Where Did the Money Go?
The Bottom Line
The Bottom Line
What does NOI stand for and what are two ways to improve NOI?
A) "Not Our Issue" - Ignore and Laugh
B) "Net Operating Income" - Budget and Forecast
C) "Needs Ongoing Improvement" - Worry and Stress
D) "Net Operating Income" - Increase Revenue and Reduce Expenses
D) "Net Operating Income" - Increase Revenue and Reduce Expenses
What are the two documents that are required along with the new Vendor Form?
COI and W9
Who is on the share services TCC Accounting and FP&A Team?
A) We have an Accounting and FP&A Team?
B) Cheryl, Leslie, and Kristi
C) Heather, James, Paul, Kristy, Ellen, Nick, and Andrew
D) Heather, Ken, Ellen, Travis, and Tim
C) Heather, James, Paul, Kristy, Ellen, Nick, and Andrew
True or False: The $ threshold to capitalize something is $1,000?
False - The threshold is $500 for individual capital purchases. Anything related to approved capital projects can be expensed.
What Vena folder contains payroll reports used by Field Operations and Finance?
A) TCC Finance and Field Operational Reports
B) True Connections Reporting
C) What is Vena?
D) TCC Reports Field Operations
D) TCC Reports Field Operations
What is an accrual?
A) A mythical creature that accounting made up
B) An expense that has been incurred but we haven't received the invoice for or recorded
C) An asset
D) A service we contracted for but hasn't happened yet
B) An expense that has been incurred but we haven't received the invoice for or recorded
What happens if you spend more than your budgeted amount in a given month?
A) Don't worry about it, Cheryl will pay for it
B) Look ways to reduce expenses in other areas or in future months
C) Celebrate because it must have been for an epic party
D) Hope no one notices
B) Look ways to reduce expenses in other areas or in future months
Who is Lorrie Cisneros?
Risk Management Consultant / Insurance Manager
True or False: You can capitalize tree trimming?
False
What report should you be monitoring weekly that shows FTE counts, labor cost per PRD, overtime percentages, and average annualized salaries by month?
A) Payroll KPIs Report
B) Labor Cost Report
C) Payroll Schedules Report
D) ADP ED Report
A) Payroll KPIs Report
What do you compare your actual P&Ls to and manage against on a monthly basis?
Budgets
True or False: We should strive to push vendors through our normal invoicing and disbursement process?
True
What is an extraordinary expense?
A) An expense that causes me to go over budget
B) An unusual or infrequent expense caused by a one time unusual event or insurance related event
C) A fun party
D) Any expense greater than $2,500
B) An unusual or infrequent expense caused by a one time unusual event or insurance related event
What is the best description for a landscaping expense for monthly service, plus color change, mulch, and sod patches when coding an invoice?
A) Landscaping expense per budget
B) 07/2026 Landscaping Contracted Services
C) 07/2026 Monthly Landscaping, additionally color change for all flowers, new mulch in two flower beds, and patched one small section with new sod.
D) Monthly Landscaping and some additional stuff
C) 07/2026 Monthly Landscaping, additionally color change for all flowers, new mulch in two flower beds, and patched one small section with new sod.
True or False: Spend-down worksheets should not include anticipated accruals even if invoices have not yet been received?
False
What do you do when you have a need for something that is not budgeted?
A) Pray and hope for the best
B) Incur the cost and ask for forgiveness
C) Complete and submit an unbudgeted expense approval form
D) No need to do anything
C) Complete and submit an unbudgeted expense approval form
What is the company's approved vendor to order food?
A) Costco
B) Amazon
C) We have approved vendors?
D) US Foods
D) US Foods
True or False: I need to report all insurance related incidents, regardless of expected amount or deductible level?
True
Where should pressure washing of the building be coded?
A) 590-311 - R&M - Common Area
B) 530-100 - R&M - Landscaping
C) 157-000 - Fixed Assets CIP
D) 560-501 - R&M Building Exterior/Roof
D) 560-501 - R&M Building Exterior/Roof
What report should you monitor on a monthly basis that explains whether payroll P&L variances to budget are driven by headcount or wage rate changes?
A) Payroll Variance Report
B) Payroll Drivers Report
C) Payroll Schedules Report
D) FTE Wage Report
B) Payroll Drivers Report
What is the best explanation for why your turn costs were higher than budget?
A) No Idea, it just is
B) I didn't do the budget and the budget is wrong
C) We had less move outs this month and didn't have to do much work
D) We had 2 higher move outs than budgeted. In addition, all units required full painting that we had to outsource due to capacity issues and paint costs have significantly increased since prior year that have increased our per turn cost which will be a run rate increase moving forward.
D) We had 2 higher move outs than budgeted. In addition, all units required full painting that we had to outsource due to capacity issues and paint costs have significantly increased since prior year that have increased our per turn cost which will be a run rate increase moving forward.
If occupancy is below budget, how should spending be adjusted according to the spend-down model?
Spending should be reduced
What are the main components that directly impact and drive how you calculate utility expense - water/sewer, electric, and gas?
Usage/Consumption and Rate
What are the main things to look for when reviewing and approving an invoice in Avid?
A) Vendor, Due Date, Entity, Amount, Coding (account, job code, allocation), and Description
B) Vendor, Due Date, Who submitted it, History, Vendor State, and approval workflow
C) Nothing, I approve anything that comes through
D) Vendor, Entity, Amount, Days held in queue, and Description
A) Vendor, Due Date, Entity, Amount, Coding (account, job code, allocation), and Description
How many departmental tabs exist in each monthly spend-down file, and what are they?
A) Two - Controllable Expenses and Uncontrollable Expenses
B) Four - Utilities, Marketing, Dining, R&M
C) Five - G&A, Marketing, Dining, R&M, and Resident Experience
D) Seven - G&A, Marketing, Dining, R&M, Resident Experience, Utilities, and Taxes
C - Five - G&A, Marketing, Dining, R&M and Resident Experience