When should waterfall calculations be reviewed by fund administration?

Waterfall review should happen before money moves, not after investors receive inconsistent calculations. In SponsorBeast, treat this as an operating workflow for sponsors modeling investor distributions, preferred returns, catch-ups, and promote, not as a loose finance concept. Start by naming the decision owner, the inputs required, the document that records the answer, and the next review date. Then connect the work to deal modeling, document drafting, distribution approval, exit planning, and post-distribution reconciliation so investors, counsel, lenders, administrators, and portfolio operators can see what is complete, what is blocked, and what must happen before capital moves or a decision becomes final. Use a formal approval chain with sponsor review, administrator calculation, counsel input when needed, and archived support for the final distribution file.