget for each Entity that has the Deal Role of QALICB.

  • Due Date = <First day of the Fiscal Year> - <# Days Due Before Period defined in Deal Details, OPA tab>, if # Days Due Before Period is not specified in OPA, use Operating Budgets value from # Days Due Defaults section in Config Settings.

  • Financial Status = Not Received

  • Version = One Operating Budget record will be created for each option selected for Versions Required in the Operating Budgets section of Edit Deal - OPA tab (and for each Reporting Entity).

If Financial Summary Reports is selected on the Edit New Year Process screen

Then for each deal that has Required selected for Affiliate Financials Summary Reports - General Partner on the Edit Deal - OPA tab

The system will create Financial Summary records for all Deal Entities and Associated Companies on the Deal with a Deal Role = General Partner and will set the following values:

  • As of Date = 12/31/<Year from Edit New Year Process>

  • Due Date = As of Date + <# Days Due After Period defined for the Affiliate Financials Summary Reports - General Partner section on Edit Deal - OPA tab>. If # Days Due After Period is not specified in OPA, use Entity Financial Summary value from # Days Due Defaults section in Config Settings.

  • Status = Not Received

  • Type of Statement = Type of Statement defined for the Affiliate Financials Summary Reports - General Partner section on Edit Deal - OPA tab>. If not specified in OPA, leave as --Select--.

  • Periodicity = Annually

If Financial Summary Reports is selected on the Edit New Year Process screen

Then for each deal that has Required selected for Affiliate Financials Summary Reports - Guarantors on the Edit Deal - OPA tab

The system will create Financial Summary records for all Deal Entities and Associated Companies on the Deal with a Deal Role = Guarantor and will set the following values:

  • As of Date = 12/31/<Year from Edit New Year Process>

  • Due Date = As of Date + <# Days Due After Period defined for the Affiliate Financials Summary Reports - Guarantors section on Edit Deal - OPA tab>. If # Days Due After Period is not specified in OPA, use Entity Financial Summary value from # Days Due Defaults section in Config Settings.

  • Status = Not Received

  • Type of Statement = <Type of Statement defined for the Affiliate Financials Summary Reports - Guarantors section on Edit Deal - OPA tab>. If not specified in OPA, leave as --Select--.

  • Periodicity = Annually

If Tax Returns (deal) is selected on the New Year Process screen

Then for each deal that has Required selected for Tax Returns on the Edit Deal - OPA tab or Edit Deal - Entity OPA tab

The system will create one Draft and one Final Tax Return record and set the following values on each:

  • Tax Year = <Year from Edit New Year Process>

  • Federal / State = Create one Federal Tax Return for all Deals, and for Deals with the STC Program selected, create one State Tax Return for each distinct State found across all Properties

  • State = One Tax Return for each distinct State found across all Properties

  • Reporting Entity = Entity that has the Deal Role of Partnership on the Deal, if exists. If not, then one Tax Return for each Entity that has the Deal Role of Master Tenant, if exists. If not, then one Tax Return for each Entity that has the Deal Role of QALICB.

  • Tax Return Type = Draft

  • Due Date = <Last day of the selected Year> + <# Days Due After Period defined in Deal Details, OPA tab>, if # Days Due After Period is not specified in OPA, use Tax Returns value from # Days Due Defaults section in Config Settings.

  • Status = Not Received

If Additional Annual Reports is selected on the Edit New Year Process screen

Then for each Additional Annual Report listed on the Deal Details - OPA tab or Edit Deal - Entity OPA tab with Required selected

The system will create a record for the Year and set the Status to Not Received

If Occupancy is selected on the Edit New Year Process screen

Then for each deal in the Stabilization phase that has Required selected for Occupancy Reports - Stabilization on the Edit Deal - OPA tab

The system will create Occupancy records for all 12 months of the selected Year and set the following values:

  • Reporting Period = <Month> <Year from Edit New Year Process>

  • Due Date = <Last day of the Reporting Period based upon the periodicity selected> + <Days Due After Period> defined in the Occupancy Reports - Stabilization section of Edit Deal - OPA tab. If # Days Due After Period is not specified in OPA, use Occupancy value from # Days Due Defaults section in Config Settings.

    For example, if the periodicity is monthly then the Reporting Period will be the last day of each month; however, if the periodicity is quarterly then the reporting period is the last day of each quarter. In this case the Due Date for Jan, Feb, and March would all have the same Due Date.

  • Status = Not Received

If Occupancy is selected on the Edit New Year Process screen

Then for each deal in the Asset Management phase that has Required selected for Occupancy Reports - Asset Management on the Edit Deal - OPA tab

The system will create Occupancy records for all 12 months of the selected Year and set the following values:

  • Reporting Period = <Month> <Year from Edit New Year Process>

  • Due Date = <Last day of the Reporting Period based upon the periodicity selected> + <Days Due After Period> defined in the Occupancy Reports - Asset Management section of Edit Deal - OPA tab. If # Days Due After Period is not specified in OPA, use Occupancy value from # Days Due Defaults section in Config Settings.

    For example, if the periodicity is monthly then the Reporting Period will be the last day of each month; however, if the periodicity is quarterly then the reporting period is the last day of each quarter. In this case the Due Date for Jan, Feb, and March would all have the same Due Date.

  • Status = Not Received

If Cash Flow is selected on the Edit New Year Process screen

The system will create an Annual Cash Flow Distribution record for the selected Year.

If the deal has an Annual Cash Flow Distribution for the year immediately prior to the selected Year, the new Annual Cash Flow Distribution will be created with the same Fee Distribution Priority records as the prior year. If there is an escalator identified, the system sets the Expected Amount to calculate using the escalator.

If Risk Reviews is selected on the Edit New Year Process screen

Then for each deal that has Required selected for Risk Reviews on the Edit Deal - OPA tab

The system will create Risk Review records for Q1, Q2, Q3, and Q4 if the Frequency of Quarterly is selected on the deal.

The system will create Risk Review records for the selected quarters if a Frequency other than Quarterly is selected on the deal.

If any records exist, the New Year Process will skip those quarters and only create those that are required that do not exist.

The Risk Review status will default to the most recent prior Risk Review status. If no prior status is found, the status will default to Pre-Construction.

If Annual Financials (fund) is selected on the Edit New Year Process screen

Then for each fund

The system will create a Fund Annual Financials record for the year (Reporting Period) selected for the New Year Process.

If Investor Report Delivery Status is selected on the Edit New Year Process screen

Then for each fund

The system will create new Investor Report Delivery Status records (similar to the New Year process at the fund level).

The system will create new records for active reports when the current date is greater than the Actual Close Date on the fund.

One record is created for each investor associated with the Report Requirements record as long as the investor is an owner at any time during the reporting period.

The system creates records based on the report's Periodicity:

  • Monthly—Create 12 records for each investor (reporting months 1–12), with the Due Date being the prior year's Due Date + one year. If there is no prior year, the Due Date is blank.

  • Quarterly—Create four records for each investor (reporting months = Fiscal Year End Month 3/6/9/12), with the Due Date being the prior year's Due Date + one year. If there is no prior year, the Due Date is blank.

  • Annual—Create one record for each investor (reporting month = Fiscal Year End Month #), with the Due Date being the prior year's Due Date + one year. If there is no prior year, the Due Date is blank.

Note

The system does not create records for reports with a Periodicity of Ad Hoc.

If Tax Return (fund) is selected on the Edit New Year Process screen

Then for each fund

The system will create a Fund Tax Return record for the year (Tax Year) selected for the New Year Process.



Log File

Click Utility-NYP-log-icon.png in the last column of the New Year Process record to download the log file for a New Year Process that has already run. The system log includes the following information:

  • Year

  • Scheduled Date/Time

  • All errors encountered while processing the new year, including details about the type of error that occurred, the deal on which the error occurred, and the type of document for which the error occurred

  • A summary message explaining whether the process completed successfully or with errors

In this section: