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Resolution 8837
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8500 - 8999 (2016-2018)
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Resolution 8837
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Last modified
6/25/2019 10:08:27 AM
Creation date
10/20/2017 11:55:34 AM
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MV City Council
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5 <br /> <br />Section VI: Operations Plan <br /> <br />Operations Budget <br /> <br />The budget is an estimated summary of income and expenses for one calendar year. Our objective <br />is to achieve or exceed the NOI goals every month. <br /> <br />Rent Collection Policy and Procedures <br /> <br />We have initiated a consistent and professional rent collection policy and procedure which is <br />implemented by the Business Manager. Rent must be paid by personal check, certified check or <br />money order. NO CASH IS ACCEPTED. <br /> <br />Rents will be payable on or before the first day of every month. Reminder Notices are sent to <br />residents on the 6°' day of each month. Personal contact is made on the 7th day of each month. <br />Final Late Notices are delivered on the 9th day of each month, and Unlawful Detainers are filed <br />on the 10th day of each month. Note: A late fee charge of $25.00 is assessed to each resident who <br />has not delivered rent by 5:00 p.m. on the 6th day of each month. <br /> <br />Rents will either be deposited in a rent collection box at the site, or mailed in pre-addressed <br />envelopes to the Agent. Rent collection is the responsibility of the Agent. <br /> <br />Rent payments will be collected by the Agent and an accurate record kept of the payments. All <br />rents and other receipts shall be deposited in a rental account in a bank whose deposits are insured <br />by the FDIC. <br /> <br />A security deposit will be required that will not exceed one-months rent. All funds collected as <br />security deposits shall be kept in a separate identifiable account in compliance with state law. A <br />list of residents who currently have a security deposit in the account will be kept on file. Interest <br />earned on the security deposits will be paid in accordance to the state laws. <br /> <br /> <br />NSF Fees <br /> <br />Residents are delivered a NSF letter the same day the NSF Check is received. All future rents <br />must be paid by cashiers check or money order unless we receive written verification from the <br />bank that the NSF check was a bank error. <br /> <br />Bank Deposits <br /> <br />Rent checks are processed on a daily basis. As checks come in we immediately verify that all <br />information is correct and all charges are paid in full. The checks are then endorsed and deposited <br />daily. <br /> <br />Rent Increases <br /> <br />Typically, rent increases are planned when the annual operating budget is prepared. The lease <br />requires a 60-day notice, therefore, we prepare rent increase letters to be delivered 75 days in <br />advance.
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