CHICAGO--(BUSINESS WIRE)--Broadstreet Impact Services, a leading provider of fund administration, impact advisory, and fund management services for the impact investing industry, today announced that it has successfully completed its first System and Organizational Controls (SOC) 1 audit, which evaluates internal controls over data and financial reporting for third-party fund administrators.
For the 20-year-old Broadstreet, the audit helps build trust among investors, fund managers, lenders, and other stakeholders who tap the firm’s expertise to deploy impact capital to underserved communities throughout the United States.
The SOC 1 audit is particularly valuable for clients in Broadstreet’s fund administration business—a line of work launched several years ago to complement the firm’s other impact investing and advisory efforts.
“This is the first of many major milestones as we continue to scale our fund administration business,” commented Steve Petsos, Broadstreet president. “We’re building an institutional-grade infrastructure on par with the largest fund administrators in the world, and we’re putting it to use to service impact and other mission-driven fund strategies.”
Chris Rakers, Broadstreet managing director added, “Completing our first SOC audit at an early stage in the growth of our fund administration business is a testament to our continued pursuit of excellence. We remain committed to servicing this historically underserved subset of the private fund industry, and we are steadfast in our mission to provide the same level of trusted expertise and service that the rest of the private funds market is able to leverage.”
Broadstreet’s SOC 1 report was issued by a top 10 public accounting firm. The report verifies that Broadstreet has appropriate organizational controls in place to protect the financial and client data of the companies and organizations with which it works.
For more information on Broadstreet’s SOC 1 audit or fund administration business, please contact crakers@broadstreetimpact.com.
About Broadstreet Impact Services
Broadstreet is an impact financial services company offering both fund management and fund administration services. We work with innovative investors to fuel social and economic impact throughout the country. We manage or administer 36 multi-asset funds, 92 single-asset entities, and $2.0 billion of capital—all of which drive equity and opportunity alongside financial performance. Over 20 years, we have developed a client base that values our customizable services platform, fund development experience, impact focus, collaborative partnership approach, and deep engagement with the community investing ecosystem.
