0001145549-24-043666.txt : 20240711 0001145549-24-043666.hdr.sgml : 20240711 20240711114429 ACCESSION NUMBER: 0001145549-24-043666 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240430 FILED AS OF DATE: 20240711 DATE AS OF CHANGE: 20240711 EFFECTIVENESS DATE: 20240711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ironwood Institutional Multi-Strategy Fund LLC CENTRAL INDEX KEY: 0001500233 ORGANIZATION NAME: IRS NUMBER: 273335948 STATE OF INCORPORATION: DE FISCAL YEAR END: 0411 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-22463 FILM NUMBER: 241111428 BUSINESS ADDRESS: STREET 1: ONE MARKET PL STEUART TWR STE2500 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-777-2400 MAIL ADDRESS: STREET 1: ONE MARKET PL STEUART TWR STE2500 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001500233 XXXXXXXX true false false N-2 Ironwood Institutional Multi-Strategy Fund LLC 811-22463 0001500233 549300FYWC6KMN5NPQ25 One Market Plaza Steuart Tower, Suite 2500 San Francisco 94105 US-CA US 415-777-2400 BNY Mellon Investment Servicing (US) Inc. 301 Bellevue Parkway Wilmington 19809 877-431-1973 Records related to its function as administrator and custodian are electronically saved N N N-2 Y Jonathan Gans N/A Y David Sung N/A N M. Kelley Price N/A N Richard W. Meadows N/A N Michael Mazur N/A One Market Plaza Steuart Tower, Suite 2500 San Francisco 94105 XXXXXX N N N N N N N Foreside Fund Services, LLC 8-51293 000046106 N/A N N Ernst & Young, LLP 00042 N/A N N N N N Ironwood Institutional Multi-Strategy Fund LLC 549300FYWC6KMN5NPQ25 N Fund of Funds Y N Y N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4(e) (17 CFR 270.18f-4(e)) Y N N N Ironwood Capital Management 801-56679 000109330 254900YFUBMOBOI81081 N BNY Mellon Investment Servicing (US) Inc. 84-01761 549300CFZQLI9QMJ1Z03 N N N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N 0.000000000000 0.000000000000 N 4836583864.727690000000 Other Shares of Limited Liability Company Interests Shares of Limited Liability Company Interests N N Other Shares of Limited Liability Company Interests N N N 1.200000000000 1.370000000000 N/A 1174.390000000000 true INTERNAL CONTROL RPT 2 eyopinion.htm 2024 INTERNAL CONTROL REPORT Converted from PDF

Report of Independent Registered Public Accounting Firm


To the Members and the Board of Directors of
Ironwood Institutional Multi-Strategy Fund LLC and
Ironwood Multi-Strategy Fund LLC

In planning and performing our audits of the financial statements of Ironwood Institutional Multi-Strategy Fund LLC and Ironwood Multi-Strategy Fund LLC (the Funds) as of and for the year ended April 30, 2024, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and their operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2024.

This report is intended solely for the information and use of management and the Board of Directors of Ironwood Institutional Multi-Strategy Fund LLC and Ironwood Multi-Strategy Fund LLC and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/Ernst & Young LLP

Chicago, IL
June 19, 2024