BISHOP’S VIEW// MANAGEMENT SERVICES PRESENTATION
LOSS PREVENTION INSPECTION CHECKLIST By ______________________________ Property Name: Regional Manager:
LPS: Email: Date of Inspection:
]
Receivership Property: [
]
Section 1. Reports / Logs 1 2 3
Review Rent Batches with money order logs: Verify Copies of MOs & entries into MRI/Yardi
5 6
Review Miscellaneous Income Report and batches tied back to Bank deposits Review Rent Roll
7
Review Security Deposit Listing
8
Review Personal Property Inventory Listing Section 2. Property File Audit
1
Review all employee files, addendums and ledgers, verify 20% max. employee discounts.
2
Are Cancelled / Denied Applications being handled / filed properly? Section 3. Property Check / Operations
6 7
Property using a Safe on-site No past employees still with Active User KeyTrack accounts Office Alarm system active and used daily on site "No Cash Accepted" Sign posted in Leasing Area/Office Walk up to 5 vacant/ down units (or all available if less than 5). Check for unauthorized occupancy/ activity Saferent Overrides LRO Compliance
8
Work Orders
9 10
Concession - Customer Service Vacant Unit WMU
5
Section 4 . Resident Ledger Review 1 2 3 4
Is petty cash on site locked and secure? 1
3
Do receipts in petty cash box match cash out of box? Is Petty Cash Agreement signed by the person who has custody of the petty cash on site? Is petty cash being submitted in a timely manner?
4 2/10/2015
Measurement Ensure appropriate action is being taken on delinquent accounts and prepays are appropriately offsetting delinquencies. Future concessions are properly documented and match Yardi or MRI Ensure credit adjustments match the SODA's upon move out ensuring collections bonus is accurately calculated and paid
Responsible Person
Comments
Yes,No,N Yes,No,N /A /A
Comments
Yes,No,N Yes,No,N /A /A
Comments
Yes,No,N Yes,No,N /A /A
Comments
Yes,No,N Yes,No,N /A /A
Comments
Yes,No,N Yes,No,N /A /A
Operations Team Operations Team Operations Team Operations Team
Ensure rent roll is clear of past residents, applicants and dated information Ensure listing is clear of dated information and does not have any credit (negative) balances Review for accuracy ensuring the list does not contain any leased items or items no longer in service Yes,No,N/A
Measurement 20% Max Employee Discount, Balances are Zero and that employee residnets are not delinquent and paying their appropriate 1/2 month prorate at move-in.
Operations Team Operations Team Operations Team Operations Team Responsible Person Operations Team Operations Team
Yes,No,N/A
Measurement
Responsible Person
Clearly Visable?
Operations Team Operations Team Operations Team Operations Team
5 Vacant Unit Walks
Operations Team
% of Overrides New and Renewal Compliance % Do the number of hours billed correlate to the hours worked on the property? Employees should include the Work Order number in their notes when entering their time- if their time is not associated with a work older , clear notes should be made as to why/what work is being billed. Valid support
Operations Team Operations Team
Account Audit / No Apartments numbers on Fastrack Fobs
Yes,No,N/A
Are ledgers neat and accurate? Is system Monthly Posting accurate or are corrections needed? Are corrections accurately and thoroughly described? Referral Credits Section 5. Petty Cash
2
Yes,No,N/A
Review Aged Delinquency Balances and Credits. (Yardi- receivable detail by charge code MRI- Aged Receivable-detail) Review Concession Matrix (Yardi, MRI) Review Charges and Credits on all accounts-check for corresponding credit memos (Yardi, MRI)
4
1 2 3 4
CORRECTIONS NEEDED
Check One - Non-Receivership Property: [ Additional Comments:
Next Quarter follow up- item correct
Comm. Manager:
Measurement
Operations Team Operations Team Operations Team Responsible Person Operations Team Operations Team Operations Team Operations Team
Valid support Yes,No,N/A
Measurement Look on-site to determine that petty cash is physically secure. Does the lock box have a shared key or does only one person have the key? Confirm the person who has the key is the person who signed the Petty Cash Agreement. Add up receipts in petty cash box and compare to cash out of box. Compare name/signer of the Petty Cash Agreement to who controls the petty cash box on site. PC to be reimbursed once a month or when funds are at 50%. Review Vendor Ledger for checks issued to petty cash to determine if the petty cash reimbursement check exceed petty cash agreement amount; if so, this confirms that petty cash was not submitted timely. Page 1
Responsible Person Operations Team Operations Team Operations Team
Operations Team
LOSS PREVENTION INSPECTION CHECKLIST By ______________________________ Property Name: Regional Manager:
LPS: Email: Date of Inspection:
Comm. Manager: Section 6. Delinquency / Prepaids 1 2 3 4 5
Late fees Late fee reversals Delinquent Notices Delinquent balance review Pre-Paid balance review Section 7. Resident Payment Tests
1 2 3
2 3 4 5 6
1 2
1
For properties not using Payscan (Henderson only), did the RM review and sign off on payable batches? For properties using Payscan, are invoices being processed and approved in a timely manner and sent to Accounts Payable two days prior to the weekly check run?
3
For properties not using Payscan (Henderson only), are invoices being processed and approved in a timely manner and sent to Accounts Payable two days prior to the weekly check run?
4
Are Security Deposit checks issued within the State guidelines and is Laramar exposed to any penalties for not meeting the State guidelines? Was the move-out refund issued to the resident listed on the lease?
5 Are there utility late fees? 6 Are vendors being paid according to the vendor terms or Laramar terms (use Laramar terms if no vendor terms stated)?
2/10/2015
Measurement Compare Write-Off report submitted by CM to report run by PA. Obtain report from collection agency and compare to write offs Compare date items were submitted by CM to PA to the month-end accounting calendar. Obtain monthly reclasses sent by CM from PA. Also, ask PA for reclasses done in addition to monthly reclass. Compare date items were submitted by CM to PA to the month-end accounting calendar. Compare date items were submitted by CM to PA to the month-end accounting calendar.
Yes,No,N/A
Measurement Compare time stamp of distribution vs. time entered in system Compare time stamp of distribution vs. time entered in system
Yes,No,N/A
Are Real Estate / Personal property taxes coded to correct expense account? Are Real Estate / Personal Property Taxes entered and checks cut prior to due date? Are Business License entered and check cut before due date?
2
7
Yes,No,N/A
Are NSFs being entered within 24 hours of receipt? Are CMs entering adjustments requested by the Property Accountants in Yardi in a timely manner?
Section 11. Accounts Payable Policies and Procedures
Measurement Follow entire transaction through process for accuracy On site person to look for checks not shredded. Confirm proper handling of check copies
Are the dates on the month-end Property Accounting calendar being followed: Were writeoffs sent in on time? Are the dates on the month-end Property Accounting calendar being followed: Were variance explanations submitted on time?
Section 10. Real Estate / Tax codes / Business License 1 2 3
Yes,No,N/A
Is the Yardi Write-off report being used? Were write-offs sent to a Collections company? Are the terms of payment plans being followed for residents put on payment plans? Are the dates on the month-end Property Accounting calendar being followed: Were monthend reclasses and accruals submitted on time? Are invoices being properly coded and entered in Yardi?
Section 9. General Accounting Processes
Measurement Are they on a monthly schedule Does valid support exist Are they done monthly and on time Review status of all delinquent balances Review status of all pre-pay balances
Was the amount on the lease received from the resident and deposited at the bank? Look for checks not shredded on site For properties not using scanners, are check copies kept on site and locked? Section 8. Month-end Processes
1
Yes,No,N/A
Measurement Real Estate: 6100-0000 / Personal Property: 6105-0000 Fees and Penalities Compliance
Yes,No,N/A
Measurement AP has a new log to track RM approvals. Run the AP Expense Distribution report from Payscan to confirm that the invoice date is not more than 8 days from the Yardi entry date. Obtain the monthly accrual sent by the CM from the PA and verify invoices are being input prior to month end close. At on-site visit, confirm that the property's desk space does not have unpaid invoices. Review AP's tracking log to determine when invoice packages arrive each week in order to confirm batches are received on time by AP. Obtain the monthly accrual sent by the CM from the PA and verify invoices are being input prior to month end close. At on-site visit, confirm that the property's desk space does not have unpaid invoices. Run Yardi report to find resident's move-out date, review check issued date in Yardi and determine if resident's check was issued within state guidelines and applied after resident moved out. Pull cleared check image from the bank to confirm the cleared check was paid to the lessee. If the name of the check is different from the name on the lease, obtain supporting documents that show the check needed to be issued in a different name(s). Run late fee report from AUM or ISTA to determine if properties using AUM/ISTA incurred late fees. If the property is not on AUM/ISTA, pull Utility Invoice to find late fees. Run Vendor Ledger report to compare invoice date to paid date based on (1) vendor invoice payment terms stated on the vendor invoice or (2) vendor credit application (if vendor terms are not on vendor invoice, review vendor credit application for payment terms) or (3) Laramar term is to pay 30 days from invoice date (if no terms from vendor). Page 2
Responsible Person
Comments
Yes,No,N Yes,No,N /A /A
Comments
Yes,No,N Yes,No,N /A /A
Comments
Yes,No,N Yes,No,N /A /A
Comments
Yes,No,N Yes,No,N /A /A
Comments
Yes,No,N Yes,No,N /A /A
Comments
Yes,No,N Yes,No,N /A /A
Accounting Accounting Operations Team Accounting Accounting Responsible Person Accounting Accounting Accounting Responsible Person Accounting Accounting Accounting Accounting Accounting Accounting Responsible Person Accounting Accounting Responsible Person Finance Finance Finance Responsible Person Accounts Payable
Accounts Payable
Accounts Payable
Accounts Payable
Accounts Payable
Accounts Payable
Accounts Payable
LOSS PREVENTION INSPECTION CHECKLIST By ______________________________ Property Name: Regional Manager:
LPS: Email: Date of Inspection:
Comm. Manager: Are largest vendors being paid timely? 8 Are National vendors being paid on time? 9 Are correct vendors being paid correct amounts? 10
2/10/2015
For five largest vendors, call the vendor and ask for vendor's current aging. Compare vendor aging to Laramar aging to ensure timeliness and accuracy of processing invoices. For National vendors, call the vendor and ask for vendor's current aging. Compare vendor aging to Laramar aging to ensure timeliness and accuracy of processing invoices. A/P Audit Test - select items from the General Ledger expense accounts or capital accounts and trace G/L entry from vendor invoice, to G/L, to check copy, to bank statement
Page 3
Accounts Payable
Accounts Payable
Accounts Payable
LOSS PREVENTION INSPECTION CHECKLIST By ______________________________ Property Name: Regional Manager:
LPS: Email: Date of Inspection:
Comm. Manager: Section 12. Vendor Compliance and Contracts Is site doing work with vendors who have expired insurance? 1 Do service agreements exist on site and do documents have correct signatures? 2 3 4 5
Do contracts have proper authorized signer? Are contracts or service agreements in violation of our management agreement in terms of proper approvals, length of contract and cancellation notice?
Is the Project Approval Form completed prior to the Purchase Order date? Are we using vendors without familial relationships?
6
Are there any known familial relationships that have been disclosed? 7
2/10/2015
Yes,No,N/A
Measurement Run Vendor Audit Report from Yardi to confirm we are only doing work with vendors who have valid insurance. Compare vendor invoice date to Vendor Audit Report. Review service agreements on Bigfoot for correct signatures. Properties will put their Service Contracts on Bigfoot. Run GL and look for any services performed and the Service Contract is not on Bigfoot. Review contracts for correct signatures. Review management agreement for (1) proper approvals needed for various spending limits, (2) restrictions on length on contracts/service agreements and (3) restrictions on cancellation notices for contracts/service agreements and compare to terms of actual contracts/service agreements. Is the PAF dated prior to the PO Issued date? Ask the site employees at beginning of audit if to disclose if there are Familial relationships with vendors used on site. Vendor Agreement has added language so vendors are asked to disclose familial relationships. Log of the disclosures will be kept. Use log to review vendors and vendor work on site. Review Familial Relationship Log for property selected. If there are disclosed familial relationships, (1) did the project go out to bid, (2) was their bid the lowest to complete the work, (3) review invoices to determine invoices are legitimate and (4) was work on invoices completed.
Page 4
Responsible Person Contracts
Contracts Contracts Contracts Contracts
Contracts
Contracts
Comments
Yes,No,N Yes,No,N /A /A
Laramar Group
Go to 36 Month Trend Tab
Standard Property Charges
Department/Item Human Resources Medical/Dental/Vision Admin & Claims
Required
Optional
X
Healthy San Francisco
Cost Description
Cost $
Frequency
$499 per associate per month; assuming 1.75 associates per 100 Unique to each SF property
$620
$.13 per unit/quarter $.23 per unit/quarter $1.15 per unit $.04 per unit/month $27.58 per ee/month
$10 $16 $82 $3 $62
Timing If Annual
Acct Num.
Description
Monthly
5030-0000
Health Insurance
Charged monthly by accounting.
Quarterly
5030-0000
Health Insurance
Quarterly Quarterly Annual Monthly Monthly
5040-0000 5040-0000 5040-0000 5040-0000 5030-0000
Payroll & Benefits - Other Payroll & Benefits - Other Payroll & Benefits - Other Payroll & Benefits - Other Health Insurance
Monthly
5055-0000
401K Contribution
Only applies to properties in San Francisco. Based on hours worked. Can trend based on property's previous experience. Charges in addition to Laramar health insurance. Bill-back. Bill-back. Bill-back. Bill-back. Directly billed to properties through payroll. Actual amount calculated on enrollment and earnings. Includes admin fees and claims. Can trend based on property's previous experience. Directly billed to properties through payroll. Actual amount calculated on enrollment and contributions. Max match is 3% of gross payroll. Can trend based on property's previous experience. Directly billed to properties through payroll. Actual amount calculated on enrollment and earnings. Includes admin fees and claims. Can trend based on property's previous experience. Directly billed to properties through payroll. Actual amount calculated on enrollment and earnings. Includes admin fees and claims. Can trend based on property's previous experience. Directly billed to properties through payroll. Can trend based on property's previous experience. Updated employment posters when state and federal laws change Bill-back to property per unit. Total $4,000 per month Bill-back.
401(k) Recordkeeping Fees Employee Assistance Program Benefit Enrollment Guides FSA/COBRA Admin Fees Short-Term Disability
X X X X X
401(k) Employer Match
X
per ee/payroll
Long-Term Disability
X
$22.60 per ee/month
$51
Monthly
5030-0000
Health Insurance
Life/ADD Insurance
X
$12.30 per ee/month
$28
Monthly
5030-0000
Health Insurance
Health Club Reimbursement Employment Posters EZ Labor W2 Processing
X X X X
$25 per ee/month that participates $46 per set $.14 per unit $7.73 per ee
$46 $10 $17
Monthly Annual Monthly Annual
5030-0000 5045-0000 5045-0000 5045-0000
Health Insurance Payroll Administration Fees Payroll Administration Fees Payroll Administration Fees
Marketing & Training Community Leadership Conference Grace Hill Training Ellis Mystery Shop Lead to Lease Call Max - Voicemail EZ Publish Blue Moon Blue Moon- Annual Property Solutions- Prospect Portal Property Solutions-Resident Pay Property Solutions-Mobile Portal Property Solutions-ILS Portal/Craigslist Property Solutions-Lease Execution Property Solutions-Resident Portal Property Solutions- Message Center/Lead Property Solutions- Site Tablet Property Solutions- Call Tracker Property Solutions- Parcel Alert Property Solutions - SEO Kingsley Apartment ratings.com Yelp Rent.com For Rent.com Apartments.com Apartment Finder Apartment Guide Other MyNewPlace.com Incent KeyTrak
X X
$0.28 per unit per month $95 Quarterly $99 Monthly $118 Monthly $59 Monthly $11 Monthly $175 Annual $120 Monthly 70.44Monthly $29 Monthly $60 Monthly $40 Monthly $50 Monthly $00 Monthly $39 Monthly $50 Monthly $60 Monthly $350 Monthly 2.55 per unit per month $230 Annual $240 Annual $349 Annual varies $428 Monthly varies varies $399 Annual varies $375 Monthly $3.90 per unit per year
X X
X
X
$399
Annual Monthly Quarterly Monthly Monthly Monthly Monthly Annual Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Annual Annual Annual Monthly Monthly Monthly Monthly Annual
$375 $938.22
Monthly Annual
$20 $95 $99 $118 $59 $11 $175 $120 $70 $29 $60 $40 $50 $0 $39 $50 $60 $350 $181 $230 $240 $349 $428
Jan
Jan Jan
May
Sep
Sep Sep Jun
Jun
Feb
5685-0000 Education/Training 5685-0000 Education/Training 5759-0000 Professional Services 5605-0000 Advertising-Internet 5709-0000 Voicemail/Answering Svs/Muzak 5605-0000 Advertising-Internet 5733-0000 Computer Software Expense 5733-0000 Computer Software Expense 5605-0000 Advertising-Internet 5754-0000Payment Processing Fees Expense 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5733-0000 Computer Software Expense 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5605-0000 Advertising-Internet 5733-0000 Computer Software Expense 5733-0001 Computer Software Expense
Notes
$2,000 per manager, $2,000 per service manager Tracking of leasing, fair housing and online training courses Shopping reports- Each sales Associate is shopped quarterly. Minimum of one property shop per $99 for LTL After hours emergency maintenance paging system Marketing templates for outreach, newletters, resident events, Cost for clicks to generate online leases Annual membership fee for Blue Moon Software Website placement- custom landing page and URL; ok for Henderson Resident payment portal for online payments Mobile website; ok for Henderson ILS Portal with craigslist posting tool Online lease and renewal execution Online lease and renewal execution Lead Management, follow up and e-blast capability to prospects and residents Custom software for i-pad Advertising tracking for up to 20 sources; ok for Henderson Premium placement on Google searches Prospect and resident surveys- For Henderson properties check with Asset Manager Reputation management Reputation management
varies
Bill back
Software Yardi License Yardi Users > 51 units Yardi Users < 50 units Yardi Check Scan Yardi Pay Scan - Self Service Yardi Pay Scan - Full Service - non urban Microsoft AntiVirus Spam Firewall Domain LRO Yield Star Hardware Server Replacement Hardware Other SCEP Fee Income RSO Fee Income SCEP Fee Expense RSO Fee Expense [Tab]
$1,800 For > 51 Units, $500 For < 50 Per Year $600 For >51 units $700 per user For <50 $500 Per Year or $100 for Urban-Style $900 Per Year or $75 for Urban-Style 1.30 per scanned image
X X
x x
May
$1.85 Per Unit Per Month $2.00 Per Unit Per Month
$0 $0 $0 $0 $0 $131 $142
Annual Annual Annual Annual Annual Monthly Annual Annual Annual Annual Annual Monthly Monthly
Property Specific Property Specific
$0 $0
Annual Annual
Sep Sep
8505-0000 8505-0000
Computer Hardware Capital Computer Hardware Capital
$3.61 per unit per month $12.25 per unit per year $43.32 per unit per year $24.51 per unit per year
$3.61 $12.25 $43.32 $24.51
Monthly Annual Annual Annual
Jun Jan Jan
4258-0002 4258-0002 5751-0005 5751-0005
SCEP/RSO Fees SCEP/RSO Fees SCEP/RSO Fees SCEP/RSO Fees
X X X X X
X X
$1,800
$100 $75
Jun Jun Jun Jun Sep Sep Sep Sep Sep
5733-0000 5733-0000 5733-0000 5733-0000 5733-0000 5733-0000 5733-0000 5733-0000 5733-0000 5733-0000 5733-0000 5733-0000 5733-0000
Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense Computer Software Expense
$150 per user; 4 users automatic with property larger than 50 units; some properties have more the 4 users May be split between multiple properties; allocate based on unit count
Trend historical expense; do not use for Urban-style Use budgets from Mike Ferrara Use budgets from Mike Ferrara Use budgets from Mike Ferrara Use budgets from Mike Ferrara Use budgets from Mike Ferrara Henderson; use amounts provided by Asset Manager
Provided by IT Provided by IT
Rent control only Rent control only 2/10/2015 2:49 PM
Market Survey Property Name
Bishops View Brookview Apartments Burroughs Mill Woodview at Marlton Highlands at Cherry Hill Mt. Laurel Crossing Cherry Hill Towers
Year Built # of units 2000 2003 2004 2000 2002 1999 1962
% Leased
200
92%
95%
971
$1,512
116 308 288 170 296 434
97% 97% 96% 98% 94% 97%
0% 0% 100% 99% 96% 98%
1,091 1,076 1,161 994 935 909
$1,749 $1,711 $1,376 $1,448 $1,780 $1,362
Studio Rent Comparables Property Name
# of Units
Bishops View
7
Brookview Apartments Burroughs Mill Woodview at Marlton Highlands at Cherry Hill Mt. Laurel Crossing Cherry Hill Towers
0 0 0 0 0 0
Avg. Unit Avg. Eff Rent Size
605
$
1,167
Avg. Eff Rent /SF
$
1.93
1 Bedroom Comparables Property Name
# of Units
Bishops View
110
Brookview Apartments Burroughs Mill Woodview at Marlton Highlands at Cherry Hill Mt. Laurel Crossing Cherry Hill Towers
43 126 40 74 160 109
Avg. Unit Avg. Eff Rent Size
832 885 895 920 776 759 737
Avg. Eff Rent /SF
$
1,305
$
1.57
$ $ $ $ $ $
1,496.51 1,484.29 1,425.00 1,221.32 1,636.61 1,225.23
$ $ $ $ $ $
1.69 1.66 1.55 1.57 2.16 1.66
2 Bedroom Comparables Property Name
# of Units
Avg. Unit Avg. Eff Rent Size
Avg. Eff Rent /SF
Bishops View
69
1,125
$
1,686
$
1.50
Brookview Apartments Burroughs Mill Woodview at Marlton Highlands at Cherry Hill Mt. Laurel Crossing Cherry Hill Towers
61 152 248 84 107 325
1165.41 1153.026 1200 1144 1092.402 966.4062
$ $ $ $ $ $
1,806.54 1,758.04 1,368.00 1,570.00 1,781.64 1,408.19
$ $ $ $ $ $
1.55 1.52 1.14 1.37 1.63 1.46
3 Bedroom Comparables Property Name
# of Units
Wgt. Avg. Wgt. Avg Mkt Wgt. Avg. Mkt Rent/Unit Unit Size Rent/SF
% Occupied
Avg. Unit Avg. Eff Rent Size
Avg. Eff Rent /SF
Bishops View
14
1,495
$
2,154
$
1.44
Brookview Apartments Burroughs Mill Woodview at Marlton Highlands at Cherry Hill Mt. Laurel Crossing Cherry Hill Towers
12 30 0 12 29 0
1,450 1,450
$ $
2,357 2,426
$ $
1.63 1.67
1,287 1,322
$ $
1,990 2,563
$ $
1.55 1.94
Wgt. Avg. Eff Rent/Unit
Wgt. Avg. Eff Rent/SF
Management Co
$1.56
1,491
$1.53
Lincoln Property Management
$1.60 $1.59 $1.19 $1.46 $1.90 $1.50
1,749 1,711 1,376 1,448 1,780 1,362
$1.60 $1.59 $1.19 $1.46 $1.90 $1.50
Lincoln Property Management Monogram Apartment Communities Morgan Communities Equity Residential Lincoln Property Management Viking Associates
BISHOP’S VIEW// MANAGEMENT SERVICES PRESENTATION