MIMICS REIT System Overview
MIMICS Real Estate Investment Trust System for Windows allows your firm to streamline and automate the processing for registrar, paying agent and transfer agent. The MIMICS REIT System will organize and simplify your processing requirements by handling any number of real estate investments and supporting functions, such as printing and inventorying certificates, printing checks, and reporting to appropriate taxing authorities. The system is available with a basic feature set that includes the paying agent, registrar, and transfer agent features.
More than a simple tracking system, the MIMICS REIT System handles all aspects of the registrar, paying agent and transfer agent. A new issue is added to the system and is identified by CUSIP, ISIN or a generic identification number. The number of certificates are entered for inventory purposes. Each issue can be set up with a user-defined "template" which defines the format of your certificates and receipts.
New subscriptions can be set up and cash contributions can be accepted until time to issue the REIT. The system will assure that the issue is fully subscribed. If over-subscribed, the system will issue checks pro rata for the over-subscriptions. The REIT can be issued in certificate or book entry form and it can be issued in either full or fractional shares.
Any permutation of transfers can occur. Full or partial blocks from multiple holders can be sold (transferred) to multiple holders. The form of the new shares can be certificate, book entry or even a combination. Registration transfers can be used to change the REIT form from certificate to book entry and visa versa. The information regarding the transfer can be printed on the transfer journal or can be viewed on the screen.
Dividends are pre-processed into a pending dividends file. Once the pending file is acceptable, with the correct amount and payment method (Check, DDA, Savings, or Reinvest), the dividend is finalized, which produces the checks, accounting entries, and reinvestment records.
Failed dividend records can be replaced, whether they remain with the same payment method or are replaced by a different payment method.
Brokers and sales reps are tracked on the customer level. Commission records are automatically produced, using the pre-initialized commission rates, for initial investments or dividend reinvestments.
Commission Reports can be produced for any date range, historical or present, with page breaks for each Broker, listing the Sales Representative, Customer, Rate, Amount, and Commission Amount. Commissions can be paid through the system by check or ACH. REIT dividends are processed on the year of the Record Date (or Declared Date).
At the end of the tax year, dividend amounts can be separated in bulk into three categories for tax reporting purposes: Regular Non-Qualifying Dividends, Capital Disbursements, and Long Term Capital Gains. The tax records are pre-processed into a pending table that can be adjusted if necessary.
The entire REIT can be repriced periodically. All new purchases or reinvestments will default to the current price. The system maintains information by groups of investors, and limits may be placed on percentage of ownership by the individual. A full history of all transactions is maintained automatically. If you need a report not resident on the system, the system has an optional built-in report writer. With a report writer, you can easily print reports for management or for your own use. Equally as easy is displaying information on the screen. You can export information from the History File to databases, spreadsheets or word processors.
Reports can be printed and written to a file, multiple printers can be utilized and multiple levels can be defined for password access. The system has on-line Help and pop-up boxes for assistance in making entry selections.
The MIMICS Real Estate Investment Trust System is a system that can grow with your firm’s needs. There is no software limit to the number of holders or issues you can maintain. The system can run multi-user on a Windows or Novell network.
If you would like more information about our products and services, please fill out an online form or send us an email.
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