Carta’s public company reporting experience has been updated


What’s changing?

The public reporting experience has been enhanced and is now more consistent with Carta’s private markets reporting. Public company administrators can now more easily run reports in Carta. 

Improvements include:

  • Reports are now organized into folders by category
  • Reports are searchable
  • Certain reports that were previously run in areas outside of the reporting tab are now organized into the reporting experience (example: RSU settlement report)

A Virtual Tour is available via the Start Virtual Tour link at the top left corner of the reporting experience. For a limited time, the legacy reporting page can be visited via the Take me Back button at the top of the page.


Who this affects

Public company administrators


Timing

This feature will be available on 4/19/2021.

Run a Single Report to Aggregate Security-Level Details by Stakeholder

What's changing?

Companies can now quickly get the information they need and reduce room for error through our new report builder template. This ‘stakeholder ledger’ enables admins to pull information on stakeholders, cap table, and vesting information in a single report.

Users no longer need to combine multiple reports or run offline calculations to view vested/unvested, forfeited, excised, cost center, employee ID, and relationship in one place.

To create a Stakeholder Aggregate report on Report Builder

Click ‘Create a custom report’ on the Capitalization > Reporting page, and select ‘Stakeholder ledger’.



This will open up the Report Builder interface. From here, you can select any of the available columns. Note that not all columns are available, as some cannot be aggregated at the stakeholder level.


What’s next?

During Q2 we will be adding additional columns, starting with fully diluted ownership. We will also be adding additional filtering options, starting with specific equity plans and share classes.




Private Options International Exercise- Supporting 3rd party money transfer payments

Non-US optionholders at US private companies will now be able to send exercise payments to Carta from 3rd party money transfer providers such as Wise(formerly known as TransferWise), Revolut, Xoom, Remitly etc.

We are giving optionholders the flexibility to either send payments through 3rd party money transfer providers or through wires initiated from banking financial institution.

Who this affects:

Non-US optionholders at US companies, when feature is enabled by their company

What was the problem:

When we launched the ability for optionholders to wire exercise funds to support in-app money movement, optionholders were hit with bank fees, including intermediary fees, which led to holders underfunding or overfunding their exercises.

Sometimes, optionholders had to walk to a bank to wire the exercise funds as some of the banking financial institutions did not support online wire transfer.

What’s new: 

Optionholders can use the same payment instructions provided after an exercise is approved and send funds via 3rd party money transfer providers. 

Ensure that under "Recipient gets"  in 3rd party money transfer providers you input exact USD funds required for exercise payments. If amount required for exercise does not match with received funds, exercise will be underfunded and we will require remaining funds to complete the exercise.

Once Carta receives exact funds, we initiate outgoing payment to the company. After payment to the Company is succeeded, we generate Certificate.

This feature is an additional payment option that Carta is providing for our customers


Timing:

LIVE for companies that have exercising and settled via Carta feature turned on.

If you would like to have this feature added, contact Carta support!

Vesting & Exercise Status Bars

Users viewing the "Vesting schedule" tab in the security details modal will now see a new column in the "Progress" section labeled "Status" under which progress bars appear next to each vesting tranche that indicate the vesting and/or exercise status for each vesting tranche.

Who this affects

All users in all companies with securities that have vesting schedules

What's new

For security holders and administrators viewing individual security details, click on the "Vesting schedule" tab to see the new status bars (see red boxes below):

Depending on the status of a security's vesting and exercise status, you'll see the following colors:

  • Gray: unvested tranche
  • Light blue: vested tranche
  • Dark blue: exercised tranche

Previously, if there was an exercise for part of a vesting tranche, you'd either see the row colored in gray if the tranche was unvested, or you'd see the row colored in blue if the tranche was vested - this was confusing since neither of these results were technically accurate.

Now, if a vested tranche is partially exercised, you'll see the dark blue exercise color overlaid on the light blue vested color (show below). If an unvested tranche is partially exercised in the case of an early exercisable option grant, you'll see the dark blue exercise color overlaid on the gray unvested color.

Timing

Live now!

Exercise History - Shareholders can now centrally view their complete exercise history

Users can now access their exercise history across their entire portfolio in one spot. This makes it easy to review their activities over a defined time frame - like a tax year! 

Who this affects:

  • Shareholders who have exercised a private company option grant

What's new:

  • Find all exercise details in one location - Within Exercise History you can see a report of all your exercises across your entire portfolio. This makes it easier to get an at-a-glance view of your exercises activity.
     
  • Filter for specific companies or date range - Narrow your report by company or date range to customize your report.

  • Customize your report - Choose which fields are relevant for a given report.

  • Export your report - Download and view your report in a portable CSV format.

Timing:

  • Released March 2021
  • Support for all public company exercises coming Q2 2021

Where to find Exercise History

  • When viewing your portfolio, select the Account drop down menu to find Exercise History



Stakeholders from public companies can now more easily view their share and cost basis information

Who this affects:

Public company stakeholders

What's new:

Public company stakeholder portfolios now feature share lot details and transaction details tabs, capturing information about shares that are held and shares that have been sold.

Share lot details tab:

The Share lot details tab shows the stakeholder’s share lots. Stakeholders can view their acquisition date and cost basis for all share lots, as well as the source of the shares. For share lots linked to ISO awards or employee stock purchase plans, this view shows a qualifying date capturing the earliest date that the share lot can be sold in a qualifying disposition. The FMV at acquisition is also captured in the table to facilitate tax analysis.


Transaction details:

The second tab features transaction details for any sold lots. Stakeholders can view their sold share lots and their related cost basis and acquisition dates. This view also shows the disposition type if the share lot is linked to an ISO exercise or ESPP purchase. The view captures the proceeds for each liquidated share lot.



Certificates of exercised option grants are now generated and issued after funds are confirmed

For private companies, Carta will now generate the resulting certificate after the option exercise funds are sent to the company and have succeeded (may take 1-2 business days).

Who this affects:


Private companies: Admins and shareholders

What was the problem:

Previously, resulting certificates were generated after Carta confirmed the funds from stakeholder, but before the funds were sent to the Company. This created reconciliation issues for the company as they could not verify if funds were sent to the company before issuing the certificate.

What’s new: 


We have now updated the flow to generate the certificate after funds are sent to the company, which may take 1-2 business days for the company to receive the funds.


This will help Company admins to reconcile exercise funds received during the exercise workflow.

Automated partner matching for Schedule K-1 uploads

Sending K-1s to the right Limited Partners can be a manual, error-prone process. The new K-1 uploader helps ensure that every tax document goes to the right LP. When you upload your K-1s into Carta, our system will automatically match or suggest matches for LPs based upon name and tax ID.

Who this affects 

LP Portal customers, Fund Admin customers

What’s new

We have released a new tool for LP Portal customers to easily upload Schedule K-1 tax documents. This is the same tool used by Carta’s internal fund administrators.

The tool scans each K-1 to look for partner names and tax IDs, and compares them to the names and tax IDs we have on file.

If a K-1 matches with exactly one partner, the tool will automatically assign it to that partner.

If the tool is unable to definitively assign a document to a partner, it will suggest potential matches for user review.

To access the K-1 uploader, visit the Partners tab. Under Documents, select Upload documents and choose Schedule K-1.


Timing: This feature was released March 3, 2021

New Equity Reporting Page

Starting 3/22, clicking on the Reporting from the Capitalization dropdown will take you to the new Equity Reporting page. 

The new page contains all the equity reports you're familiar with along with significant improvements to help you access data more quickly and in the manner that you need. You'll notice:

  • Custom reporting - set filter criteria and add, edit, and remove data columns. Save these custom reporting templates for future use.
  • Preview of securities ledger-based reports
  • Search to quickly see standard Carta-provided reports as well as your custom reports


You'll be able to switch back to the classic reporting experience via the blue banner at the top of the new Equity Reporting page until 4/5/21. 


For questions or comments, please email out to reports-feedback@carta.com

Pre-filling Subscription Documents for Existing LPs

If you are an LP, you’ve felt the pain of filling out subscription documents. You go through the same long investor questionnaire with the same questions for every fund investment you make. With Carta subscription documents, now you don’t have to. 

What’s New 

Limited Partners who have already completed a subscription document on Carta can now re-use their information for future investments. They can add their subscription information in just a few clicks.


How it works

1. Limited Partners select the portfolio for the entity they are investing through

2. The form is pre-filled with information from their previous subscription. Any questions that are specific to this investment are highlighted for the Limited Partner to answer.

3. Limited partners review and confirm their information is correct.


Check out our Q1 product webinar recap blog post to see how simple the closings process will be.


Timing: Rolled out to Limited Partners on February 24, 2021

Audience: Limited Partners, General Partners

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