Services Provided

  • Utility account set up/transfer​
  • Recording and maintaining accurate records of:
    - Normal operating activity such as rental income      deposits, expenses, etc.
    - Mortgage payments
    - Vendor and contractor W9s and workers comp waivers (if applicable)
  • Accounts payable management - Utilities, contractors, insurance, etc.
  • Submitting funding requests to rehab loan lender (if applicable)
  • Electronically filing receipts, invoices, and loan statements
  • Monitoring operating account balance
  • Monthly account reconciliation
  • Providing quarterly and year-end financial reports​

Accounting and tax duties retained by owner:​

  • Recording property purchases and loan amounts
  •  K-1 preparation
  • Federal and state tax filings (income, sales, business privilege)
  • Ensuring business meets all federal and state licensing requirements
    (City/County business license, trade name licensing, etc.)
  • Ensuring business meets all insurance requirements (flood, business, etc.)
  • Capital contribution deposits
  • Depreciation and large projects
  • Filing federal 1099s and any additional tax-related services

Bookkeeping Services

Basic: 
​
This level of service is for basic facilities that have a low to medium volume of transactions. Facilities
that do not have largely funded projects, facilities with single rather than multiple owners, and those who want
basic financial reporting would be included.
​
Advanced:

This level of service is for facilities with a high volume of transactions, multiple investors, CAPEXprojects, and/or who want more detailed and higher-frequency financial reporting.

Setup Fee for the Bookkeeping services 

The fee covers:

  • Utility transfers
  • Setup of online vendor/utility accounts
  • Coordinating  the management of inspections to ensure local requirements are met
  • Setup of Quickbooks account
  • Obtaining documentation/online access to pertinent accounting information, such as mortgage loans, construction loans, and amortization schedules 
  • Coordinating the setup of online banking access for our Accounting team
  • Setup of tenant insurance account