Distributable Cash. The Property Manager must provide a monthly calculation of excess cash available at the property indicating the cash available for distribution to Owner. The projection should include the existing cash balance at the end of the period and applicable adjustments for accounts payable, accrued expenses, including real estate tax accrual and non-cash accruals, less a reasonable working capital reserve. Future excess cash projections may also be required. Consolidated Accounting: The Manager will be responsible for consolidation of the property information in a form and format acceptable to the Asset Manager. Standard Templates: The Property Management Company must provide monthly information via standardized templates required by Owner, such as Capital Expenditures, Budget to Actual Variance Analysis and Excess Cash Distribution. The templates can be found in the Accounting section in the Documents and Forms. APPENDIX D ANNUAL REPORTING REQUIREMENTS Annual Budgets: Annual budgets are used to monitor the performance of Owner’s real estate properties. The budgeting process begins every fall when Owner sends detailed information outlining budget reporting deadlines to help guide you through the budgeting process. Key points: Questions regarding the annual budgets should be directed to your accountant. Budgets shall contain estimated monthly cash flows, a list and explanation of assumptions used in arriving at projected leasing activity and rates, expenses and capital expenditures. Budgets must be prepared on an accrual basis. Estimate of Deferred Maintenance & Capital Expenditure: Manager shall, for each calendar year, prepare and submit to Owner a proposed Capital Budget in a format approved by Owner for releasing expenses and the replacement, repair and maintenance of equipment or improvements of a capital nature on or about the Property. Refer to the “General Requirements” and “Construction Guidelines and Procedures” sections of the Operating Guidelines for more details. Operating Expense Reimbursement Reconciliations: Manager shall, for each calendar, year prepare and submit to Owner a schedule of operating expense reimbursement reconciliations for review. 1099-MISC Reporting: Manager will continue to be responsible for reporting 1099 information to the Internal Revenue Service. Please determine the impact if utilizing the Yardi environment administered by Owner. If vendor history is detailed in two property management systems, information should be combined for 1099 reporting, if applicable.
Appears in 8 contracts
Samples: Management and Leasing Agreement, Management and Leasing Agreement (Global Growth Trust, Inc.), Management and Leasing Agreement (Global Income Trust, Inc.)
