Provident’s partnership does not end with financial closing. We are committed to active, prudent participation on each Project for the life of the financing. Thanks to the hard work of Provident’s full-time staff of more than 25 professionals, our ongoing support of each Project is essential to its success.
For the life of the financing, Provident’s asset management efforts include, but are not limited to:
- Monitor post-issuance tax compliance for the transaction, including tracking andallocating bond proceeds, analyzing private use of Project, monitoring arbitrage compliance and retention of appropriate records and documentation
- Direct and supervise investment of Project related funds under terms of Financing Transaction
- Coordinate and monitor treasury and banking related matters, including cash management
- Provide necessary administrative services to monitor compliance with responsibilities under the Borrower Documents and Bond Documents
- Monitor and evaluate performance of independent managers and consultants
- Active participation in the preparation, approval, and implementation of Annual Project Budget
- Monitor compliance with Annual Budget (as defined in the Indenture) for the Project
- Review and approval of third-party contracts
- Review monthly operational and financial reports
- Consult, as necessary, with independent auditor engaged to conduct annual financial audits
- Consult with insurance consultant to monitor the maintenance of all required insurance
- Consult with property tax consultants to monitor necessary appeals
- Arrange for the calculation and payment of any arbitrage rebate payments to federal government in connection with the financing
- Satisfy federal tax reporting requirements (Forms 990 and 1099)
- Assist in coordinating meetings and agenda of Project Operations Committee and Board of Managers and related governance matters
