3 years ago7/25/2022 [**Payment Status Updates**](https://releasenotes.carta.com/payment-status-updates-3lMEsE) ## What’s New The Payment Status Updates on the Exercising workflow provides users a more accurate reflection of the status of their exercise during the money movement step of the exercise. Error messaging will now provide a single failure message clarifying what caused their exercise to become stuck during the money movement step of the exercise including errors around cancelation requests, bank account removal, and insufficient funds in the bank account. ## Who this affects All users exercising for private companies on Carta. ## How it works Today, users can view the status of their exercises in progress on the Holdings page and with the new Payment Status Update feature, these exercises will now display an ‘Error’ bubble beside the active step when the exercise gets stuck. Clicking the ‘View details’ button will navigate the user to the Exercise tab on the Option grant modal with user instructions to help resolve their stuck exercise. On the Exercise tab, error messaging will provide user action to contact their company admin through the Option grant modal’s Report Issue tab, to contact Carta Support through the chat, or update their bank account information on the Payment Information page. 3 years ago7/22/2022 [**Revamped Employee Onboarding Experience on Mobile**](https://releasenotes.carta.com/revamped-employee-onboarding-experience-on-mobile-TDEK4) Employees can now experience the new onboarding process on the Carta mobile app. # Who this affects Employees who have been issued option grants (ISO/NSO) or Restricted Stock Units and are registering with Carta for the first time. # Supported Platforms iOS and Android # What's New? To allow employees to prepare themselves for transaction such as exercising, employees will be able to provide the following information upon onboarding: - Personal details: Name, Date of Birth, and Country of Citizenship - Tax ID - Address # What's Next? We will be capturing phone number upon the next update Namira Wicaksana 4 years ago7/13/2022 [**Introducing the ability to retract interests**](https://releasenotes.carta.com/introducing-the-ability-to-retract-interests-lyXV6) Admins can now retract any interests that were issued incorrectly. ### Ensure accuracy when issuing interests Mistakes can happen when issuing interests, like inputting the incorrect contact information or interest details for the holder. Now, if you have already issued the interest but the holder has not accepted it yet, you can retract the interest. Retracting the interest revokes the holder’s task to accept it and changes the holder sharing status to ‘unshared’ so that you can make any corrections. ### Get started If you need to retract an interest, go to the interests ledger on the Interests & Interest Types page. Then, select the dropdown on the right side of the ledger for a single interest. Once you’ve made any corrections, be sure to re-share the interest with the holder as this does not happen automatically. For more information, visit our [support site](https://support.carta.com/s/article/carta-llc-overview). Des Duggan 4 years ago7/13/2022 [**New Acceptance Agreements tab**](https://releasenotes.carta.com/new-acceptance-agreements-tab-kqzoQ) Admins can now easily add acceptance agreements before sharing the interest with the holder. ### Easily manage acceptance agreements It is now easier and more clear to add and gain visibility into acceptance agreements on interests. In the new Acceptance Agreements tab in an interest’s details, you can now select from the documents you’ve uploaded the ones you want the interest holder to sign when accepting the interest. Moving acceptance agreements into their own tab also makes it clear which documents a holder agreed to, or will agree to, during the acceptance of an interest. ### Get started You can continue to upload files to the Documents tab. In the Acceptance Agreements tab, select from the uploaded documents the ones you want to add to the interest so that it is presented to the holder during the acceptance process. For more information, visit our [support site](https://support.carta.com/s/article/carta-llc-overview). Des Duggan 4 years ago7/13/2022 [**New account dashboard page**](https://releasenotes.carta.com/new-account-dashboard-page-jiaSA) The new account dashboard page provides an overview of all entities in one place. ### Gain visibility across multiple entities The new dashboard page provides a view into each entity and the recent activities so that you can always keep a pulse on what’s happening with interests across entities. Quickly learn more about recent activities by clicking into them. ### Get started Login to Carta to see the new account dashboard page. Des Duggan 4 years ago7/13/2022 [**Enhanced interest history**](https://releasenotes.carta.com/enhanced-interest-history-h1nQ4) We’re excited to introduce enhancements to interest history which provide admins with a complete record of acceptance text, agreements, and signatures. ### Streamline audits with a complete interest history Admins can now access a detailed snapshot of the moment an Interest Holder accepts an interest , which includes: - The legal terms that the holder agreed to when accepting the interest - The legal documents that were attached to the interest when it was accepted, including the operating agreement or interest agreement - Date and time of when the holder signed and accepted the interest - Recipient signature and unique signature hash code generated at time of signature ### Get started Find these enhancements in the Interest History tab. For audits, export the interest to PDF by clicking “View as single page” from the interest detail. For more information, visit our [support site](https://support.carta.com/s/article/carta-llc-overview). Des Duggan 4 years ago7/12/2022 [**Insights for Carta Total Compensation**](https://releasenotes.carta.com/insights-for-carta-total-compensation-3F4h2M) # What’s new? In order to communicate more information about the benchmark data in Carta Total Compensation, we are now providing several metrics to provide greater clarity around both our peer groups and individual benchmarks. This new information includes aggregate sample size data, benchmark confidence indicators, and more information about each job area/level (including details like complexity, autonomy, and scope). ## Aggregate sample sizes in Total Comp The Bands page now highlights the aggregate sample size to give you insight into the data that contribute to Total Comp’s benchmarks for a particular peer group. ### How do I locate the aggregate sample size for a particular peer group? 1. Navigate to the Bands page. 2. Select your peer group. 3. The aggregate sample size for said peer group will be listed under the selected peer group. 4. This includes both the number of records as well as the number of companies which factored into the benchmarks for the specified peer group. ## Benchmark Confidence Carta provides confidence metrics for sample size, recency, and goodness of fit to understand Carta’s stated confidence in the benchmark for a particular band. Confidence metrics are calculated for the band (job area x level) across all peer groups. - Sample size: The number of datapoints included in this benchmark. - Recency: The relative proportion of newly effective datapoints underlying the benchmark. - Goodness of fit: The accuracy of the model to predict benchmarks based on trends in the underlying data. ### How do I find the benchmark confidence for a particular band? You can find the benchmark confidence for a particular band either by: 1. Navigating to the Bands page and hovering over the band to view the band level confidence tool tip. 2. Navigating to the Bands page and selecting a role within the bands table to launch the Job Breakdown Modal. ## Band Level Details Band level details provide complete benchmark information all in one place. This includes percentile data for salary and equity, benchmark confidence metrics, and additional details about each job area/level. 1. Band overview: High-level details for the selected band (area x level). 2. Compensation breakdown: Visual breakdown of the salary + equity compensation for the selected band across all target percentiles. 3. Benchmark Confidence: Visualization of Carta’s confidence in the underlying sample size, recency, and goodness of fit for a given benchmark. 4. Band level details: Explainers covering the roles and responsibilities for the currently selected band (job area x level). ### How do I enable Insights for Carta Total Compensation? In order to access the new Insights functionality in Carta Total Compensation, you must first ensure your account is updated to the 2022-07-12 benchmarks. You can update your compensation plan to use the latest benchmark versions either by: 1. Visiting the [Plan](https://comp.app.carta.com/plan) page and clicking on the "Update available" link in the Active Plan window. 1. Navigating to the [Bands](https://comp.app.carta.com/bands) page and clicking on the "Update" bubble in the top left. You will have the opportunity to preview the new plan with the updated benchmarks version and assess their impact on your scorecard before accepting the new plan. # What's next? Carta Total Compensation will add the ability to define variable compensation programs and assign them to employees Jeffrey Glusman 4 years ago7/6/2022 [**Crypto Custodian Integrations**](https://releasenotes.carta.com/crypto-custodian-integrations-3uQago) ### What's new? We can automatically pull in crypto trades from custodians including Anchorage, Coinbase Prime, and Fireblocks which allows us to ingest all transactions in near real-time. ### How does it work? - For Crypto funds, their tokens must typically be held by a qualified custodian. By integrating directly with these custodians, we can ingest all transactions, similar to a bank feed, saving both our clients and fund admin team the effort of notifying each other about new trades. - We're working towards a future where fund managers and fund admins no longer have to create complicated spreadsheets untangling crypto activity. Instead, we'll automatically import crypto transactions and classify them into accounting entries. Stay tuned as crypto accounting becomes more and more automated! ### What do I need to do? 1\. Let your fund admin know who your custodian is 2\. Provide them a read-only API key from your custodian 3\. Notify your admin of any non-custodial wallets your fund uses 4\. We'll take care of the rest and get transactions flowing! ### How do I learn more or get help? Visit the resource center for more details Alex Legault 4 years ago7/6/2022 [**Schedule of Investments Automation and Updates**](https://releasenotes.carta.com/schedule-of-investments-automation-and-updates-3tHLK8) ### What's new? We are thrilled to announce that we have automated your Schedule of Investments (SOI) review entirely in the Carta platform. This will streamline the process, saving time and ensuring that your financial statements, IRR, and other performance metrics are up-to-date and ready for distribution to LPs and other stakeholders. ### What’s important or valuable about this change? At each period end (quarter or year), Carta will request that you verify your Schedule of investments (SOI) is up to date. This includes ensuring that: - All portfolio investments are recorded - All valuations of portfolio investments have been marked up/down (if needed) - Any notes that converted are reflected correctly - Any assets no longer owned by the firm are realized or written off These updates will feed into your financial statements, IRR, and other performance metrics that your LPs will see. Many firms keep this information up to date as it happens and simply to confirm it at period end. This process has been made fast and simple. With this new update, you can now do all of this in a fraction of the time it took before. **What do I need to do?** 1. Expect to receive this email within a week after the close of the reporting period. Click Review the Schedule of Investments within the email. 1. Gather any investment documents, portfolio tracking, or valuation information you might need. 2. Review the list of investments and either approve or update via the options provided. 3. After reviewing and making a selection, click Submit to complete the reviewing process. NOTE: No emails or waiting needed. Any valuations will be immediately reflected and your Fund Administrator notified. For more sensitive cases like conversions, a task will be automatically created for your Fund Administrator to complete. ### How do I learn more or get help? Have additional questions about the SOI update? Read the full documentation in our resource center here: [How to Review the Schedule of Investments](https://support.carta.com/s/article/review-soi). [SOI Review Play-by-Play](https://app.arcade.software/share/FSVlFaAwgs6MRT8tfgGc) Whitney Knowlton 4 years ago7/6/2022 [**SAFE Financings - Add Issued SAFE**](https://releasenotes.carta.com/safe-financings---add-issued-safe-3szndS) ### What's new? We’re excited to share that you can now add pre-existing SAFEs to your Carta account. Build an accurate cap table with your complete fundraising history In addition to being able to issue SAFEs, you can now add pre-existing SAFEs in a few clicks directly from your account. Enter a few pieces of information, sign your SAFE, and your cap table is automatically updated. ### What do I need to do? Leverage this feature Now when you navigate to Fundraise > SAFE Financing and click on Add Existing SAFE, instead of being redirected to the Convertibles ledger, you will be able to enter the information right away and issue the SAFE from there. The SAFE will be immediately added to your cap table and will be available both on the Convertibles Ledger and the SAFE Financings page. ### How do I learn more or get help? See it in action View an interactive demo of how to do this [here](https://app.arcade.software/share/27t1yORbfW3HCjyVkEcI). David Zhang 4 years ago7/5/2022 [**Mass Issuance Report**](https://releasenotes.carta.com/mass-issuance-report-26y6IM) ### What's new? Upon going public, issuers must communicate the share positions held on their former cap table to their new public Transfer Agent. Carta’s Mass Issuance report captures key information that Transfer Agents in order to validate and reflect public share ownership following an IPO. The Mass Issuance report aggregates pertinent cap table and tax-related (e.g, cost basis) information, typically found in multiple reports, into one export file containing information required by the Transfer Agent. Now issuers can easily export ownership information for communication to their Transfer Agent in one step. The Mass Issuance report includes additional information on the Issuer's stock program shares to make it easier for the Issuer to move the eligible portion of its stock ledger back to an equity management provider - such as Carta - from the Transfer Agent. This helps preserve critical tax information while facilitating the delivery of public shares to the stakeholder's Carta portfolio for trading. ### How does it work? Experience a secure and smooth data transition as you move your private equity records to a public Transfer Agent. The Mass Issuance report: - allows for the easy communication of ownership data to a public Transfer Agent in one file ahead of an IPO, SPAC or direct listing; and - includes additional fields needed for when you permission your Transfer Agent to send your public stock ledger to a public equity management provider of choice - such as Carta. ### Reach out to Carta to get the process started Are you preparing to go public? Reach out to Carta’s public markets team ( [carta.public@carta.com](mailto:carta.public@carta.com)) to begin planning your IPO journey. The Mass Issuance report can be found under your Reports section in Carta. Bryan Wells 4 years ago7/5/2022 [**Early Lockup Release Feature (Public Markets)**](https://releasenotes.carta.com/early-lockup-release-feature-public-markets-25pIcw) ### What's new? Customers wishing to allow their shareholders to sell a portion of their holdings prior to a traditional 180-day lockup expiration can now control early lockup release programs through Carta. With Carta’s early lockup release functionality, your company can specify the quantity of shares each shareholder can sell during a specified period. Carta’s Public Market Equity Management Services team will work with companies to determine: 1. shareholder eligibility for the early lock-up release period 2. the start and end date of the liquidity period 3. how many shares each individual may sell during the period After gathering this information, Carta will then work with the customer to complete an import template, which will be uploaded to Carta's public platform. Eligible shareholders will now be able to see the quantity of shares they can trade, what they’ve already traded, and what portion of shares is still remaining. ### Allow your employees to begin trading company shares Day 1 post-IPO The early lockup release feature: - allows your employees to sell prior to the standard 180-day lockup period while enforcing the terms of your company’s early lockup release program; and - makes it easy to instruct participation eligibility and quantity limits for all shareholders. _Figure 1: Shareholders can monitor the number of shares they can sell during the early lockup release._ _Figure 2: Shareholders are limited to the quantity of shares that they are allowed to sell per the rules of the early lockup release. Quantities can be set specific to an individual._ Trade limits apply across asset types. The sale of long stock, in addition to cashless option transactions, will count against the shareholder’s total allowed quantity to trade, ensuring that the stakeholder won’t oversell per the terms of the early lockup release. ### Reach out to Carta to get the process started Reach out to Carta’s Public Markets team ( [carta.public@carta.com](mailto:carta.public@carta.com)) to begin customizing an early lockup release benefit for your employees ahead of an exit. Bryan Wells 4 years ago7/5/2022 [**83(b) Automated Submission**](https://releasenotes.carta.com/83b-automated-submission-1PwaUU) ## **What’s New** Users that choose to early-exercise will now be able to submit an 83(b) form automatically to the IRS while exercising. Furthermore, users can now update their SSN, digitally sign the 83(b) form, and review personal information during the exercise request. In addition, users now have an improved UI to access the PDF and tracking number of their 83(b) form on the 83(b) Elections tab  on the Option Grant modal. ## Who this affects Any US-based users with early exercisable option grants, and ACH eligible who choose to early-exercise through Carta. ## How it works ### 83(b) Automated Submission Option During Exercise Request The 83(b) Automated Submission option will be available during an exercise submission. Users will be able to choose between performing an Automated 83(b) Submission or a Manual 83(b) submission (if the user selects to submit their 83(b) form manually, they still have the option to utilize the automated submission feature through the Option grant modal as long as the current date has not exceeded 25 days from the exercise date). | | | | --- | --- | | | _Figure 1: On the Review Tax page, users now are given the option to automatically submit an 83(b) form or manually submit the form; If the user chooses to submit the automated 83(b) form, they can add/update their SSN directly_ | | | _Figure 2: Updated Sign and Submit modal which includes an Automated 83(b) Submission Agreement section signed via digital signature._ | | ### | _Figure 3: Updated Congratulations page stating that the 83(b) form is being sent to the IRS._ | | | _Figure 4: 83(b) elections tab on the Option Grant modal to view the USPS tracking number and the submitted 83(b) form._ | ### Included Personal Information To submit an automated 83(b) submission, a Social Security Number (SSN) is required by the IRS to properly verify the identity of the user. If the user’s SSN isn’t filled in the Account settings, users have the ability to add and confirm their SSN when selecting their submission method. Otherwise, when users navigate to the Review Exercise page, the automated submission will pull the user’s Name, SSN, and Address directly from the Account settings. ### Digital Signature On the Sign and Submit modal (Figure 2), users agree to automatically submit the 83(b) form by signing the agreement via digital signature. The digital signature is added directly into the PDF of the 83(b) form. ### Status of submission The 83(b) form PDF and Tracking number will be provided and displayed in the Option grant modal on the 83(b) Elections tab. The user will be able to track and check the status of their 83(b) Automated Submission. ### 83(b) Manual Submissions Manual 83(b) Submissions UI has been improved on the 83(b) Elections tab providing users with an 83(b) form to print and sign which is to be mailed manually by the user. To complete their manual submission, users will be required to upload their signed copy of the form in addition to the date that the 83(b) form was sent to the IRS on Carta. Further, users may choose to submit an automated submission on the 83(b) Elections tab. | | | | --- | --- | | | | # **FAQ** **1\. Can I still use the previous workflow for 83(b) Submission?** Yes! If you would prefer to file your 83(b) form manually, you still have the ability to do so! During the exercise workflow, you may select “Submit an 83(b) form later” as your submission method, and you’ll have the option to download and print an 83(b) form from the 83(b) Elections tab on the Option grant modal. **2\. What happens if my exercise gets stuck or canceled?** If you select automated submission of your 83(b) election, it will be initiated immediately after you finish submitting your exercise.  If your exercise gets canceled, you should consult with your legal and tax advisors on what to do with your filed 83(b) election form. **3\. How will I know that the IRS has received my automated submission? Will I be able to closely follow the progress of the 83(b) submission?** You can navigate to the 83(b) elections tab on the Option grant modal to verify the status of the 83(b) form using the tracking number provided by USPS to follow the progression of your 83(b) submission. Status updates are available as soon as the package is delivered to the USPS. **We highly recommend printing and storing the online USPS confirmation as this information is only available for a limited amount of time.** ## Additional Resources - Support Article: [83(b) Form for Early Exercised Option Grants](https://support.carta.com/s/article/form-83b-option-exercises) - Blog: [What is Early Exercising?](/content/blog/exercising-stock-options/#what-is-early-exercising/index.html) - Arcade: [83(b) Automated Submission Walkthrough](https://app.arcade.software/share/6ahUMSjsY8xmQVD1BVHf) 4 years ago7/5/2022 [**409A Ledger Redesign**](https://releasenotes.carta.com/409a-ledger-redesign-UJQNW) **What’s new?** We have redesigned the 409A Ledger Page where you come to request and review the 409A Valuations of your company and enter the Fair Market Value (FMV) of your company’s options. The goal of this refresh is to help you navigate the valuation process with ease and access resources quickly whenever you need assistance. With this updated design you will quickly and easily identify where you are in the valuation process and what to expect next. Carta is here to help you along the way with curated support articles and a variety of options to get in touch with us if you have questions not covered within the articles. **How it Works** Under Compliance > 409A you will find a number of new features designed to help you navigate the Carta Valuation process with confidence. **Valuation Status Tracker** The Valuation Status Tracker at the top of the page clearly indicates where your company is in the valuation request process. Whether you are in the middle of completing your request, if your draft is ready for review or if you are anywhere in between, the tracker will let you know what your next step is as soon as you land on the 409A Ledger page. Also included are tools and support articles to help answer common questions that you may have based on where you are in the valuation process. **Review and accept your valuation** Once you have received your valuation, you can download it for review directly from the Valuation Tracker on the 409A Ledger page. After you have had a chance to review the report and are ready to accept, you will be directed to the final step in The Valuation Tracker, the acceptance workflow. **Get in touch with our team** Have a question? Navigate to our Support Module on the page and select the contact method that works best for you, our team of experts will follow up with a response typically within 1 business day. **Viewing your 409A Valuations** Now that you have completed the valuation process, your most recent valuation will be displayed at the top of the table at the bottom of the page along with any previous valuations saved to your Carta account. If you have any questions for our Valuation team in between valuations, simply navigate to the new 409A Ledger Page to access our Support model to get in touch with our team of Valuation Experts. Stephanie Wittrock 4 years ago6/27/2022 [**Global Total Rewards Statements - Share personalized compensation insights international employees**](https://releasenotes.carta.com/global-total-rewards-statements---share-personalized-compensation-insights-international-employees-3uP44g) # Who This Affects Any company who is a Total Compensation customer and has equity-holding international employees. # What’s new? Total Rewards will illustrate foreign currency for international employees, visualizing 120 different currencies. This is done using real exchange rates loaded into Total Comp. The rates entered are stamped with an effective date/time and so are valid until a more recent record is entered for that currency pair and rate type. # How does it work? If an employee has their "local currency" set as anything other than $USD, then they will see the currency switcher in the top right of their Total Rewards Statement. The currency toggle will convert any $USD values (equity and benefits) to local currency along with their salary and any target variable pay. Employees can also convert base salary and target variable in local currency to $USD. 4 years ago6/16/2022 [**Improvements to Engineering Specializations**](https://releasenotes.carta.com/improvements-to-engineering-specializations-3lIwF2) ### Benchmarks 2022-06-16 #### What changes can I expect from these benchmarks? _This version resolves an issue with level progression in the benchmark version released on 2022-06-09. If you did not update to the 2022-06-09 benchmarks you were not impacted by this bug. There are no other changes to benchmarks or specializations in this release._ Carta will now provide salary + equity benchmarks for the following engineering specializations: - AI and Machine Learning - Hardware - Mobile - Web Engineering In addition, benchmarks data has been refreshed for the following existing engineering specializations: - DevOps and Site Reliability - Quality Assurance - UX/Frontend Note that for all of our specializations the sample size is smaller than job area benchmarks which could result in data volatility as we continue to update the data and grow our overall sample size. #### What were the largest areas of movement from these benchmarks? For existing specializations, salaries increased an average of approximately 3% compared to the previous version of the benchmarks. The largest increases are generally concentrated at more senior levels and in higher valuation peer groups. We also observed some decreases in the salary benchmarks, mostly at levels 1 and 2 at valuations below $50 million. While some of these changes are driven by market dynamics, some of the change is driven by the limited sample size for these roles. Equity benchmarks also reflect a mix of increases and decreases compared to the last benchmark version which are also being driven by a combination of market dynamics and sample size. #### How do I update my plan to use the new benchmarks version? You can update your compensation plan to use the latest benchmark versions either by: 1. Visiting the [Plan](https://comp.app.carta.com/plan) page and clicking on the "Update available" link in the Active Plan window. 2. Navigating to the [Bands](https://comp.app.carta.com/bands) page and clicking on the "Update" bubble in the top left. #### How can I assign an employee to a specialization? You can assign an employee to an engineering specialization by: 1. Visiting the Employee Scorecard page for a particular employee and selecting “Edit” next to the employee’s role and then selecting “Job area and level” on the Update details page. | | | | --- | --- | | | | 1. Select the “Specialization” dropdown to assign an employee to one of the listed specializations. Note: specialization benchmarks are currently limited to AI and Machine Learning. DevOps + Site Reliability, Hardware, Mobile, Quality Assurance, UX/Frontend, and Web Engineering for the engineering job area. #### How do I see benchmarks for engineering specializations? You can view benchmarks for engineering specializations by: 1. Visiting the [Bands](https://comp.app.carta.com/bands) page and selecting “Engineering” under Area. Once the engineering job area is selected, you can change the engineering specializations by selecting the Specialization dropdown. | | | | --- | --- | | | | #### How do engineering specializations affect the Employee Scorecard? The compa-ratio is a quick way to compare an employee's compensation to your plan's target rate for a given job area, level, and location. The compa-ratios for an employee assigned to the AI and Machine Learning, Hardware, Mobile, and Web Engineering specializations will now be calculated using the target compensation for the specializations. ## What’s next? Additional functionality around data transparency that will provide users insight into the underlying data used to generate benchmarks in Carta Total Compensation. Jeffrey Glusman 4 years ago6/9/2022 [**New Employee Scorecard & Engineering Specializations**](https://releasenotes.carta.com/new-employee-scorecard-engineering-specializations-3eSvfi) # What’s new? ## New Employee Scorecard We’ve restructured the Employee Scorecard to increase legibility and improve comprehension of your employee’s role information and compensation details. The updated Employee Scorecard is broken down into logical groupings of information to help you quickly identify important information. 1. Employee Overview 2. Annual Compensation Breakdown 3. Equity Breakdown ## Engineering Specializations Benchmarks 2022-06-09 ### What changes can I expect from these benchmarks? Carta will now provide salary + equity benchmarks for the following engineering specializations: - AI and Machine Learning - Hardware - Mobile - Web Engineering In addition, benchmarks data has been refreshed for the following existing engineering specializations: - DevOps and Site Reliability - Quality Assurance - UX/Frontend ### What were the largest areas of movement from these benchmarks? ### How do I update my plan to use the new benchmarks version? You can update your compensation plan to use the latest benchmark versions either by: 1. Visiting the [Plan](https://comp.app.carta.com/plan) page and clicking on the "Update available" link in the Active Plan window. 2. Navigating to the [Bands](https://comp.app.carta.com/bands) page and clicking on the "Update" bubble in the top left. ### How can I assign an employee to a specialization? You can assign an employee to an engineering specialization by: | | | | --- | --- | | | | 1. Select the “Specialization” dropdown to assign an employee to one of the listed specializations. ### How do I see benchmarks for engineering specializations? You can view benchmarks for engineering specializations by: | | | | --- | --- | | | | ### How do engineering specializations affect the Employee Scorecard? # What’s next? Jeffrey Glusman 4 years ago5/30/2022 [**Account Recovery Measures**](https://releasenotes.carta.com/account-recovery-measures-1xgTIc) **Who This Affects** Users without a verified secondary email address **What’s New** Additional emails are required to assist users with providing a secondary login credential in case access to their primary email address is lost. As part of our efforts to improve our clients' account security, we are updating the process of adding and verifying your additional email address. As part of this release, we will be notifying all users without a verified additional email address to add or verify the email they have listed. This subset of users will be receiving an email notification, as well as an outstanding task in their Carta account’s task manager. **Timing** - This update is available to 25% of randomly selected Carta users - General availability for all users by the end of Q2 Namira Wicaksana 4 years ago5/26/2022 [**Total Comp Geo Factor Refresh**](https://releasenotes.carta.com/total-comp-geo-factor-refresh-1piKPe) # What's new? ## Benchmarks version 2022-05-26 ### What changes can I expect from these benchmarks? Geographic adjustments have been updated to reflect current cost-of-labor data across the US. There have been no changes to the underlying benchmarks that were released on April 13, 2022, details of which can be found [here](https://releasenotes.carta.com/engineering-specializations-2ek9sk). Given the current sample size of Carta Total Compensation we are now able to rely on data from Total Compensation customers, representing the broad tech industry, to determine cost-of-labor differentials in 33 cities (previously 17 cities). For all other US metropolitan areas we continue to rely on data from the Bureau of Labor Statistics (BLS) which is based on a wider set of industries and type of employee. ### What were the largest areas of movement from these benchmarks? For most of the largest markets in Carta Total Compensation we’ve observed an increase in pay relative to the San Francisco Bay Area. Some of the changes to key markets include the following (SF Bay Area = 100%): | **Metro Area** | **Previous Adjustment** | **New** **Adjustment** | | --- | --- | --- | | New York-Newark-Jersey City, NY-NJ-PA | 89% | 100% | | Seattle-Tacoma-Bellevue, WA | 97% | 100% | | Los Angeles-Long Beach-Anaheim, CA | 85% | 94% | | Boston-Cambridge-Nashua, MA-NH | 87% | 94% | | Austin-Round Rock, TX | 82% | 91% | | Miami-Fort Lauderdale-West Palm Beach, FL\* | 68% | 90% | _\\* Data source for Miami has changed from BLS to Carta Total Compensation due to our increased sample size_. Outside of our largest markets we observe a mix of increases and decreases relative to Bay Area compensation levels, but on average there has been a slight increase. ### How do I update my plan to use the new benchmarks version? You can update your compensation plan to use the latest benchmark versions either by: 1. Visiting the [Plan](https://comp.app.carta.com/plan) page and clicking on the "Update available" link in the Active Plan window. 2. Navigating to the [Bands](https://comp.app.carta.com/bands) page and clicking on the "Update" bubble in the top left. ## Improvements to MSA borders Carta Total Compensation currently defaults employees who are not in a supported Metropolitan Statistical Area (MSA) to a geographic adjustment factor equal to your plan’s threshold value. With this update, Carta Total Compensation will now use the adjustment factor for the nearest supported MSA. # What’s next? Additional functionality that will allow users to apply a level-based approach to geographic adjustments. Jeffrey Glusman 4 years ago5/24/2022 [**Capital Calls on Android**](https://releasenotes.carta.com/capital-calls-on-android-3ifdmM) General partners now have the ability to view and track capital calls from the Carta Android app. Investment firms can now track the progress of on-going and completed calls along with investor details, on the go, straight from the Carta mobile app. # Who this affects - Fund administration clients # Supported platforms - Android (Previously available on iOS) # What's new Fund Administration clients can now access their capital call details and investor information from the Carta Android app. - The home screen now provides a summary of active capital calls with the ability to view individual call details. - Navigating to a capital call allows you to view further call and investor details along with a full investor list which can be filtered by Paid and Unpaid calls. - The Fund Details page now also provides a capital summary and the ability to view a list of Active, Drafted, and Completed calls. Sudeep Kumar 4 years ago5/24/2022 [**Cashless Exercising on Mobile**](https://releasenotes.carta.com/cashless-exercising-on-mobile-3h6OQw) Carta users will now be able to perform a Cashless Hold Exercise and Cashless Sell Exercise on the mobile app. ### Who this affects - Public Markets Users ### Supported Platforms - iOS and Android ### What’s new Users with holdings in public companies on Carta will now be able to exercise and sell their shares via a Cashless Hold or Cashless Sell transaction while on-the-go through the Carta mobile app. These features were previously available to users via desktop, and this launch closes the previously existing gap in functionality between the Carta web experience and the Carta mobile app. Sudeep Kumar 4 years ago5/6/2022 [**Web-Login on Mobile**](https://releasenotes.carta.com/web-login-on-mobile-1w4Vyw) Carta mobile app users will now be able to login using a web-browser on iOS and Android. Web-login gives us the benefits of browser-based authentication, and better security, without disrupting the user experience. # Who this affects Employees and Investors # Supported Platforms iOS & Android # What’s New In an effort to bring login and authentication together across all Carta platforms, we are launching browser-based login on mobile. The web-login experience will use Safari on iOS and a default browser on Android. Sudeep Kumar 4 years ago5/5/2022 [**Valuation Updates from Company Cap Tables**](https://releasenotes.carta.com/valuation-updates-from-company-cap-tables-my0Mg) **What's New?** Carta fund admin users can instantly be notified about share price updates for portfolio companies with their cap tables on Carta. As Carta companies publish new share classes or file updated Articles of Incorporation (AOI), funds with basic or higher cap table access may receive notifications about these updates. In addition, users will have the option to apply these updates to their Schedule of Investments (SOI) immediately. When a Carta company raises a new round and publishes it on their cap table, firms with appropriate access can be notified, and Carta will automatically mark their share value to the latest price on the AOI. **How it Works** When a company has their cap table on Carta and raises funding through an equity round, they update their cap table by sharing the publicly filed Articles of Incorporation and revising their cap table data to reflect the new ownership and share price. The Fund Administration team reviews these updates when a new share class is authorized with a filed state incorporation document amendment. Fund admin users who a Carta company has granted basic, advanced, or detailed access to the cap table will be notified of updates through email. The email will contain a link to information such as share class, share price, and impact on fund metrics. **Who This Affects** Firms who have requested and been granted basic, advanced or full detail level access to the cap tables and financing history for their Carta portfolio companies will be notified of new filings. **Why This is Awesome** Carta serves a powerful network of equity and ownership data, which provides a single source of truth for companies and VC firms. This enables accurate data to be leveraged in multiple places, reducing discrepancies, confusion, and manual updates of investment valuations. Whitney Knowlton 4 years ago4/28/2022 [**Revamped Employee Onboarding Experience**](https://releasenotes.carta.com/revamped-employee-onboarding-experience-TsEIE) Employees registering their account on Carta for the first time can now provide their personal information as part of the onboarding process to complete their user profile. # **Who this affects?** Employees who have been issued ISO/NSO option grants or Restricted Stock Units and are registering with Carta for the first time. # **What’s new?** With an objective to provide insightful experiences, we’ve revamped the employee onboarding process to allow users to complete their user profile. Every employee registering with Carta for the first time to accept their first RSU or ISO/NSO option grant will now have the ability to provide the following information: - Personal details such as name, date of birth and country of citizenship - Tax ID - Address Capturing these details upfront allows employees to be transaction ready for events such as exercising. # After successfully completing their user profile details, users will be directed to the Tasks page where they can accept their security. # **Timing** - Available now to 20% of randomly selected Carta customers - General availability for all Carta customers coming by the end of Q2 Hira Zahid 4 years ago4/19/2022 [**Disqualifying Disposition Report - Private Companies**](https://releasenotes.carta.com/disqualifying-disposition-report---private-companies-tkJBC) # What’s new Private companies can now report the complete list of all ISO dispositions and see exactly which dispositions qualify for tax incentives and which ones do not, along with Ordinary Income value and other information. # How it works Under Capitalization > Reports, find the Disqualifying Disposition Report (ISO): Select the reporting date range, acknowledge the report’s use of in-platform securities and transactions, and then export the report to Excel: When the report finishes generating, it will be available in the Downloads menu: The report shows info on Disposition Type, Ordinary Income, FMV and more. In order to be completely transparent, Excel formulas are used for Disposition Type, Ordinary income, First Qualifying Disposition Date, and Disqualifying Reason fields to show how they are calculated: # Who this affects Private companies with tender offers or secondary ISO transactions captured in Carta. # Timing Available now for all Private market customers (the Public market Disqualifying Disposition Report is [available at request](https://app.getguru.com/card/TkKabgac/Considerations-when-enabling-DQD-Report-Beta-for-client) as part of the Early Access release). # Additional resources For more information around the Disqualifying Disposition Report and underlying data, please refer to [this support article](https://support.carta.com/s/article/disqualifying-disposition-report). Webb Allen 4 years ago4/18/2022 [**Save time on administrative tasks with HRIS integrations**](https://releasenotes.carta.com/save-time-on-administrative-tasks-with-hris-integrations-2TcFeE) ## What’s new? Carta now supports integrations with 150+ HRIS and payroll providers. Customers that integrate their HRIS with Carta will have access to Pending Stakeholder Terminations, Pending Updates to Stakeholders, and Carta Total Compensation (with an active subscription). ## **What are the benefits of integrating my HR system with Carta?** Your organization can unlock a new level of automation that helps you become more efficient and make better-informed decisions about your equity program with Carta’s HRIS integration. More specifically, HR integrations will help your organization in the following three ways: **1\. Quickly update employee records** Reduce double entry, win time back, and gain a single source of truth for critical employee information like terminations and employee addresses. **2\. Keep employee data synced across systems** With HRIS and equity data synced, you can trust that your information is always ready to take action on. If there is ever a discrepancy, Carta will flag it and make it easy for you to reconcile. **3\. Calculate and understand tax impact** Employees’ tax impact has never been easier to understand with salary, location, and equity information complete in one place. Carta can help inform employee tax liability for taxable equity events. ## What are the steps to integrate my HR system with Carta? There are two steps that need to be taken to properly integrate your HR system: **1\. Connect your HRIS** There are a few variations for connecting each HRIS system depending on the system’s API configuration. However, this should take no more than two minutes to complete for any provider. Here are specifics for each provider Carta integrates with: - [Rippling](https://support.carta.com/s/article/integration-rippling) - [Bamboo](https://support.carta.com/s/article/integration-bamboohr) - [Namely](https://support.carta.com/s/article/integration-namely) - [Finch](https://support.carta.com/s/article/integration-finch) \- Carta uses a product called Finch to integrate with 100+ HRIS and payroll providers, including Gusto, Trinet,  and Justworks. Note: Only those with Company Editor, Company Administrator, or Legal Administrator permissions can perform the HRIS integration on Carta. Most HR systems also require the individual authenticating the integration to have the highest permission level too. **2\. Match employee records from your HR/payroll system to stakeholder records on Carta** Carta will match the list of employees in your HRIS to the stakeholder ledger in Carta by looking at First Name, Last Name, and Email, then ask you to review them for accuracy. Please see here for how to perform the [Employee ID matching process](https://support.carta.com/s/article/employee-id-matching-stakeholder-updates). Note: This is a necessary step for you to take to be able to take advantage of integrations. ## How do I take advantage of the integrations once I have completed the initial integration? There are two specific modules that will allow your organization to make use of your HR system integration with Carta: Pending Terminations and Pending Updates to Stakeholders. Please see below for how to use these modules to help you manage data coming from your HR system on Carta: - [Rippling](https://support.carta.com/s/article/how-carta-rippling-integrate) - [Bamboo](https://support.carta.com/s/article/how-carta-bamboohr-integrate) - [Namely](https://support.carta.com/s/article/how-carta-namely-integrate#:~:text=Carta%20has%20a%20built%2Din,risk%20of%20making%20a%20mistake.) - [Finch](https://support.carta.com/s/article/how-carta-finch-integrate) David Lichtenstein 4 years ago4/18/2022 [**Untitled Post**](https://releasenotes.carta.com/untitled-post-2FzUZy) **SPV Formations: Fund of Funds and Audit** **What’s new** Carta has been able to perform fund administration for SPVs that are audited and/or fund of funds but now we can form these SPVs as well. **How it works** In our engagement letter [form](https://app.carta.com/investors/carta-edge/engagement-letter/overview) select the package that works best for you. Note: if you have a more complex SPV use the link at the bottom of the engagement letter form to get in touch with an account manager. After engaging with Carta to form your SPV, we will invite you to complete our setup guide.  Within the setup guide we will generate an Operating Agreement or Limited Partnership Agreement that allows for your SPV to be audited and/or invest in funds.  You and your LPs will be able to sign the document within Carta. **What’s next** We will continue to expand our SPV Formations offering allowing customers to form SPVs with quarterly reporting, multiple capital calls, premium carry and annual management fees. Jake Hadary 4 years ago4/13/2022 [**Engineering specializations**](https://releasenotes.carta.com/engineering-specializations-2ek9sk) # What's new? Carta will now provide salary + equity benchmarks for the following engineering specializations: - DevOps + Site Reliability - Quality Assurance - UX/Frontend ### How can I assign an employee to a specialization? You can assign an employee to an engineering specialization by: | | | | --- | --- | | | | 2. Select the “Specialization” dropdown to assign an employee to one of the listed specializations. Note: specialization benchmarks are currently limited to DevOps + Site Reliability, Quality Assurance, and UX/Frontend for the engineering job area. ### How do I see benchmarks for engineering specializations? You can view benchmarks for engineering specializations by: 1. Visiting the [Bands](https://comp.app.carta.com/bands) page and selecting “Engineering” under _Area_. Once the engineering job area is selected, you can change the engineering specializations by selecting the _Specialization dropdown_. | | | | --- | --- | | | | ### How do engineering specializations affect the Employee Scorecard? The compa-ratio is a quick way to compare an employee's compensation to your plan's target rate for a given job area, level, and location. The compa-ratios for an employee assigned to the DevOps + Site Reliability, Quality Assurance, or UX/Frontend engineering specializations will now be calculated using the target compensation for the specializations. ## Improvements to the Employee Compensation Timeline We’ve improved the employee compensation timeline to make it easier to discern between the various types of equity awards an employee has been issued. ## Benchmarks version 2022-04-13 ### What changes can I expect from these benchmarks? We’ve added more than 10,000 new salary data points to our database since the last benchmark update in January. This has allowed us to significantly improve the quality of our model as we compare results to the underlying statistics. Given the increase in the sample we are able to be more granular in our modeling as we look at different job areas and types of employees (ICs and Managers vs. Executives). While changes to the benchmarks are largely a reflection of modeling improvements, the changes will also reflect salary movements in the market since January. This benchmark version also includes engineering specializations for DevOps + Site Reliability, Quality Assurance, and UX/Frontend. ### What were the largest areas of movement from these benchmarks? With this benchmark update we observed larger than expected movement across several job areas, driven largely due to increased sample and refinements to our modeling, and less by overall market dynamics. Many of the decreases we observed were in valuation peer groups of $50M and below. The increases we observed were mainly in valuations higher than $50M. In both cases our benchmarks moved closer to the underlying statistics in our database. Looking by job area, we saw the largest average increases (ranging from 6.5% - 10%) and decreases (all less than 1.5%) in the following job areas: Increases: - Project Management - Customer Success - Data - Sales Decreases: - Administrative - Design - Human Resources - Marketing ### How do I update my plan to use the new benchmarks version? You can update your compensation plan to use the latest benchmark versions either by: 1. Visiting the [Plan](https://comp.app.carta.com/plan) page and clicking on the "Update available" link in the _Active Plan_ window. 2. Navigating to the [Bands](https://comp.app.carta.com/bands) page and clicking on the "Update" bubble in the top left. # What’s next? The Bureau of Labor Statistics recently released 2021 data for US-based geo adjustments. Carta will release a May benchmark update that will include improvements to the geo adjustments within the Total Compensation product. Jeffrey Glusman 4 years ago4/12/2022 [**Retain talent with Total Rewards**](https://releasenotes.carta.com/retain-talent-with-total-rewards-1JEVji) All Carta Total Comp customers now have access to Total Rewards. ## What’s new? - Customize and share equity, salary, and benefits information with employees directly through their Carta account. - Enable employees to calculate and visualize their equity value based on various exit or liquidity scenarios. - Share your compensation philosophy and design custom benefits packages for each employee segment. ## How do I get started? Setting up Total Rewards is simple. Click [here](https://support.carta.com/s/article/total-comp-total-rewards) for step by step instructions, or check our [Total Rewards User Guide](https://s3.amazonaws.com/carta.public/Carta-Total-Rewards-User-Guide.pdf) for more tips for how to ensure an easy roll out to your team. David Lichtenstein 4 years ago3/23/2022 [**Pre-Clearance (Public Markets)**](https://releasenotes.carta.com/pre-clearance-public-markets-28BYsM) # Corporations Equity AdministratorsNew Feature # What’s new Public markets administrators can now  designate employee groups that require company approval before trading through Carta’s pre-clearance tool. Unlike blackout periods, which are in effect for sensitive time periods, pre-clearance applies at all times that the seller is configured to require it. Pre-clearance allows issuers to proactively review and approve or reject seller trade requests when the company is in an open trading window. # Who this affects Public company administrators, and the sellers that public companies configure to require pre-clearance. # How it works Pre-clearance populations are designated at the officer code level. Any seller associated with an officer code requiring pre-clearance (with an effective officer code as-of date) will require pre-clearance to trade. Sellers that are associated with an officer code that requires pre-clearance will be presented with trading request instructions upon portfolio login: If sellers are not in a blackout period and are only prevented from trading due to pre-clearance, they will be able to request the ability to trade. After the seller submits a pre-clearance request, the seller will see a Pending status in the portfolio while the issuer reviews the trading request: - The seller will remain in trade request pending status until the issuer grants pre-clearance. - Upon request, the issuer receives an email notification that pre-clearance requests are pending. The issuer navigates to the Pre-Clearance tool to review and either accept or reject the request: - Clicking Respond allows the issuer to accept or reject the request: - If the issuer rejects the pre-clearance request, the seller will again have the ability to request pre-clearance and will not be able to place trades. - If the issuer approves the pre-clearance request, the seller is able to place trades until the pre-clearance window expires. - Pre-clearance approval is shown in the Open tab. Issuers are able to close a pre-clearance request early if needed. Sellers can enter Cashless sale transactions and stock sales until pre-clearance expires. # Timing The pre-clearance feature is now available to all public companies. Bryan Wells 4 years ago3/18/2022 [**Investor Services Security Update: Requiring 2FA in 2022**](https://releasenotes.carta.com/investor-services-security-update-requiring-2fa-in-2022-14KLeM) Starting in May 2022, we will require that all Carta accounts have two-factor authentication (2FA), also known as Multi-factor authentication (MFA) enabled. **Investor Services customers should confirm all of their team members have personal accounts properly provisioned and secured with MFA/2FA as soon as possible.** # Why MFA/2FA? MFA is the industry standard for software companies, like Carta, that store sensitive identity and financial information. # **What does this mean for me?** As we make this change, all accounts need to be associated with a single person’s name. If there are multiple people at your organization accessing Carta with the same email and password, you need to take action. If you’re not sure, [click here for instructions on checking or updating the name on your account](https://support.carta.com/s/article/account-profile-and-security#name). # **How can I create accounts for other individuals on my team?** You can add people on the people page of each account by following [these steps](https://support.carta.com/s/article/vc-firm-permissions). If you are unsure about how to set up access for other members of your team, please reach out to our support team at investorservices@carta.com. # **Why can’t we use two-factor authentication with shared login credentials?** We cannot send MFA/2FA codes to multiple people at once. ### **Critically: resetting MFA/2FA can only be done for a person’s individual account. If a team member needs to reset MFA/2FA without a backup code, they will need to get in touch with our team and present a photo ID that matches the name on the account.** # **How do I get this process started?** Our Investor Services support team is happy to help you with this process. Reach out to them directly at: investorservices@carta.com. # **Why is this being required?** A password on its own gives you poor protection from hackers. They can steal them from other insecure websites or via malware, and people often reuse the same password for many accounts or choose passwords that hackers can easily guess. Carta is adding this additional security to protect your account from social engineering, phishing, and other related attacks. Thank you for being a Carta customer, and we look forward to answering any questions you might have about this change. Kathleen Meil 4 years ago3/15/2022 [**New Total Comp roles: Area Lead and Recruiter**](https://releasenotes.carta.com/new-total-comp-roles-area-lead-and-recruiter-38GL6) We've updated the Total Comp permissions system with two new role types: - **Area lead**: Users with this role can edit employees and view bands for their assigned area(s) and level(s) - **Recruiter**: Users with this role can view bands for their assigned area(s) and level(s) To add a teammate as an area lead or recruiter, go to the [Settings > Permissions and roles page](https://comp.app.carta.com/settings/permissions) click on "Add User" and follow the instructions in the modal. You will be asked to provide the teammate's email address, assign a role, select which areas that you want the teammate to have access to, and then select the highest level within those selected areas that they can view/edit. You can also change the role and permissions for an existing user by clicking on the action button (three dots) in the user table and selecting _Edit user_. David Lichtenstein 4 years ago3/14/2022 [**Improved Capitalization > by Share Class Experience**](https://releasenotes.carta.com/improved-capitalization-by-share-class-experience-1KKQog) Soon, companies will have access to the updated Capitalization > By Share Class view. This page comes with improved performance for large Cap Tables, allowing you to view and interact with your Cap Table up to 5x faster. To access this view, you can navigate to Capitalization > By Share Class. **What’s next?** We will continue to improve the experience, adding a new summary visualization to the top of the page, and improving the navigability between the By Share Class and the By Stakeholder Cap Tables. **Resources** Support Article: [Capitalization Table - By Share Class](https://support.carta.com/s/article/cap-table-by-share-class) Will WD 4 years ago3/2/2022 [**Notifications for Qualified Small Businesses**](https://releasenotes.carta.com/notifications-for-qualified-small-businesses-0SaLC) ## What’s New Users with holdings in companies identified as Qualified Small Businesses (QSB) will now be notified of the potential tax benefit. Carta determines QSB eligibility when performing a 409A valuation and email notifications will be sent to all users associated with the company once the valuation is accepted. In addition, vesting emails will include information about the qualified small business stock (QSBS) tax benefit. Furthermore, users can now find a banner in the company overview page within their portfolio that informs them about QSBS eligibility, linking to a [blog post](/content/blog/qsbs/index.html) to learn more. Finally, users will be notified if their exercise qualifies for QSBS once they submit an exercise request. ## Who this affects US Companies using Carta for 409A valuations that are QSBS eligible and all their stakeholders, prioritizing “Vested” option holders. ## How it works ### Email notifications Emails are sent to all users associated with a company that qualifies as a QSB. If Carta determines the company is a qualified small business, emails are sent once the 409A valuation is accepted. Extra emails are sent to all users each time the company’s valuation includes eligibility. ### Vesting emails Vesting emails will now include information about QSBS eligibility to help make a more informed decision about exercising. ### Company’s overview page A banner informing users of the QSBS Eligibility Tax Benefit can be found next to the company’s name in their portfolio. This banner appears for companies identified as qualified small businesses, including information about the potential tax benefit from exercising and the expected timeframe of the company’s eligibility. ### Exercise submission message Upon submitting an exercise request, the Congratulations page will inform users that the shares are QSBS-eligible. It summarizes the conditions and links to an Equity Education article to learn more ( _highlighted in red_). ## Timing - General availability for all 409A customers by the end of Q1 ## Additional Resources - Support Article: [Defining QSBS](https://support.carta.com/s/article/qualified-small-business-stock) - Blog: [QSBS](/content/blog/qsbs/index.html) & [Carta Support for QSBS](/content/blog/carta-supports-the-qsbs-exclusion/index.html) 4 years ago2/25/2022 [**Redesigned Capital Call Request Tool**](https://releasenotes.carta.com/redesigned-capital-call-request-tool-b5soU) **What’s new?** Previously, our capital call request tool only allowed General Partners (GPs) to request capital from all investors in the fund regardless of their close date. Starting today, GPs can use the redesigned tool to: - Make pro-rata capital calls from their existing investor base - Call capital from subsequent close investors Additionally, GPs will be able to view a list of all their newly closed investors, as well as any investors whose commitments have increased or decreased since the last capital call. The capital call amounts to be called from these investors will be auto-calculated by the tool for the GP to review. **How it works** 1. There are two ways you can request a capital call. You can navigate to the Firm Management Page or through the capital calls tab in the fund page. 2. Select the type of capital call you would like to request: 1. **Pro Rata** capital calls is an improved version of our capital call tool. Input a capital call dollar or percentage amount, followed by call details, and go through the final review step before initiating your capital call. 2. **Subsequent Close** capital calls will list out investors who are new and those with changed commitments since the last capital call. You will have an optional text box for additional notes, capital call details, and a final review before initiating your capital call. Animated GIF - Find & Share on GIPHY **Who this affects** This is available for all fund administration customers who are on the Carta General Ledger. **What’s next?** We’ll be expanding the tool’s functionality to handle more complex scenarios, such as calling additional capital from both new and existing investors in the fund. We also plan to embed the PDF notices at the review step to give GPs the option to start the capital call without further approvals. Erin Kim 4 years ago2/17/2022 [**Set your employees' local currency**](https://releasenotes.carta.com/set-your-employees-local-currency-4hoWKA) You can now set the local currency for cash compensation (salary and variable) for your employees' scorecards. This new feature paves the way for better support for international employees. Target compensation for non-USD currencies will be supported in the future. David Lichtenstein 4 years ago2/16/2022 [**Improvements to job leveling framework**](https://releasenotes.carta.com/improvements-to-job-leveling-framework-2AWySQ) We've enhanced the leveling framework with new and updated job areas and specializations. This improvement is an important step toward expanding the scope of the Bands feature to include benchmarks for these new job areas and specializations. NOTE: These updates do not impact your employee's target salary or equity, as they are simply improvements to the labeling system to more accurately reflect trends in job functions. The following job areas and specializations have been added and updated. Job areas marked with an asterisk (\*) are currently only available for leveling purposes and do not yet support bands. At this time, all specializations still do not differentiate bands/benchmarks from their top-level job area, however, we will soon be launching specialized bands starting with Engineering, IT, Marketing, and HR. You will be notified as soon as bands are available for these new areas and specializations. | | | | --- | --- | | **Job Area** | **Specialization** | | Administration | Administrative Assistant | | Corporate Affairs\* | Government Affairs | | Corporate Affairs\* | Regulatory Affairs | | Customer Success | Training | | Data | Business Intelligence and Analytics | | Design | Industrial Design | | Design | UX Design | | Engineering | Crypto and Web3 | | Engineering | Data Engineering | | Engineering | Web Engineer | | Finance | Financial Planning and Analysis | | Finance | Tax | | HR | Benefits | | HR | Compensation | | HR | Diversity | | HR | HR Generalist | | HR | Learning and Development | | HR | Total Rewards | | IT\* | Information Security | | IT\* | Information Services | | IT\* | Network Ops | | Legal | Corporate Counsel | | Legal | Paralegal | | Manufacturing\* | Assembly | | Manufacturing\* | Manufacturing Engineering | | Manufacturing\* | Production Planning | | Manufacturing\* | Quality Assurance | | Marketing | Communications/Public Relations | | Marketing | Creative Marketing | | Marketing | Digital Marketing | | Marketing | Events | | Marketing | Marketing Operations | | Marketing | Production | | Operations | Facilities | | Product | Technical Writing | | Project Management | Non-Technical Project Management | | Project Management | Technical Project Management | | Research | Clinical Science | | Research | Pre-Clinical Science | | Research | Process Development | | Research | Support | | Sales | Sales/Solutions Engineering | | Strategy | Business Operations | | Strategy | Corporate/Business Development | David Lichtenstein 4 years ago2/15/2022 [**New Updated User Roles**](https://releasenotes.carta.com/new-updated-user-roles-qXTuo) Soon, Carta customers will start seeing an expanded set of Roles to help you reflect the different individuals who are handling different aspects of Cap Table management. For now, users assigned to new roles will serve as point of contact for their areas. Over time, these individuals will see updated experiences and be guided to relevant Carta tools. To see this experience, Navigate to "Company > Permissions and Roles > Roles" Alex Chen 4 years ago2/2/2022 [**Public RSU settlement now captures tax withholding at the tranche level**](https://releasenotes.carta.com/public-rsu-settlement-now-captures-tax-withholding-at-the-tranche-level-3VNMzu) Corporations Equity AdministratorsImprovement **What’s new?** Previously, Carta's public markets RSU settlement tool grouped all vested tranches for an RSU grant into a single settlement entry. Carta now captures the settlement of each RSU tranche separately, including shares sold or withheld to cover taxes per tranche. This enhancement applies to public RSU grants with multiple vested but unsettled tranches. **This change provides the following improvements:** 1. Clarity on taxes: If an issuer is releasing multiple tranches at once for a single grant, taxes are now easier to review and reconcile. Each tranche’s taxes are shown distinctly in our reports. 2. Clarity on net shares: Carta’s reporting now breaks down the shares sold or withheld for taxes for each tranche. This provides additional clarity and ease of reconciliation for participants selling net RSU shares through 10b5-1 trading plans. **Changes to reports:** Tax calculations are now captured at the vesting tranche level when setting up an RSU settlement. - The vesting date for each tranche now has its own row in our _RSU Settlement Batch_ tax estimates report. Administrators can override taxes for an individual vesting tranche as part of an RSU settlement. Shares sold or withheld for taxes are now captured at the tranche level in Carta's _RSU Settlement Details_ report. - Net RSU shares sold pursuant to 10b5-1 plans in Carta are easier to interpret and reconcile, since we capture gross and net shares per tranche for each RSU settlement. - Our settlement reports have been updated to show tranche level settlement information. **Timing:** This enhancement will be released to all public Carta companies on February 2, 2022. Bryan Wells 4 years ago1/27/2022 [**Portfolio Overview Redesign**](https://releasenotes.carta.com/portfolio-overview-redesign-3q09Uc) Users with holdings in private and public companies can now view their holdings details directly from the Portfolio screen for easy access. # **Who this affects?** Shareholders with holdings in private and public companies. # **What’s new?** With an objective to provide insightful experiences, we’ve redesigned the Portfolio Overview screen to surface important holding details for each company. This redesign introduces usability enhancements by eliminating extra clicks and effort required to find the information needed to view and understand equity. We know things like the quantity of option grants, vesting schedule, and values of securities are some of the most important metrics to have top of my mind when reviewing your portfolio. In the Portfolio Overview, each **private company card** will now present the following information with the ability to view further details when clicked: - Details of your holdings in each company and their vesting schedule - Summary of your securities - Current FMV if you have holdings in the company or have exercisable options - A vesting progress bar highlighting the number of options exercised in comparison to the amount granted Each **public** **company card** will now present the following information with the ability to view further details by clicking on the company name: - Market Value - Total number of shares held - Total holdings value - Net holdings value Hira Zahid 4 years ago1/24/2022 [**Carta Web now has Section 6039: Form 3922 tax form generation**](https://releasenotes.carta.com/carta-web-now-has-section-6039-form-3922-tax-form-generation-1x39gA) **What's new?** Carta Web now supports the generation of Form 3922 for Employee Stock Purchase Plans in the Company Administrator view. Companies that would normally have access to the Compliance tab, can now request access to **Section 6039** from their Customer Success Managers. Form 3922 forms are due to stakeholder portfolios by January 31, 2022. By enabling this functionality in Carta Web, administrators are now in control of the Form 3922 generation and distribution, similar to Form 3921 for Incentive Stock Option Exercises. NOTE: This feature can be enabled upon request from companies that have an Employee Stock Purchase Plan. From the IRS: _Corporations file this form (3922) for each transfer of the legal title of a share of stock acquired by the employee pursuant to the employee's exercise of an option granted under an **employee stock purchase plan** and described in section 423(c) (where the exercise price is less than 100% of the value of the stock on the date of grant, or is not fixed or determinable on the date of grant)._ **How to Use** 1. To generate Form 3922, navigate to Compliance > **Section 6039**. NOTE: TCC is not required to generate Form 3922 Copy B for employees. 2. Click **Generate**. 3. Select the **Effective Year** of the report. 4. Review any missing information, check off the box to confirm company data, then click Next: add contact info. If any information is missing, complete the information, then return to this stage. - If Company tax data is not complete: 1. Navigate to Company > Settings. 2. Click into the Profile tab. 3. Enter Tax ID, TCC (required to generate Copy A, but not required for Copy B) and address. - If Stakeholder tax details are not complete, update missing data under the Stakeholder details tab of the same Form 3922 page 1. The names, addresses, and SSNs can be edited individually by clicking Edit to the right of the stakeholder’s row. 2. The stakeholder details can also be updated in bulk via Stakeholders > All stakeholders page. [Review these instructions to bulk update stakeholder details](https://support.carta.com/s/article/bulk-update-stakeholder-details). 5\. If the missing data was entered in, return to the Compliance > Section 6039 page and click **Generate** to click through the steps to proceed and add company contact information. The company contact is formatted into the electronic Copy A .txt file that will be uploaded to the [IRS site](https://www.irs.gov/tax-professionals/e-file-providers-partners/filing-information-returns-electronically-fire). Click **Generate Form 3922** to begin the generation of the files. 6\. **Refresh** the page after some time if you see a spinning wheel or navigate away and return later. 7\. Once generated, click **Download reports** for the tax year to download a .zip file to your local drive that contains all necessary data for Copy A (efile), and Copy B (statements). The .zip file will be split out into the following three files: - **efile** will be a specially formatted electronic .txt file. NOTE: Do not edit this file. Only download and upload to the [IRS FIRE site](https://www.irs.gov/tax-professionals/e-file-providers-partners/filing-information-returns-electronically-fire). If any data needs to be updated, repeat the initial steps for the same filing tax year to regenerate the reports and download the updated files. - **statements** should be delivered to all holders who acquired stock through an ESPP by the January 31st deadline and can be delivered electronically on Carta by clicking the link to **Deliver participant statements**. For any filing questions, contact your tax advisor. **Who this affects** Public and Private Market companies with an ESPP. **Timing** This feature can be enabled on demand by reaching out to our support team or Customer Success Managers. **What's Next** The product team will be enhancing Form 3921 functionality to bring it more in line with the new Section 6039 admin experience. Vibhu Mahajan 4 years ago1/24/2022 [**Improved Public Exercising Experience**](https://releasenotes.carta.com/improved-public-exercising-experience-1p6nCM) Option exercising with Public companies is now easier than ever. The exercising experience for public companies has been improved. The exercise request is now a coherent workflow guiding users through each step and providing key information about the exercise. With this detail, users can be more confident with their selection at each step of the exercise request. If there are issues with the exercise, clearer banners explain how Carta calculates share amounts and market prices. _Who this affects_: 🇺🇸 Public US companies _What's new_: - New experience for exercise requests: - Added explanations of exercise transaction methods - Clearer confirmation of address and payout method - Improved order details with indicators on maximum eligible options and clear explanation of order types - Incorporated review of taxes withheld and reminder of potential for additional taxes owed at end of the year - Summarized the exercise request clearly laying out the cost and transaction details so users understand what will be needed - Cashless exercising reflects issuer imposed trade limits _Action required:_ No action required _Timing:_ Released to 100% of all public companies on Jan 24, 2022 Bryan Wells 4 years ago1/24/2022 [**Pre-filled W-9s in LP Closings Tool**](https://releasenotes.carta.com/pre-filled-w-9s-in-lp-closings-tool-XQT8A) ## What's New LPs subscribing to Funds and SPVs using Carta's Closings Tool can now E-Sign a pre-filled W-9 while filling out subscription documents. Having LPs submit a tax form is an important part of the closings process for any Fund or SPV to ensure tax teams correctly prepare LP K-1s. We received feedback from LPs about the friction of printing, signing, and uploading W-9s and wanted to streamline the process. ## How it Works For Individuals For U.S. based LPs subscribing as an Individual, we can now optionally pre-fill a W-9 for them to review and E-sign in just three clicks. The W-9 is pre-filled based on the information the LP already provided as part of their subscription. For Partnerships and LLCs For LPs subscribing as a partnership or through a LLC we'll ask some additional questions to ensure we are accurately representing the LPs federal tax classification on the W9. With the initial release of this product we will not be pre-filling W-8s or W-8BEN-Es for non-US LPs but will still allow them to upload their own form. ## Who this affects This is now available to any LPs using [Carta's Closings Tool](/content/blog/simplifying-subscription-documents-for-spvs/index.html). The Closings Tool gives LPs a quick and easy way to fill out Fund and SPV subscription documents. Spencer Holton 4 years ago1/21/2022 [**Set Your Target Market Position**](https://releasenotes.carta.com/set-your-target-market-position-1rmTCg) # What's new? ## Target Market Percentiles Carta Total Comp will now show target data for the 25th, 50th, and 75th salary and equity percentiles. ### How do I change my target market percentile for my compensation bands? You can update your target market position to use the new percentiles either by: 1. Visiting the [Plan](https://comp.app.carta.com/plan) page and clicking on the "Create plan" button in the _Active Plan window_. The _Create Plan window_ contains a section called “Market position by job area” where you can specify your target salary and target equity percentiles. 2. Visiting the [Bands](https://comp.app.carta.com/bands) page and clicking “Edit” under _Target criteria_. Once in edit mode, you can change the target market position by selecting the Percentile dropdown. | | | | --- | --- | | | | ## Market Position by Job Area Carta Total Comp users will now be able to set their organization's target market positioning by element of compensation (salary + equity) and job area to make sure they're getting a view of market competitiveness that supports their overall talent strategy. ### How do I update my Plan to define my market position by job area? You can update your existing compensation philosophy by: 1. Visiting the [Plan](https://comp.app.carta.com/plan) page and clicking on the "Create plan" button in the Active Plan window. 2. Under "Market position by job area" you will see a table containing your default salary + equity positioning. 3. Select the "+" icon to create additional market positions by job area. 4. Each additional market position will allow you to specify the job area, target salary percentile, and target equity percentile. ### How does Market Position by Job Area affect the Employee Scorecard? The compa-ratio is a quick way to compare an employee's compensation to your plan's target rate for a given job area, level, and location. A plan that specifies a market position for a job area adjusts the target rate for all employees in said job area. These changes can be previewed by selecting the “Save and preview plan” button on the _Create Plan_ page. ## Benchmarks version 2022-01-21 - Our market estimates now include measures of the 25th and 75th percentile by job area, level and peer group. - We've updated the Salary bands for all job areas to reflect market changes and improvements to our benchmarking model. ### How do I update my plan to use the new benchmarks version? You can update your compensation plan to use the latest benchmark versions either by: 1. Visiting the [Plan](https://comp.app.carta.com/plan) page and clicking on the "Update available" link in the Active Plan window. 2. Navigating to the [Bands](https://comp.app.carta.com/bands) page and clicking on the "Update" bubble in the top left. ## What’s next? We will be expanding our benchmarks to include salary and equity data for the following Engineering Specializations: DevOps, Frontend, QA, and Software Engineering. Jeffrey Glusman 4 years ago1/21/2022 [**Funds Can Now Review and Request SOI Updates in-App**](https://releasenotes.carta.com/funds-can-now-review-and-request-soi-updates-in-app-2PEX9S) **What’s new?** Valuation updates can now be submitted directly in Carta! We kicked off EoY reporting by launching Schedule of Investments (SOI) review emails with in-app flows for Fund Managers approve their valuations, markup their investments, or request other updates right in Carta. This is the first step in a set of functionality for making the quarterly and annual reporting process easier than ever. **How it works:** Rather than Fund Admins having to comb through investment valuations for every entity and curate one-off email threads with Fund Managers to ask for reviews and updates, they can now kickoff these emails with just a few clicks in Carta, and easily track where each entity is in the reporting process. Fund Managers will be sent a link to their SOI for review and approval, where they can approve on the spot or request changes directly in app. For markups or markdowns, they can go through a fully in-app flow to complete the updates. They no longer need to go download their SOIs and itemize every change through email, to send back to their Fund Admin. Any approvals or requests for changes will automatically be queued for Fund Admins to review and push through, while markups and markdowns that pass health checks will push through updates directly and be routed to Carta's Deal Docs team, so they can review and catalogue supporting documentation. **Who does this impact?** Fund Admins now have quicker, more efficient ways to send out SOIs to kickoff financial reporting, and track where each of their entities are in the process. They can spend less time keeping track of multiple email threads and keeping mental lists of which assets are ready to go and which need to updated. Fund Managers can also view their SOIs by fund and directly request changes at any time, within Carta as needed, ensuring asset valuations are up to date throughout the year. **What’s next?** The team is working to add more in-app methods for funds to easily to keep their investment valuations up to date, such as note conversions, further reducing the time delays from back and forth emails, and ensuring better expediency and accuracy for valuation updates. Whitney Knowlton 4 years ago1/19/2022 [**Equity Value Settings**](https://releasenotes.carta.com/equity-value-settings-2u4C7S) **What's new?** You can now select how equity value is displayed in the Scorecard and communicated to employees in Total Rewards in the new Equity Settings section in the General Settings page. **How to use** Navigate to Settings in the top navigation and then click on the [**General Settings**](https://comp.app.carta.com/settings/general) tab on the left-side navigation. In the _Equity Settings_ section, there are two options: - Equity share price - Set the value of the share price either using the Last Preferred Price or set a custom value. - Equity value calculation - There are two options to choose from to determine how equity value is calculated: 1. Net equity value - The in-the-money value of all equity grants (i.e. net of any exercise costs). RSUs assume a strike price of zero. **This is the recommended setting for most situations.** 2. Notional equity value - This is the gross value of the equity (i.e., shares granted times the equity share price). NOTE: When using the _Net equity value_ option on the Bands page, Total Comp will always display the notional (face) value of equity according to your set equity share price as exercise costs are only taken into consideration for individual equity awards. Prior to this update, all equity value was calculated only using the notional value method. We recommend customers review compensation philosophy with their teams to make the determination on the best methodology for your unique circumstances. David Lichtenstein 4 years ago1/12/2022 [**IFRS Initial Release - Financial Reporting**](https://releasenotes.carta.com/ifrs-initial-release---financial-reporting-2EiaOc) # What’s new Companies using our newest version of the financial reporting tool can now report following International Financial Reporting Standards (IFRS). This is the first release of our IFRS reporting that includes: 1\. Tranche based valuations 2\. FIN28 amortization 3\. Correct relationship valuation methodology (differs from US GAAP) 4\. Stakeholder country field added to reports 5\. Disclosures 6\. Stock-based compensation expense journal entry 7\. Report error validations specific to IFRS reporting Later releases will include: 1\. In-app custom assumption overrides 2\. Forfeiture rate by grouping # How it works When going to create a new expense scenario, there is now an additional step where users can select which reporting standard they want that scenario to follow. Users have the ability to create multiple scenarios to support both IFRS and US GAAP. Once the scenario is created users can create both SBC expense reports and disclosure reports that follow the standard and give supporting calculations. # Who this affects Private and public companies using our new financial reporting tool. # Timing Available for legacy V1 IFRS users and beta customers. If you have a customer that is interested in being a beta user, reach out to Jess Carthey via slack. GA will begin with the second release which includes in-app custom assumptions. Jess Carthey 4 years ago1/11/2022 [**Total Comp Benchmarks Version 2022-01-10**](https://releasenotes.carta.com/total-comp-benchmarks-version-2022-01-10-nv8ic) ### What’s new? We've updated the Salary bands for the Engineering, Data, and Research job areas to reflect market changes and improvements to our benchmarking model. ### How do I update my plan to use the new benchmarks version? You can update your compensation plan to use the latest benchmark versions either by: 1. Visiting the [**Plan**](https://comp.app.carta.com/plan) page and clicking on the "Update available" link in the _Active Plan_ window. 2. Navigating to the [**Bands**](https://comp.app.carta.com/bands) page and clicking on the "Update" bubble in the top left. ### What's next? On January 21, we will be launching a new enhancement to the Plan feature that will let you set your target market position (25th, 50th, or 75th percentiles) for salary and equity by job area. Stay tuned for this major release! Jeffrey Glusman 4 years ago12/21/2021 [**Employee ID Matching Tool**](https://releasenotes.carta.com/employee-id-matching-tool-KbFsc) **What’s new?** There is a new way for Cap Table Admins to manage Employee IDs. This is more than just an import; it is a matching tool that will make it easier to match the Employee ID with the indented Stakeholder in Carta. **Why is this important?** The Employee ID can clearly indicate that employee #123ABC on the HRIS or another system is the same as the Stakeholder #123ABC on Carta. The Employee ID matching tool will compare Employee ID, First Name, Last Name, and email from an external source to the records in Carta. If all of the data between the two sources match exactly, then the Employee ID will be automatically saved in Carta. If some of the data matches, like Last Name and Email but not First Name, then those matches will be shown as a pending match some the Cap Table admin to confirm if the records are the same across two systems. **How it works** This tool is available to a user with the role of [Legal admin or Company Admin.](https://support.carta.com/s/article/corporate-permissions) It is under the Stakeholders dropdown > Stakeholder Updates > Employee ID Matching. **Step 1: Add** **External** **data** Download the template, and populate it with employee IDs, First Name, Last Name and email from the Employee ID source system (typically an HRIS or Payroll system). Upload this data into Carta as a CSV file, or Copy/paste directly into the matching tool. Employee ID, First Name, Last Name, and email are all required for this upload. **Step 2: External Data Source** Once the data is uploaded, it will run through the automatic matching process. If the data is the same between the external source and Carta, then the Employee ID will automatically be updated. **Step 3: Review Pending Matches** If the data from the external source matches the data in Carta, then approve the suggested match. There is also an option to select a different Stakeholder or to clear it. **Step 4: Review and save** Jessica Ray 4 years ago12/20/2021 [**1099B Cost Basis Report available to Company Admins**](https://releasenotes.carta.com/1099b-cost-basis-report-available-to-company-admins-2VisjS) **What’s new?** We are releasing a report to all Private Market companies for administrators to review their certificate cost basis and original acquisition dates. This report will allow administrators to view cost basis data prior to the delivery of 1099B tax statements to stakeholders by mid-February. **How it works** This in-app report is available by navigating from **Capitalization -> Reporting -> Form 1099b cost basis report**. Administrators will be able to view columns like stakeholder details, certificate ID's, quantity of shares sold, date acquired (original acquisition date), proceeds, gain/loss, and including various cost basis fields: - cost\_basis\_total\_certificate = full value going back to the original certificate - cost\_basis\_per\_share = cost basis of total certificate / total shares quantity - cost\_basis\_sold\_certificate = cost basis per share X sold shares quantity From this report, Issuers can identify which certificates need to be changed and/or excluded from tax filing, and will have the opportunity to correct the data until late-January. **Who does this impact?** This report will be available to individuals with role permissions of **Company Admin**, and including **Company Editors.** **What’s next?** In the next month, Carta's Liquidity team will be reaching out to ensure that data has been reviewed and is considered approved by Issuers for generating 1099B statements. Stakeholders will be able to access tax statements in their portfolios by mid-February. Vibhu Mahajan