1014 Accounting for Investments in Venture Capital Limited Partnerships
Subject Area: Accounting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: February 1993
Revised: January 2004, January 2010
Refer Questions To: James Ribikawskis, 773-702-3690
Purpose: To properly account for investments in venture capital limited partnerships.
- Financial Services will record investments in venture capital limited partnerships at fair value.
- The Investment Office will review and establish market values for venture capital limited partnership investments on a quarterly basis generally one quarter in arrears based on financial and other information received from the partnership.
- The Investment Office will maintain a log of all K-1’s received from Venture Capital Limited Partnerships and forward the K-1’s to Financial Services for preparation of the University Form 990-T tax return.