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Municipal Power Agency

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Situation

A power agency provided dependable, affordable wholesale power to 49 participants throughout their state. A  Trust was established in 1999 to pool reserves held by the Utility Participants to prepare for higher costs that may result from deregulation.  The CFO persuaded the Utilities to participate in the Trust explaining that, by combining resources, they could enhance buying power and improve returns. It was essential that the Trust accounting and activity be accessible to the participants to increase their comfort level with their investment. It was also important that the solution streamlined ways for the participants to communicate more regularly and conveniently about their investment. Previously participants only received quarterly statements from the custodian and did not receive confirmation of transactions.

Solution

Soon after the Trust was formed, Nottingham designed an online platform that supports a custom web portal accessible at any time by the participants. They can view their transactions, perform database sorts and securely view their own accounts online. The investments available to them are divided into different portfolios that operate under specific regulations.

The platform also enables the participants to create any series of sub accounts that span across multiple portfolios. The sub accounts allow for custom asset segregation and segregation by transaction codes. The participants can easily obtain transaction and balance reports for these sub accounts.  This solution offered the participants greater control over their investment, the opportunity for better returns and a sophisticated accounting process that provided turn-key compliance to regulations governing their investments.

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About Nottingham

Nottingham has been serving the fund accounting, administration, organization, and management needs of clients nationwide for nearly three decades. Based in Eastern North Carolina, Nottingham delivers a full range of turnkey services, handling clients’ behind-the-scenes financial and administrative operations so they can focus on managing their portfolios.

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  • 116 South Franklin Street
    Rocky Mount, NC 27804
  • Phone: 252. 972.9922
  • Fax: 252.442.4226