We believe accounting professionals stand above the rest as third-party administrators.

First and foremost, what really is a third-party administrator?  A TPA is an organization that

• handles all of your back-office accounting work
• collects and processes employer contributions
• allocates contributions to the applicable funds
• administers member benefits
• manages fund records
• prepares and files of annual tax forms
• prepares annual budgets and forecasts
• prepares and files governmental reports                           ·

As a CPA firm that works primarily with multiemployer (Taft-Hartley) employee benefit funds these are the items that we deal with on a day to day basis and are areas that we excel in. Below are a few reasons why we believe choosing a CPA as the third-party administrator for your fund is the best choice.

Back Office Accounting

One of the biggest reasons for hiring a third-party administrator is to handle the funds back office accounting. This includes managing the general ledger, allocating employer contributions to the correct funds, reconciling transactions within the funds, preparing financial statements, analysis of fund cash flows, analysis of fund trends, and maintaining the financial data needed for year-end reporting. Who would be better at handling back office accounting work then a certified public accountant?

Understanding Complex Regulations

Multi-employer (Taft-Hartley) employee benefit funds are highly regulated by the Department of Labor and the Internal Revenue Service. When a CPA administers the funds, trustees are getting highly qualified professionals who know these regulations in and out, due to the continuing education credits required by every CPA. Having a CPA that is not only qualified, but also aware of any regulations or codes that may affect the funds provides the trustees an increased level of comfort by keeping the trustees informed and up to date.

Preparation of Annual Tax Filings

Each year the funds are required to prepare and file numerous tax filings such as Form 5500’s, Form 1099 & 1099-R’s, Federal and State payroll tax filings if the fund has payroll, and Form 945’s to report withholding tax submitted on behalf of members. CPA’s are best equipped to handle these filings, due to the fact that they perform these tasks on a regular basis.

Expense Allocations, Budgets, and Forecasts

Many benefit funds record monthly, quarterly or annual expense allocations to allocated expenses paid by one fund to any other related funds that those expenses benefited. These allocations are based on actual expenses paid and are prepared using the general ledgers and usually a time study. Budgets and forecasts provide the ability for benefit funds to determine trends and help provide appropriate investment advice. As CPA’s we are constantly working with general ledgers, making journal entries, and preparing budgets, forecasts, and expense allocations.

When it comes to choosing a third-party administrator to manage your benefit funds, choosing a CPA provides you with additional valuable services that simply can’t be provided from your typical third-party administrator. At the end of the day, Marshall & Moss Group offers a wide range of services and benefits to our clients that make us a perfect fit as your third-party administrator.