Glossary of Fund Accounting Terms

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Qualified Investor: Individuals, trust accounts or institutional funds accredited to invest in higher risk financial instruments, such as hedge or private equity funds. SEC rules require that the investor have a net worth of at least $1 million dollars, in some cases $5 million in non-real estate liquid assets. For further restrictions please see the SEC website.

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Why is our software called "Penny" ?: Because our founder - a CPA, former hedge fund CFO, and programming guru - was hoping to purchase an accounting package. But none of the existing fund accounting systems could handle balancing complex partnership accounts down to that last penny. So he created one that could.

Is it "I.T. Works" or "it works" ?: Actually, its both. After a 2 week installation, our first customer was running so smoothly he told us we should call the software "it works". We had a name, but happily adopted the sentiment as our tagline. The logo artist thought it was "I.T." - as in information technology - and a pun was born.

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