Agenda Packets - 2017/10/09 - Laserfiche WebLink

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Section VI: Operations Plan Operations Budget The budget is an estimated summary of income and expenses for one calendar year. Our objective is to achieve or exceed the NOI goals every month. Rent Collection Policy and Procedures We have initiated a consistent and professional rent collection policy and procedure which is implemented by the Business Manager. Rent must be paid by personal check, certified check or money order. NO CASH IS ACCEPTED. Rents will be payable on or before the first day of every month. Reminder Notices are sent to residents on the 6" day of each month. Personal contact is made on the 70' day of each month. Final Late Notices are delivered on the 91h day of each month, and Unlawful Detainers are filed on the 10 1h day of each month. Note: A late fee charge of $25.00 is assessed to each resident who has not delivered rent by 5:00 p.m. on the 6`t' day of each month. Rents will either be deposited in a rent collection box at the site, or mailed in pre -addressed envelopes to the Agent. Rent collection is the responsibility of the Agent. Rent payments will be collected by the Agent and an accurate record kept of the payments. All rents and other receipts shall be deposited in a rental account in a bank whose deposits are insured by the FDIC. A security deposit will be required that will not exceed one -months rent. All funds collected as security deposits shall be kept in a separate identifiable account in compliance with state law. A list of residents who currently have a security deposit in the account will be kept on file. Interest earned on the security deposits will be paid in accordance to the state laws. NSF Fees Residents are delivered a NSF letter the same day the NSF Check is received. All future rents must be paid by cashiers check or money order unless we receive written verification from the bank that the NSF check was a bank error. Bank Deposits Rent checks are processed on a daily basis. As checks come in we immediately verify that all information is correct and all charges are paid in full. The checks are then endorsed and deposited daily. Rent Increases Typically, rent increases are planned when the annual operating budget is prepared. The lease requires a 60 -day notice, therefore, we prepare rent increase letters to be delivered 75 days in advance.