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Financial FAQs

A brief summary of the accounting procedures we follow:

Rental payments and security deposits:

  • All payments are required to be made by check, money order or bank check.
  • No cash is accepted for payment.
  • Receipts are provided, with immediate entry into our accounting system, followed by daily deposit of funds received.

Vendor invoices:

  • Invoices are entered into our accounting system as received, with due date reflected.
  • The company’s goal is to pay all invoices with the current maintenance reserve if available, or with the current month’s rents if they have not yet been disbursed to the owner.
  • Should major repairs/invoices be scheduled, the owner will be requested to send additional funds if expected rent receipts would not allow for timely payment.
  • Any type of installment payment plan with a vendor will be disbursed as we are directed; however, it will be the responsibility of the owner and vendor to work out such arrangements, and then notify our Property Care Specialist by email or letter.
  • Invoices market ‘security deposit’ and/or ‘MO’ (move out) are being charged to the tenant, and will be reimbursed from the security deposit forfeiture and tenant payments after vacating. These invoices are paid prior to owner proceeds disbursals to ensure timely payment.

As rents are received the following procedures are completed:

  • Vendor invoices are disbursed based on available funds.
  • Management fees are disbursed based on rents/late fees received per the terms of the management agreement.
  • Owner proceeds are disbursed, less identified reserves.
  • If owner accepts direct deposit, the funds should be in the owner’s account the morning of the second business day following the disbursal (i.e., funds disbursed on Monday, April 19th would be in owner’s account by Wednesday morning, April 21st).
  • If the owner receives paper check, they will be mailed to the address on record, or if the owner prefers, held at our office for the owner to pick up.
  • Statements and invoice copies are uploaded to the Owner Portal between the 10th and 15th of the month. This prevents the statement preparation and review from holding up the actual disbursal of owner proceeds. Paper statements are mailed as requested and/or with the monthly owner proceeds distributions for owners not receiving direct deposit.
  • Should you prefer or require statements on a different schedule, please contact us and your file will be noted. Also, if you have questions or are missing items for the current year, please let us know, and we will provide those.

When a check is returned for insufficient funds, we immediately attempt to reach the tenant at each contact option we have (phones/emails/post on residence), to advise them to bring payment with certified funds, including any late fees applicable. Should the tenant not reimburse the returned check in a timely manner, and owner proceeds and/or vendor payments have resulted in a negative account balance for the property, the owner will be advised and requested to send funds to cover any shortages. We rarely find this necessary, as most tenants immediately bring the payment in once notified.

The vendor invoices, management fees and owner proceeds disbursals are completed, with the disbursals scheduled for the fifth business day following, according to the schedule below

  • For rents received by the 1st of the month, processing begins on the first business day of the month with owner proceeds disbursed on the 5th business day following.
  • For rents received by the 5th of the month, owner proceeds would be disbursed on the 5th business day after the 5th.
  • For rents received by the 10th, owner proceeds would be disbursed on the 5th business day after the 10th.
  • For rents received by the 15th, owner proceeds would be disbursed on the 5th business day after the 15th.
  • As late rents are received, disbursals would continue allowing the 5 business days for check clearing.