SAN JOSE, Calif., June 25, 2019 /PRNewswire-PRWeb/ -- NES Financial, a Silicon Valley FinTech company providing technology-enabled solutions for the efficient back- and middle-office administration of complex financial transactions, announced today that it has contracted to provide its 30th Opportunity Zone client with its purpose-built Opportunity Zone Fund Administration Suite.
"With our Silicon Valley DNA and Big-Four accounting sensibilities, we continue to develop our solution to provide both institutional-grade fund administration and workflow specific to the unique requirements of the Opportunity Zone program," said Michael Halloran, CEO at NES Financial. "The Opportunity Zone program is a win-win for everyone across the United States, especially the local distressed communities and investors wanting to make a significant social impact for good."
NES Financial works with clients invested in creating positive economic impact throughout the country, including Griffin Capital in Southern California, Sixty West in Atlanta, and Urban Catalyst in Silicon Valley.
"We will look back ten years from today and inevitably conclude the tax legislation creating Qualified Opportunity Fund investments led to unprecedented transformation of low income communities and generated significant investor wealth in the process," said Kevin Shields, Chairman and CEO of Griffin Capital Company.
"Opportunity Zone Funds are truly unique" said Amy Kelly, COO at Sixty West Funds, whose OZ pipeline includes one of Atlanta's most historic neighborhoods, the Old Fourth Ward. "Unlike traditional investment funds, Opportunity Zone Funds have complicated and emerging tax compliance and other specialized reporting needs."
"When investors evaluate their Opportunity Fund options, third-party oversight is one of the most important factors they consider," said Erik Hayden, founder of Urban Catalyst, who is embarking on the company's first Opportunity Zone project in historic Downtown San Jose.
Opportunity Zone Funds are qualified private-sector investment vehicles that invest at least 90 percent of their capital into Opportunity Zones (OZs) — targeted economically distressed areas across the U.S. The tax incentives associated with the OZ program were created to encourage long-term investment into these areas, with benefits accruing to investors at 5-, 7- and 10-year milestones.
The NES Financial Opportunity Zone Fund Administration Suite leverages technology to streamline the complicated administrative requirements of OZ fund management, curtailing fraud and abuse and, ultimately, helping the Opportunity Zones program do the good it was meant to do. For fund managers and investors, this means a purpose-built solution that embeds security, transparency and regulatory compliance at each step of an OZ investment's life cycle.
For additional information about the Opportunity Zone Fund Administration Suite, please visit the NES Financial website or contact an NES Financial representative at 1-800-339-1031.
About NES Financial
NES Financial is a specialty financial administrator which serves sectors characterized by high administrative complexity, increased transaction security needs, and challenging regulatory compliance requirements. The company's purpose-built solutions streamline the administrative processes of these markets — simplifying specialized financial transactions, curtailing fraud and abuse and helping ensure the utmost in security, transparency and regulatory compliance through each step of an investment's life cycle.
With its Silicon Valley DNA, proprietary fintech platform and over 15 years of specialty financial administration leadership, NES Financial has defined best practices in each of the markets it serves — from 1031 exchanges and EB-5 visa funding, to private equity and the landmark Opportunity Zones program. Today, NES Financial services more than 290 funds, administers over $20B annually, and has worked with more than 700 EB-5 projects. For more information, please visit nesfinancial.com.
SOURCE NES Financial
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