From today you can get a complete overview of your funds and transactions on MYC4 in the new balance sheet that we have implemented on your My Account page. We consider this a major improvement for the level of transparency, understanding and accountability on the platform, since this data had to be patched together using a lot of different tools in the past.
The balance sheet consists of two parts: placement of funds (or assets) and summary of transactions (or liabilities). It allows you to first of all know exactly where you have chosen to place your funds at any given time, and it also shows you all transactions going into, or coming out of, your account since joining MYC4.
The balance sheets consist of the following:
Placement of funds
- Account balance is the amount which is available on your account for lending.
- Open bids is the amount that you have bid on loans which are still open for bidding. These funds will either ‘proceed downwards’ to Pending bids when the loan closes, or ‘upwards’ back to the Account balance in case your bid is outbid by another investor.
- Pending bids is the amount that you have bid successfully, the bidding is closed and you won the auction. These funds are awaiting disbursement to the borrower and will then proceed downwards to your Outstanding principal.
- Outstanding principal (your active loan portfolio) is the amount that has been disbursed to the borrowers and is currently being repaid. Whenever the borrower pays a monthly instalment, the size of these funds shrink as the principal is being repaid. In other words, whenever you receive a loan repayment, a portion of the outstanding principal is transferred back to your Account balance for re-lending. You can expand the Outstanding principal by clicking the small arrow-icon to the left, thereby allowing you to see in which countries and with which providers you have spread your funds – this is a valuable tool for risk diversification.
- Sum of funds show you the above four rows put together as a total value.
Sum of Transactions
- Uploads shows you the total amount of money that you have uploaded to your MYC4 account since you joined as an investor.
- Withdrawals shows you the total amount of money that you have withdrawn from your MYC4 account since you joined as an investor.
- Net Result comes from your Profit & Loss for the whole period that you have been investing on MYC4.
- Inactive Fees appear in the event that your account has been inactive at any given point.
- Gift cards & donations show you the net amount given/received through gift cards and your donations to MYC4 (if any).
- Inter account transfers appear if money has been transferred between your account and another investor account (can only be done manually by MYC4 staff).
- Sum of transactions show you the above rows put together as a total value.
The new balance sheet is a BETA version which means that we are still working on a number of improvements, particularly the ability to choose previous dates. It also means that for users created prior to 2010, differences between the Sum of funds and the Sum of transactions may occur. These differences are due to the registration of data before MYC4 underwent major IT improvements in 2009, and are thus not to be considered an actual loss or inconsistency. We are aware of these differences and are working on a solution to present the results correctly for investor accounts older than 2010 as soon as possible.
For investors who made loans to borrowers in Côte d’Ivoire and subsequently received Miscoci recoveries, it should also be noted that these recovered funds are now included in the Profit & Loss.
If you have any questions to the new balance sheet, you are welcome to write to us at firstname.lastname@example.org. We hope you will find the new balance sheet useful and we look forward to hearing your initial thoughts and feedback.