0001145549-24-043657.txt : 20240711 0001145549-24-043657.hdr.sgml : 20240711 20240711104630 ACCESSION NUMBER: 0001145549-24-043657 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: North Capital Funds Trust CENTRAL INDEX KEY: 0001761511 ORGANIZATION NAME: IRS NUMBER: 832781404 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-23404 FILM NUMBER: 241111302 BUSINESS ADDRESS: STREET 1: 623 E FORT UNION BLVD CITY: SALT LAKE CITY STATE: UT ZIP: 84047 BUSINESS PHONE: 888-625-7768 MAIL ADDRESS: STREET 1: 623 E FORT UNION BLVD CITY: SALT LAKE CITY STATE: UT ZIP: 84047 0001761511 S000064982 North Capital Treasury Money Market Fund C000210425 Institutional Class Shares NCGXX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001761511 XXXXXXXX false false false N-1A true North Capital Funds Trust 811-23404 0001761511 5493008SK8SZP52ZFU32 623 E FORT UNION BLVD SUITE 101 SALT LAKE CITY 84047 US-UT US 888-625-7768 North Capital Inc. 623 E FORT UNION BLVD SUITE 101 SALT LAKE CITY 84047 8886257768 All accounts books and other documents required to be maintained by Section 31(a). U.S. Bancorp Fund Services, LLC 615 E. Michigan Street Milwaukee 53202 8336121912 All accounts, books and other documents required to be maintained by Section 31(a) U.S. Bank N.A. 1555 North River Center Drive Milwaukee 53212 4149055528 All accounts, books and other documents required to be maintained by Section 31(a) North Capital Private Securities Corporation 623 E FORT UNION BLVD SUITE 101 SALT LAKE CITY 84047 8886257768 All accounts, books and other documents required to be maintained by Section 31(a) N N N N-1A 1 Y James P. Dowd 002109413 Y David Wieder N/A N Karen Fleck N/A N Nivine Farag Richie N/A N Rhonda Davis N/A 2 Lincoln Center 10220 SW Greenburg Road Suite 200 Portland 97223 XXXXXX N N N N N N North Capital Private Securities Corporation 8-68648 000154559 N/A Y N Richey May & Co. LLP 00673 N/A N N N N N N N North Capital Treasury Money Market Fund S000064982 549300YJ7G4PDEJ5M834 N 1 0 0 Money Market Fund N N N N N/A N/A N/A N/A Y Y Y N North Capital, Inc. 801-110598 000148802 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N/A N N N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bloomberg L.P. 549300B56MD0ZC402L06 N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N LSEG Data & Analytics N/A GB N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N/A N N N 0.000000000000 U.S. BANCORP INVESTMENTS, INC. 8-35359 000017868 H85Z6XZP8B10ES0M2G89 90806862.000000000000 TRADEWEB DIRECT LLC 8-52278 000103787 549300MII67ES5YBJH61 25107108.000000000000 115913970.000000000000 N 16110725.000000000000 N N N N true INTERNAL CONTROL RPT 2 auditreportconforming.htm INTERNAL CONTROL LETTER

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
To the Board of Trustees and
Shareholders of North Capital Treasury Money Market Fund
 
In planning and performing our audit of the financial statements of North Capital Treasury Money Market Fund (the “Fund”), as of April 30, 2024 and for the fiscal year ended April 30, 2024, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion 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 Fund's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting.

The management of the Fund 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 company'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 generally accepted accounting principles (GAAP). A company'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 company (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of 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 Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and woul d not necessaril y discl ose al l deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund's internal control over financial reporting and its operations, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2024 and for the fiscal year ended April 30, 2024.
 
This report is intended solely for the information and use of management, the shareholders, the Board of Trustees of North Capital Treasury Money Market Fund 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/ Richey, May & Co., LLP
 

Englewood, Colorado
June 25, 2024