To record In-Specie contributions for or on behalf of members, click the ADD CONTRIBUTIONS button on the INCOME tab. Select the Member on behalf of whom the contribution is/was made.
If you selected an In-Specie contribution in Contribution Class, Mclowd displays:
Enter the Date of the contribution.
Enter a meaningful Description, noting what was contributed.
Select the Contribution Type.
NOTE: When entering In-Specie contributions, the Co-contributions Non-Concessional option is not available.
Select the Asset Class for the contributed asset, and the Account (Fund or a specific Member Account).
The contribution will be credited to the account of the Member selected in the ”Contribution on behalf of” field above.
The Account selected under the Contributed Asset heading should be ”Fund”, unless the asset is to be held as a segregated asset and income or loss from this asset is to be attributed solely to a specific member account.
Generally, although the asset was contributed on behalf of a member and its value increases that member’s account, the income or losses derived from that asset are shared by the Fund between all member accounts by calculating profit shares based on member balances.
Depending on the Asset Class selected, Mclowd will display additional fields. For example, if you select Direct Equity, Mclowd will display:
If you select Hybrid as the Asset Class, Mclowd will display:
The fields displayed will be the same fields as displayed when adding an asset of the same type, except that because the Asset is being contributed by a member, Mclowd will not provide a field for the account from which payment is made.
For detailed instructions for completing entry of an In-Specie contribution, please refer to:
- 4.1.1 Assets: Add Assets – Direct Equities
- 4.1.2 Assets: Add Assets – Hybrids
- 4.1.3 Assets: Add Assets – Bonds
- 4.1.4 Assets: Add Assets – Fixed Interest Investments
- 4.1.5 Assets: Add Assets – Unit Trusts
- 4.1.6 Assets: Add Assets – Managed Funds
- 4.1.7 Assets: Add Asset – Direct Property
- 4.1.8 Assets: Add Assets – Alternative Assets
- 4.1.9 Assets: Add Asset – Derivatives
When data entry in all fields is complete, click ADD CONTRIBUTION to save.
The cost of the asset will be added to the account balance of the selected Member Account and the Asset will be added to the Assets list.