Section II. Financial Management Rev’d.uniprop.com/formlibrary/Attachments/2-rvp financial... · 2/6/2015 · RVP Manual December 2011 Community Budgets (cont’d.) Rev’d. 10/2014

Section II. Financial Management 2-1 RVP Manual December 2011

Section II. Financial Management Rev’d. 10/2014

Table of Contents ................................................................................................. 2-1 Community Budgets ............................................................................................. 2-2,3

Revenues ........................................................................................................ 2-3 Expenses ......................................................................................................... 2-4 Fixed Asset Additions ...................................................................................... 2-5 Accruing for Annual Expenses ......................................................................... 2-5

Need to Budget: Converting Mgmt. Objectives into Financial Realities ....... 2-5 The Budgeting Timetable ............................................................................. 2-6 The Budget Process .................................................................................... 2-7 Monthly Budgeting ....................................................................................... 2-7 Budget Line Items ........................................................................................ 2-8 Final Budget Review .................................................................................... 2-8 Budget Analysis – Hitting Your Targets ....................................................... 2-9 Making Adjustments to the Budget during the Year ..................................... 2-9

Budget Sample (6 pages) ................................................................................ 2-9a Community Trend Information ............................................................................. 2-10 Expense Policies.................................................................................................. 2-11 Travel & Expense Report (Sample) ..................................................................... 2-11a Regional Vice President Management Account ................................................... 2-12 RVP & Construction Manager Invoice Approval Process ..................................... 2-13 Yardi Budget Comparison Income Statement (Sample – 4 pages) ...................... 2-14-17 Yardi 12 Month Income Statement (Sample – 4 pages) ...................................... 2-18-21 Purchase Card Management ............................................................................... 2-22-23 First Time Login – Quick Reference Guide (2 pages) .......................................... 2-23a Purchase Card Procedures for Community Managers ......................................... 2-24 Printing the Comerica Statement ......................................................................... 2-24 Printing the Comerica Transaction Report ........................................................... 2-25,26 Completing Uniprop Credit Card Transaction Report ........................................... 2-27,28 Comerica Statement (Sample – 2 pages) ............................................................ 2-28a Comerica Transaction Report (Sample) ............................................................... 2-28b Uniprop Credit Card Transaction Report (Sample) .............................................. 2-28c


Community Budgets The budgets for your communities set your financial objectives for the entire year. The goal is to forecast your estimated income and expenses as accurately as possible based on prior performance and future needs and to maximize cash flow. Budgets, like any goals, should be realistic, measurable, and attainable. Both revenue and expense goals should be realistic stretches for you and your managers. Be realistically aggressive in setting your goals; question all expenses; and look for ways to increase revenue. Zero Base Budgeting should be employed in most categories. This means that you should independently evaluate revenues and expenses as if there were no history. The fact that the community spent $500 monthly on telephone service last year is no assurance that $500 is an appropriate amount. What can be done to reduce that expense? What is being spent at other communities? You have at your disposal information that will help you to budget better. First, you have the budgets of your other communities. Compare and contrast expense and revenue categories at your communities. Why does one community spend $2,500 annually on gasoline and another $1,250 when they have the same vehicles? You will also be provided with comparative information about all Uniprop communities. How do your communities compare to the lowest, highest, and average communities? Where are you low? Look for ways to extend these cost savings to other communities. Where are your expenses high in comparison to other communities? Look for ways to reduce them. These are powerful tools when properly used. Share information and ideas with other Regional Vice Presidents and the Director of Operations. Be certain to take the time to carefully anticipate your needs and any changes. This includes checking on any future increases from contractors or service providers and increases in utility rates and taxes. Extraordinary repair and maintenance and any capital improvements should be bid out before put into the budget. Take seasonality into account. During part of the budget period, you may need additional help for pool monitors or maintenance personnel. There may be a variation in the amount of water usage depending on the season (wet or dry), seasonal residents (summer or winter), or year round residents. While there can be some changes made between budget line items, these changes must be carefully documented and approved by the home office. There will be items which cannot be predicted. In that event, the problem will have to be discussed with the home office and a financial plan considered for handling the expenditure.


Community Budgets (cont’d.) Rev’d. 10/2014

With reference to projecting income, use your occupancy figure from the end of the previous period. It is very difficult to be certain that a specific occupancy rate can be achieved. Often, in the process of filling a community, free rent is given as an incentive. This will further obscure your income if you try to project a future occupancy. It is a good bet that we will be able to maintain the level of occupancy reached by the end of the previous period, and this will serve as a reliable number from which we can calculate our income. You are encouraged to involve the Community Manager in the budgeting process, since the Community Manager is responsible for attaining budget targets. Discuss financial results compared to the budget with each Community Manager on a monthly basis. Assist the Community Manager with reaching the financial goals.

Revenues Ultimately, everything flows from occupancy and rent levels. This is why it is so important to accurately project occupancy and rent increases. Neither can be done without accurate market data. The Market Survey is done annually, and Community Managers should e-mail the Market Survey to the Regional Vice President by November 15th. Market Surveys should be sent to the corporate office by December 1st. You should personally verify enough of the information in the Market Survey to assess its accuracy. In addition, you should be doing a comparison with competitive housing – apartments, single-family homes, etc. What has been the increase in housing costs overall in the market? This information may also be available through local chambers of commerce or other sources.



Expenses

The costs associated with operating your property are often broken down into two (2) general categories, fixed and variable. We call these internal and external expenses, respectively. Internal expenses are those which you have very little control over. Taxes, electric for street lights, common area watering, insurance, etc. are all costs of doing business whether one (1) or two hundred (200) people live in the community. This is not to say that internal expenses are cast in concrete. Taxes can be appealed and streetlights can have photocells added. However, these items are less manageable than others. External expenses, however, are more controllable. The number of employees working, office supplies, and dealer incentives are all expenses which can be controlled and planned for. Remember, your authority limits for expenditures of $5,000 or greater require the approval of the Director of Operations. Below that amount (whether budgeted or non-budgeted), the Regional Vice President has the authority to approve the expenditure. The Budget Template is designed to help you plan and make careful management decisions for wages, utilities, extraordinary R&M, and Capital Improvements (see sample). You may want to create your own schedule for specific R&M categories. For example, you may plan an improvement to the water system which, during the year, will result in a reduction in your water expense. Careful thinking, planning, and projection of each expense you might incur over the year will add greater accuracy to your monthly and annual budgets.

Any techniques which can be utilized to reduce expenses should be considered. Each expense or line item should be challenged to determine whether the expense is still necessary (e.g., do we need as large an advertising budget now that our community is 100% occupied). Although we often use last year’s expenditures as a guideline for projecting future expenses, remember that this in only a guideline. Zero Base Budgeting, a modern budgeting practice, encourages us to question and rethink all expenses each year. For example, we shouldn’t blindly predict an annual increase in heating gas usage. Perhaps it is time for a new furnace, a setback thermostat, or heating and cooling guidelines for our facilities.

Non-Recurring Expenses Non-Recurring Expenses include major R&M projects which you plan to complete during the year. They include such items as painting the Community Center, resurfacing the tennis court, or refinishing the pool’s Marcite. They are not the run of the mill R&M items such as fixing water leaks or replacing broken fence. They are non-recurring expenses and usually involve significant expenditures.



Fixed Asset Additions Any major purchase of a capital item should be included here. New pool furniture, a new truck, equipment, and resurfacing the streets are all examples of fixed asset additions.

Accruing for Annual Expenses Many expenses are paid annually, semi-annually, or quarterly. These items include property taxes, insurance, quarterly water bills, etc. When preparing your budget, these items should be recorded as though they were being paid monthly. For example, while a quarterly water bill is only paid once every three months, the expense (water usage) is actually incurred every month. A. Need to Budget Converting Management Objectives into Financial Realities Whenever a property is purchased, financial objectives are defined. Property

owners and operators jointly outline specific goals for profits and return on investment. It is the property manager’s responsibility to take all reasonable steps to attain these financial goals. If these goals will not be achieved in a particular year, the property owner must be notified as soon as possible to plan for any shortfall in cash flow or for a diminished return to its investors.

Budgeting is the economic portion of good property management planning. While the management plan outlines the objectives for the operation of the property, the budget process converts these objectives into the economic impact they will have on the property. A budget is a yardstick, a performance measurement tool.

The only method to accurately plan for and project a property’s economic performance over the course of a year is to prepare an annual budget. Simply put, the budget process involves the anticipation of all revenues/income of the property. The difference between normal and on-going income and expense produces the Net Operating Income (NOI):

Income - (Expense)

NOI

Typically, a property manager does not budget beyond the Net Operating Income. Decisions as to how the NOI is applied to debt service (paying down loans) or to pay investors a return on their investment is left up to the property owner.


Community Budgets (cont’d.) B. The Budgeting Timetable September You should meet and/or speak with your managers to get their input on the budget.

You should use August numbers as a guideline. If you have been discussing their performance against budget each month, managers should be able to help create the budget for the coming year. Each manager should prepare a “wish list” of capital expenditures to discuss with you. You should be careful to explain that creating the list does not mean that the investments will actually be made. Independent assessment of the need for the work as well as financial and logistical constraints will determine that.

October - November Around October 1st, you will be provided with a budget template and instructions for

its use. Certain cells are color-coded and should not be changed. On or about October 15th (earlier if possible), email the proposed budget to the

Director of Operations. Questions should be highlighted. A preferred way to highlight questions is to use the “Insert–Comment” function in Excel. This permits you to put your questions and comments on the actual spreadsheet cell.

During October and November, the Director of Operations will review your budgets

and discuss them with you in person or by phone. He will make changes with you after getting your input. He will email the budget back to you for a second round of questions and changes. After the two of you have finalized the budgets, the Director of Operations and the President will make a final review and changes, if necessary.

December The budgets will be input into the accounting system. After January 1st, corrections

and changes will typically not be made.


Community Budgets (cont’d.) C. The Budget Process Before you begin the budget planning process, several questions must be

answered and much information must be collected.

Questions Regarding Income: 1. What is the current Rent Structure? 2. Are you anticipating a rent increase? If so, how much? Who will it affect?

When will it become effective? 3. Are there any free rents or other incentives being offered? If so, how many and

for how long? 4. Do you anticipate any change in “Other Income” (late fees, water

reimbursement, etc.)? 5. Will the current occupancy remain the same, or do you expect to gain or lose

residents? 6. Do you anticipate adding any new sources of income?

D. Monthly Budgeting The budget format and the schedules outlined above are all prepared on a

monthly basis. This is done for several reasons: 1. Rental revenue changes are often tied to the first of the month; this would

include rent increases, occupancy increases or decreases, and the beginning or ending of free rent credits.

2. Most financial reporting is done on a monthly basis. By budgeting each month, you can compare your budget to the actual results, which occurred during the same month in prior years.

3. Many expenses are seasonal. By budgeting them for the month in which they will actually be paid, you will make your estimate of expenses for particular months more accurate. Items which should be reviewed for their seasonality include: snow plowing, lawn cutting, seasonal employees (such as pool monitors and extra summer help), and utility expenses (such as water costs being greater in the summer when people water their lawns or heating costs which are greater during the winter months). Also, line items (such as taxes and dues and licenses) are often due and paid in a specific month.

Budgeting the expenses paid each month is much easier than trying to anticipate what will happen in an entire year. If you were trying to list all possible economic events that might occur over the year, you could easily get lost. By breaking the budget down into monthly segments and examining each month separately, the budget process is simpler.


Community Budgets (cont’d.) E. Budget Line Items Revenues All sources of income must be recorded in this section of the budget. The line items

listed are only examples of the many types of payments that can be received from residents in the daily operation of your property.

Improvement or decline in occupancy or collections must be included in your

budget. Deduct any reduction in income from free rents and collection losses that might occur with a new move-in.

F. The Final Budget Review Is it realistic? Can you achieve the objectives? Does it meet the investment targets

established when the property was purchased?

Once a budget is completed and thoroughly reviewed, it becomes the standard against which your economic performance and financial decision making is evaluated against. For this reason, the budget should be realistic, and attainable objectives should be set. If your budget includes an occupancy objective with too much income or rent increases which are too aggressive, you will be creating incorrect financial expectations. Also, if you under budget expenses, you will not be able to maintain the property at its optimum quality level.

The entire budgetary process is filled with trade-offs. Will I be able to achieve greater occupancy stability with lower rent increases, or should I push rents a little because we have the nicest property in the market? Should we purchase a new truck this year or resurface the tennis court? All these questions must be thought through carefully, keeping in mind both the desire to improve the property in addition to increasing the cash flow and improving the profitability of the property. Certainly, improving the appearance and the quality of life in your community will, in the long run, enhance its value. In difficult or slow markets, however, certain improvements may have to be delayed.

The key to a good budget is one that can be realistically achieved. It is one that takes into account the realities of your market and, at the same time, strives to reach cash flow goals that the property owner or the investors expect you to achieve.


Community Budgets (cont’d.) G. Budget Analysis – Hitting Your Targets Now, here is the true test. Will you be able to reach the financial objectives you

have laid out for yourself? The ultimate test of your success is whether you achieve the Net Operating Income (NOI) you have projected each and every month. Any significant decrease in income or increase in expense will have an adverse affect on available cash.

Each month a careful analysis comparing the budget to the actual results is essential to control and monitor your financial goal achievement. Any deviation in either income or expense must be explained and reviewed each month. Certainly, you are not expected to hit each budgeted number exactly. However, you should be close to your estimates each month. If you find that certain expenses are larger than expected, you should attempt to reduce expenditures in other areas or delay some capital expenditures to meet your overall target.

Don’t forget that once the budget for the year has been agreed upon, owners and

investors are relying on you to deliver the outcome you have projected. H. Making Adjustments to the Budget during the Year Generally speaking, the budget is cast in stone. It should not be changed. If the

budget is constantly changed, it implies that you are constantly changing your management and marketing objectives. If the budget is changed to reflect any variation from your original plan, you will soon forget what your original intentions were, and the budget will cease to function as a tool for evaluating your progress in realizing your management and financial plans.

On the other hand, if an item which you have very little control over changes (such

as taxes), it would be best to amend the budget accordingly. Except when absolutely necessary, do not modify your budget once it has been approved.


Community Trend Information Tracking your budget over time to actual expenses, receivables, gross income, and occupancy will give you a good idea of the overall economic success of your community. This trend information will alert you to areas that need particular attention. For example, am I over budget on a particular line item like water? This information will also highlight any major variations from month-to-month in a particular line item. Why were repairs and maintenance over double this month than what it has been for any other single month? If occupancy begins to drop, you must examine your homesite marketing program. You may have to take a hard look at the market in general to determine why you are losing population. Are people being laid off from their jobs; are other communities giving better incentives to dealers to move homes into their communities; etc.? In general, this trend information is your scorecard of success. While it does not reflect the condition of the community, it does detail the economic progress the community is making or failing to make. Since you manage several communities, it may be helpful to compare expenditures and revenues for the same category at different communities. Make sure you understand and can justify why, for example, trash removal or wages is greater per homesite at one community than at another. Be proactive in this analysis. If Laundromat revenues are shrinking, you should ask yourself whether a Laundromat is still needed, whether we should negotiate a better deal with our vendor, or whether the facility needs to be open more hours, or whether prices should be raised.


Expense Policies In the course of your duties as Regional Vice President, you will incur expenses that will be reimbursed to you. You are expected to treat the company’s money as your own. Plan your travel to minimize costs, obtain appropriate discounts and rate plans, exercise good judgment, and set a good example for your subordinates. Be conservative and judicious with all expenditures. Significant deviations from normal expenses should be discussed in advance with the Director of Operations. The following guidelines and procedures will apply: 1. All expenses and reporting must comply with IRS requirements. Specifically, all

receipts for meals and entertainment must indicate the names of the persons attending and the business purpose.

2. All expense reports must be personally signed.

3. Expense reports should be submitted on a timely basis, normally no less than

monthly and no more than thirty (30) days after the expense period. Expenses are normally allocated to your communities based on the number of homesites. See sample Travel & Expense Form.

4. Uniprop does not reimburse for late fees (unless the fee was the fault of the office).

5. Uniprop reserves the right to set spending and reimbursement limits for travel and other expenses.

6. Select a moderately priced hotel chain. Obtain the best room rates by reserving in advance, joining the hotel’s club membership, and requesting all appropriate discounts, such as AAA and AARP.

7. Select a mid-size or compact car whenever possible. Obtain the best rate by reserving in advance, joining the rental company’s frequent flyer club, and taking advantage of all appropriate discounts.

8. Select the best airfare by booking in advance and selecting the most cost effective fare based on date and time.

9. Do not make your hotel, car, and flight selections based on personal benefits, such as frequent flyer miles, unless price is competitive.

10. Use the following Internet sites to assist you in booking hotels, flights, and cars: www.orbitz.com, www.expedia.com, www.biztravel.com, and www.hotel.com. 11. Tip judiciously; 12% to 15% is customary.

12. Reasonable use of cell phones and pagers should be observed.

13. Mileage will be reimbursed at the rate set annually by the IRS.

http://www.orbitz.com/

http://www.expedia.com/

http://www.biztravel.com/

http://www.hotel.com/


Regional Vice President Management Account The purpose of a Regional Vice President Management Account is to provide funds to the Regional Vice President for emergencies and regional office operations in order to facilitate the expeditious payments of commissions and contract labor. The main intent is to facilitate operations. Bills should normally be paid by the home office. A predetermined balance will be funded monthly. A ledger page recap, similar to a petty cash report, which specifies the account number to be charged by each community (R&M, labor, commission, etc.) is to be prepared monthly. All invoices or check requests are to be attached to this accounting. Any expenditure which exceeds $5,000, whether or not budgeted, must be approved by the Director of Operations except in the case of emergencies. Use Quicken, Microsoft Money, or a similar program to balance the management account.


Regional Vice President (RVP) and Construction Manager Invoice Approval Process Revision Date: November 1, 2010 Effective Date: November 1, 2010 In addition to any other policies and procedures, for any invoice that is Ten Thousand Dollars ($10,000) or greater (which is for payment of any capital expenditure, non-recurring expenditure, paving, tenant improvement, home remodeling or repair, general repair, or equipment purchase, or the like), the RVP or Construction Manager is expected to personally inspect the work to insure the work is satisfactorily completed as agreed with the contractor before approving the invoice for payment. By initialing the invoice, the RVP or Construction Manager is affirming satisfactory completion of the work. To confirm this inspection, in addition to initialing the invoice, the RVP or Construction Manager shall hand write the following certification on the invoice: Personally inspected by [RVP or Construction Manager Name] on [date of

inspection] and work found to be complete and satisfactory in all material aspects. In the event of extenuating circumstances which prevent the RVP or Construction Manager from personally inspecting the work, the RVP or Construction Manager shall hand write on the invoice: Not personally inspected by [RVP or Construction Manager Name] due to the

following: [state the reasons personal inspection is impossible or unnecessary]. The Director of Operations will decide whether the lack of personal inspection is acceptable. Invoices of Ten Thousand Dollars ($10,000) or greater (for construction, repair, or remodeling that do not have these certifications) will not be processed for payment. Instead, they will be returned to the RVP or Construction Manager. Payment delays due to this requirement are the responsibility of the RVP and Construction Manager. Please schedule visits to allow for inspections to occur as part of the routine management process.


Purchase Card Management Comerica Bank issues a MasterCard and Token to the authorized account holder at each Community (typically, the Community Manager). This Purchase Card will be used for making community purchases. Your Regional Vice President will set the limits (monthly purchase amount, daily purchase amount, single transaction amount, and monthly number of transactions) of your Purchase Card. Please make sure you monitor your transactions, so you stay within your limits. Please contact your Regional Vice President to discuss changes to these limits. Billing cycles end on the last BUSINESS day of the month; therefore, the next billing cycle begins the following day. Monthly statements are typically available on the 2nd business day of the month; the account holder will receive e-mail notification when the statement is available. Payment of the Purchase Card is due on the 10th business day of the month, so all reconciliation forms must be email to your Regional Vice President no later than the 5th of each month. At this time, Comerica’s contact person is Kim O’Malley and can be reached by phone at (734)632-5589 or by e-mail, [email protected]. First Time Login Once a purchase card has been issued, the authorized account holder (typically the Community Manager and Regional Vice President) will receive an e-mail from Comerica Bank with a User Name and Temporary Password. After receipt of the Purchase Card, Token, User Name, and Temporary Password, each authorized account holder must log into the Comerica website and set up your own Password. See First Time Login – Quick Reference Guide on next page.

1. Using the link from the initial email, go to www.card-data.com/ComericaCardManagementSystem. Bookmark this site or save in Favorites.

2. Login with your:

USERNAME – provided in email

PASSWORD –temporary provided in email; change password and select security questions/answers (NOTE: Make sure you write this information down and keep it in a secure location.)

TOKEN – received in the mail; you will use this to obtain a security code every time you login

mailto:[email protected]

http://www.card-data.com/ComericaCardManagementSystem


Purchase Card Procedures cont’d. 3. The first time you login, set Internet Explorer to Compatibility view.

Press “ALT—T” at the same time to view the drop down menu.

Click “Compatibility View Settings”

In the “Add this website” box, you should see “card-data.com”. If not, type it

in the box. Click ADD.

Make sure the box is checked for “Display intranet sites in Compatibility

View”. Click CLOSE.

Upon completion of changing your password, the Regional Vice President will be able to access each of their Community accounts and make changes to limits and account holders. The authorized account holder at the Community level has limited access and can only view information.


Purchase Card Procedures for Community Managers

Reporting Description Once a Community begins to use their purchase card, the Community Manager will submit the Uniprop Credit Card Transaction Report, Comerica Statement, and Comerica Transaction Report to their Regional Vice President for approval. The Uniprop Credit Card Transaction Report is a summary of transactions for the current billing period. Billing cycles end on the last BUSINESS day of the month; therefore, the next billing cycle begins the following day. Printing the Comerica Statement

1. Login to the Comerica website.

2. Highlight the Statement tab.

3. Click Statement View and Print

4. Click Search for Account Name and click Search. NOTE: Do not enter any information under Account Name.

5. From your list of accounts, click View Account for the account that does NOT match the last four (4) digits of your Purchase Card number.

6. Under View Statement, click the arrow for the drop down box and click on the date of the statement you want to print. NOTE: It defaults to the most current statement available.

7. Click the PDF icon to download the Comerica Statement.

8. After the PDF document opens, you can print and save the Comerica Statement.


Purchase Card Procedures for Community Managers cont’d. Printing the Comerica Transaction Report

1. Login to the Comerica website.

2. Click on Reports – Standard Reports

3. Click the Transaction tab. Enter date range for the current billing period. [Billing cycles end on the last BUSINESS day of the month; therefore, the next billing cycle begins the following day.]

4. Print the Comerica Transaction Report (CTR) for the current billing period. a. NOTE: If the print prompts at the bottom of the CTR kick you out of the

system, you will have to wait fifteen (15) minutes before logging back in. b. NOTE: The PDF version of the CTR prints out very small. To print a larger

version of the transactions, do the following: (1) Scroll down to the bottom of the list of transactions. (2) Click Download. (3) Click Download to Excel. (4) If you receive the following pop up message, click Yes.

(5) Now you can format the CTR Excel report for easy reading. Here are some suggested formatting changes: (a) Orientation: Landscape (b) Margins: all .5 (c) Rows to Repeat: $1:$1 (if more than one page of transactions) (d) Alignment for all cells: Centered, except as indicated below (e) Row 1 Text Control: Wrap Text (f) Text Control for all rows except Row 1: Shrink to Fit, except as

indicated below (g) Column Widths:

Company Number = 5.89

Company Name = 7.22

Account Name = 6.11 (Text Control: Wrap Text)

Account Number = 11.11

Post Date = 6.67

Transaction Date = 6.67

Transaction Amount = 8.44 (Alignment: Right Justified)

MCC Code = 4.11

Merchant Name = 18.5 (Text Control: Shrink to Fit)

Hierarchy Name = 9.33


Purchase Card Procedures for Community Managers cont’d. Printing the Comerica Transaction Report cont’d.

Report Indicator = 6.89

Report ID = 4.78 (h) Add a sum formula to calculate total of Transaction Amount

column (i) Add page numbering if more than one page of transactions

5. Close the CTR window and log off. (NOTE: After fifteen (15) minutes of inactivity, the program will time out.)


Purchase Card Procedures for Community Managers cont’d. Completing Uniprop Credit Card Transaction Report The Uniprop Credit Card Transaction Report is completed by the authorized account holder (Community Manager) and e-mailed to the Regional Vice President by the 5th of each month. However, frequent monitoring is a MUST to protect against unauthorized transactions and theft and to insure you are not over your limits. Managers will report all discrepancies to the Regional Vice President immediately.

1. Each receipt/invoice should have the amount of each GL account number written on the receipt/invoice. 1. Example: #4092 = $50.00

2. On the Uniprop Credit Card Transaction Report, fill in the following header

information:

a. Community Information

b. Billing Period (Month/Year)

c. Report Date

d. Prepared By

3. For each invoice/receipt, fill in the following information:

a. Transaction Date

b. Post Date

c. Transaction Amount

d. Invoice/Receipt Number

e. MCC Code (from the CTR)

f. Merchant Name (as shown on the invoice/receipt)

g. GL Account # (ONE GL Account # per line)

(1) NOTE: When there is more than GL code for one invoice/receipt, DO

NOT duplicate the following information:

(a) Transaction Date (If you reenter this, the total number of

transactions will be incorrect.)

(b) Post Date

(c) Transaction Amount

(d) Invoice/Receipt #

(e) MCC Code

(f) Merchant Name


Purchase Card Procedures for Community Managers cont’d. Completing Uniprop Credit Card Transaction Report cont’d.

h. Cost (enter the cost being charged to the entered GL Account # on the

same transaction line)

(1) NOTE: In the case of a return, credit, or payment made, enter a

negative number (i.e., -$25.30).

i. Item Description (description of items purchased that are coded to the GL

Account # entered)

4. At the bottom of the report, the following totals with auto calculate:

a. Total Number of Transactions (Transaction Date column)

b. Total Amount of All Transactions/Receipts (Transaction Amount column)

c. Total Cost of All GL Amounts (Cost column)

(1) NOTE: The Total Amount of All Transactions/Receipts and the Total

Cost of All GL Amounts MUST MATCH.

5. The authorized account holder (Community Manager) will scan and e-mail the

Uniprop Credit Card Transaction Report, the Comerica Transaction Report, the Comerica Billing Statement, and copies of all receipts to the Regional Vice President for approval.

6. Once reviewed and approved, the Regional Vice President will forward the

Uniprop Credit Card Transaction Report to the Community Accountant for payment.

7. Compare and verify that all transaction amounts are correct using the Comerica Transaction Report, the Comerica Statement, and the invoices/receipts for the billing period.

Post Date Tran Date Reference Number Merchant Description AmountPURCHASES $979.42

MISCELLANEOUS CREDITS ($135.45)

PAYMENTS ($1,220.08)

09/15/2014 09/15/2014 70000004241111111111111 AUTOMATIC PAYMENT ($1,220.08)

* * * * *

PLEASE NOTE THE FOLLOWING IMPORTANT INFORMATION:

.

* TRANSACTION REVIEW - NOTIFY US OF UNAUTHORIZED TRANSACTIONS OR ERRORS

WITHIN 14 DAYS FROM THE DATE OF DISCOVERY OR THE DATE THE FIRST

STATEMENT OR REPORT REFLECTING THE PROBLEM IS MADE AVAILABLE TO YOU,

WHICHEVER OCCURS FIRST.

* GUIDE TO BENEFITS - THE GUIDE TO BENEFITS IS AVAILABLE ONLINE AT

WWW.MASTERCARD.COM/US/BUSINESS/EN/PDF/COMMERCIALGTB.PDF

* TRAVEL INSURANCE - IF YOUR CARD HAS BEEN PERMISSIONED FOR TRAVEL

PURCHASES, YOU ARE COVERED UNDER MASTERCARD'S WORLDWIDE AUTOMATIC

TRAVEL ACCIDENT & BAGGAGE INSURANCE POLICY.

.

Statement Summary

Total Amount Due $843.97 Due Date: 10/15/2014

Current Payment Due: $843.97 Billing Date: 09/30/2014

Past Due Amount: $0.00 Credit Limit: $2,500.00

Minimum Amount Due: $843.97

Account Summary

Previous Balance: $1,220.08

Purchases: $979.42 Days In This Billing Cycle: 32

Cash Advances: $0.00 New Cash Advances: $0.00

Credits: ($135.45) Cash Advance Fee: $0.00

Payments: ($1,220.08)

Other Charges: $0.00

New Balance: $843.97

BAYHEAD

UNIPROP INC

ATTN: MICHELLE BEATTIE

280 DAINES STREET STE 300

BIRMINGHAM, MI 48009 6246

DETROIT, MI 48255 1669

PO BOX 55000

DEPARTMENT #166901

COMERICA COMMERCIAL CARD SRVC

************0122

Page: 1 of 2************0122BAYHEAD

Post Date Tran Date Reference Number Merchant Description AmountIF YOU HAVE ANY QUESTIONS, PLEASE CONTACT YOUR COMPANY'S PROGRAM

ADMINISTRATOR.

BAYHEAD - *2819 $843.97

PURCHASES $979.42

09/03/2014 09/02/2014 05436844246600092606909 WALGREENS #10717 TALLAHASSEE FL $21.49

09/04/2014 09/02/2014 55308764246547765051071 SHELL OIL 575425299QPS TALLAHASSEE FL $18.18

09/04/2014 09/03/2014 55500804246206088100194 BATTERY SOURCE #7 TALLAHASSEE FL $725.30

09/05/2014 09/04/2014 85186304247900013100018 FLORIDA MOBILE HOME TALLAHASSEE FL $38.70

09/09/2014 09/08/2014 05410194251418182497291 USPS115940088833020249 MIDWAY FL $12.98

09/10/2014 09/09/2014 55309594253838000232935 MURPHY EXPRESS #8670 TALLAHASSEE FL $37.84

09/16/2014 09/16/2014 55432864259000285006275 COMCAST OF TALLAHASSEE 800-COMCAST FL $108.92

09/25/2014 09/23/2014 55308764267547758008744 SHELL OIL 575425299QPS TALLAHASSEE FL $16.01

MISCELLANEOUS CREDITS ($135.45)

09/04/2014 09/03/2014 55500804246206088100269 BATTERY SOURCE #7 TALLAHASSEE FL ($135.45)

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Documents

Section II. Financial Management Rev’d.uniprop.com/formlibrary/Attachments/2-rvp financial... · 2/6/2015 · RVP Manual December 2011 Community Budgets (cont’d.) Rev’d. 10/2014