Challenge

  • As an Master Limited Partnership (MLP), the company receives tax breaks when meeting a Qualified Income threshold (~90%)
  • To provide the required quarterly Qualified Income reporting, multiple spreadsheets created by multiple users were sent to one user, who combined information from these spreadsheets into one spreadsheet
  • Methodology caused a delay in reporting, a lack of continuity, and little visibility into the current process
  • Only a few resources understand how the final numbers presented in the QI report are sourced

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Solution

  • Data is pulled from source systems (PeopleSoft) into FDMEE using direct integration
  • Pre-defined maps are applied to define what transactions fall under the Qualified Income bucket
  • Data meeting the criteria is loaded to Essbase
  • Qualified Income reports are generated against Essbase
  • Results are cross footed to external financials

The solution has been running in production since 2016

Benefits

  • Streamlined Qualified Income reporting by automating the data extraction, mapping, and data loading processes
  • Data within Essbase is more granular than SEC reporting, and FDMEE provides additional drill-back to the source data for more detailed information when necessary
  • Ease of audit as output is validated against external reporting
  • Users do not have to prepare additional manual reports and now have visibility to Qualified Income across current and historic periods

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