Funds & syndications
Greywood CPA audits and reviews financial statements for real estate funds, syndications, joint ventures and property-owning partnerships. Investors, lenders and partnership agreements commonly require audited statements every year, and institutional investors often require them before they commit. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.
Investment funds that qualify as investment companies report their real estate at fair value. Operating partnerships that own and run properties usually report them at cost less depreciation. Getting the basis right is the first decision in a real estate audit, and we settle it with you before we start.
Last reviewed: November 2026
| Who is asking | What they usually want |
|---|---|
| Your partnership or operating agreement | Annual audited statements delivered to investors by a set date |
| Institutional or family-office investors | Audited statements before investing and every year after |
| Lenders | Audited or reviewed statements for the borrowing entity or property |
| Joint venture partners | Audited JV statements to support their own reporting |
Check your agreement for the delivery deadline. Many require audited statements within 90 to 120 days of year-end.
Funds that meet the definition of an investment company under ASC 946 report investments, including real estate, at fair value each period, with changes flowing through income. Operating entities that own and manage properties report real estate at historical cost less depreciation, tested for impairment. Some structures use both at different levels. We confirm the right basis for each entity before we plan the audit.
Sponsor promote and preferred returns follow the waterfall in your partnership agreement. We test that distributions and capital account allocations follow it, which is often what investors care about most.
Advisers relying on the audit provision of the SEC custody rule need the fund audited by an accountant registered with, and subject to inspection by, the PCAOB. If that applies to you, tell us up front and we'll confirm whether we can take the engagement or point you to the right type of firm.
A 30-minute call about your organization, who needs the report and your deadline.
Scope, report type, timeline and one fixed fee, in writing.
Everything we need, uploaded through a secure portal.
Remote testing, then a draft for your review.
A CPA partner signs, and we walk you or your board through the results.
Only if something requires it, most often the partnership or operating agreement, institutional investors or lenders. Many agreements require audited statements every year within 90 to 120 days of year-end.
Funds that qualify as investment companies report real estate at fair value. Operating entities that own and manage properties report it at cost less depreciation, tested for impairment.
Whether distributions, preferred returns and sponsor promote were calculated and allocated to capital accounts as the partnership agreement requires.
If the adviser relies on the audit provision of the SEC custody rule, the auditor must be PCAOB-registered and subject to inspection. Tell us your situation and we'll confirm before quoting.
We quote one fixed fee in writing before any work starts, based on the number of properties, entities and investors, and the reporting basis.
Send us your partnership agreement. A senior CPA will send a fixed-fee proposal within 1–3 business days.