As a new or established Small Business Investment Company (SBIC), an SBIC not only faces the challenges of any venture capital business but must also comply with a myriad of SBA regulations.

Matthews, Carter and Boyce can serve as a resource for all your accounting and financial reporting requirements. Outsourcing the accounting functions of your business will allow you to focus your attention on the core business plan of the SBIC.

The Small Business Investment Company Program

The SBIC program was created by Congress in 1958 to give small businesses access to the long-term capital required for growth. SBICs provide equity capital, long-term loans, debt-equity investments and management assistance to small businesses, particularly during their growth stages. The SBA's role consists of licensing the SBICs and administering the program. Additionally, the SBA provides for three types of long-term leverage funding vehicles to SBICs on favorable terms. In return, the SBICs issue to the SBA either Debentures, Participating Securities or new Zero-Coupon LMI Instruments. SBICs are privately owned and managed venture capital companies, investing with the prospect of sharing in the success of the funded small businesses as they grow and prosper.

Matthews, Carter and Boyce can provide or assist you with the following services:

Outsourcing Accounting Services

• Design and implementation of accounting and recordkeeping systems in compliance with SBA regulations.
• Design and implementation of checklists and due diligence documents in connection with portfolio investments.
• Monthly bookkeeping services.
• Monthly review functions of your accounting and financial transactions to ensure proper and complete recording.
• Monthly financial statements.
• Quarterly and annual financial reports to the SBA (primarily Form 468)
• Monitoring of SBA financial compliance requirements, including financial ratio tests.
• Contingent prioritized payments and profit participation calculations in connection with Participating Securities issued to the SBA.
• Financial analysis, projections and internal rate of return calculations.
• Due diligence services related to portfolio investments.
• Financial structuring of portfolio investments.
• Investor reporting.

Other Professional Services

• Annual audit of the SBICs' financial statements.
• Annual audit of the annual SBA 468 reports.
• Management advisory services, including SBA compliance reviews.
• Preparation of the annual federal and state income tax returns.
• Tax planning and consulting

Our Firm

Matthews, Carter and Boyce (MC&B) has been serving businesses from all facets of the economic spectrum for over fifty years. Located in the metropolitan Washington, DC area, MC&B's partners and technical staff offer careful, individual attention and the highest level of service to each and every client. Our experience with SBICs is extensive and we have a proven track record working with various SBICs throughout the country for almost 30 years.

Commitment to Quality

The single most important factor to MC&B's success has been an uncompromising commitment to the highest standards of quality and professionalism. Providing quality service to our clients is our primary objective.

Matthews, Carter and Boyce has an experienced management team to support the accounting needs of SBICs. Additionally, we have a team of seven other professionals who assist in providing consulting, audit, accounting and tax related services to our SBIC clients.

Olaf C. Haug, CPA
Olaf C. Haug is a Principal of Matthews, Carter and Boyce. He joined the firm in 1972 and has spent his professional career with the firm. Mr. Haug has a diverse business background and works closely with his clients in providing them with tax, audit, accounting and business advisory services.

Mr. Haug has extensive and in-depth experience with venture capital companies, commercial lending institutions and real estate acquisition firms. His wide range of experience includes regulated investment companies, small business investment companies, real estate investment trusts, property management, real estate construction, government contracting, management consulting and professional service organizations. He is an expert in corporate, partnership and individual tax planning and compliance and has represented corporations and individuals before the IRS. He has served as an expert witness in various tax litigation cases. He has extensive experience as a consultant in acquisitions, mergers, and due diligence work. He serves as business and tax advisor to numerous commercial business clients of the firm.

Matthew Dwyer, CPA
Matthew Dwyer is a Principal of Matthews, Carter and Boyce. He joined the firm in 1995. Mr. Dwyer has significant experience with SBICs including management advisory services, system design and implementation, audits of SBICs, and accounting and tax related services. Since joining MC&B, he has also been responsible for providing audit, tax, computer consulting, and other business advisory services to a diverse range of businesses. Prior to joining MCB, he worked as a financial consultant for an international consulting firm. Mr. Dwyer holds degrees in Accounting and Economics from Miami University (Ohio.)

Gregory D. Askey, CPA
Gregory Askey is a Principal of Matthews, Carter and Boyce, P.C. He joined the firm in 1989 and has spent his entire professional career with the firm. He has worked extensively with closely-held businesses and their owners providing them with audit, tax, and business advisory services. He has served clients in a variety of industries, including small business investment companies, private investment funds, professional service organizations, government contractors, broadcasters, wholesale distributors, and construction contractors.

Philip A. Busenitz, CPA, CFP
Philip A. Busenitz is a Tax Manager at Matthews, Carter and Boyce. Phil joined the firm in 2000 and has significant experience with individual, partnership, and corporate taxation at the federal and state levels. He works extensively with investment partnerships in the areas of compliance and formation, and provides consulting services on investment structures and dispositions. Prior to joining MC&B, Phil spent nine years in public accounting specializing in tax and business advisory services. Phil is a Certified Public Accountant, a Certified Financial Planner, and holds a degree in Accounting from Liberty University.

Please contact us for more information on accounting services for SBICs.

703-218-3600
ohaug@mcb-cpa.com
mdwyer@mcb-cpa.com
gaskey@mcb-cpa.com
pbusenitz@mcb-cpa.com
sbic@mcb-cpa.com

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