A Step-by-Step guide to PRXY's Fund Administration Process
At PRXY we have designed our Fund Administration Process to support your team in moving funds seamlessly from investors to your project while adhering to the statute and USCIS-approved conditions.
As a Fund Administrator, PRXY:
- Acts as the co-signer on the Escrow Account (where applicable) and NCE segregated EB-5 account.
- Approves all transactions from that/those accounts.
- Makes, preserves and logs records (the audit trail) of those transactions.
This ensures compliance with USCIS and provides a complete audit trail. PRXY also maps capital movement to job-creating uses, tracks investor data, and manages disbursement approvals (draws) with real-time documentation controls.
Overview of the Fund Administration Process with PRXY
Step 1: Add Investors to the PRXY Portal
The PRXY Portal includes a suite of Investor Management tools that allows you to store investor information and invite them to engage with your project (dashboard, updates, documents, etc.). We also review investor documents prior to the movement of funds to ensure release conditions are met.
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See Adding and Managing Investors in the PRXY Portal for where and how to share investors and their information with PRXY.
Step 2: Break Escrow and move funds to the NCE EB-5 Segregated Account
If your NCE uses Escrow, PRXY will be a cosigner on the account. When the release conditions for breaking escrow have been met, your team can expect to work with PRXY and the bank to submit, sign, and finalize the Written Direction (also called a Form of Disbursement) and confirm investor documents are in place.
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Here is the process in detail: Breaking Escrow in advance of an EB-5 Draw.
- For more information on escrow in general see here:
Step 3: Submit a Drawdown Request to the PRXY Portal for approval
Once an investor's funds are in the NCE EB-5 Segregated Account, you may want to complete a drawdown to move them to the JCE Operating account for use. At PRXY, this process is initiated on the PRXY Portal.
There are two options: submit an overview of the upcoming spending and relevant invoices/payapps (a simple drawdown) or submit a project report and matching drawdown to repay prior expenses (a bridge financing repayment). The PRXY team reviews the submission and works with your teams to ensure an accurate paper trail for the upcoming transfer.
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See where to submit a Draw or Project Spending Report and more here: How to use the Drawdown & Spending Tab
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For more on repaying prior expenses see: Repay existing project financing with EB5 Capital (Bridge Financing)
Step 4: Initiate Wire to move funds from the NCE EB-5 Segregated Account to the JCE Operating Account
Once a drawdown is approved, your team will initiate the wire and PRXY will provide secondary approval in the banking portal. We will store the wire confirmation and finalize the request in the PRXY Portal, concluding a movement of funds.
Have questions or want to set up a call to talk through your fund administration scenario? Email us at support@prxyco.com.