OPS/VCR/Bank recs
What is VCR used for? what does it mean when the system is asking you to "approve" "reject"
It means MMS paid for the utility bill and you have to tell the system if the tenant should have paid for it or should we. If you approve, it means the tenant should have paid so by you clicking approve, the tenant gets charged on their ledger so they can pay us back.
Example: we paid for the Supers electricsl bill and the VCR is asking you to approve or reject. Since we are responsible for the Supers bill, you would click reject and then save.
Daily Double!
Do we need to send FAS to accounting and Tricia if no refund is due back to the tenant and why yes or why no
yes ALWAYS! because the money is sitting in an escrow account and accounting needs to know when they can close the account
If you have no variances for the month, how many reports should you be sending including you RUM tracker.
12
What is the main diffrence when calculating income for HUD vs LIHTC
HUD uses average and LIHTC uses Highest
what are the names of the EIV reports we have to print and how ofter
MIND all monthly minues the New hires which is QT
Jan
April
July
October
Daily Double
how do you know if a vendor already uploaded an invoice for you and what should you do in this case
the link says "merchant". You only need to create the order
How many days do we have in NY to refund someone their Security deposit
14 days
what responsabilities should be completed before you do the month end
post all rents
finalize all move ins/move outs
finalize all AR's
Finalize your FAS
post your HAP payments if you have a LIHTC with outside subsidy
in a HUD and LIHTC building what happens when the household becomes Over Income
1. they must move out because they are out of compliance
2. rent increases immidiately
3. you must terminate subsidy
3 and charge max tax credit rent
when someone moves in, how long do you have to print the EIV report and what are you looking for in that report
90 days after it is sent to TRACS
What does DIT mean and explain what happened if you have a DIT
Deposit in Transit
something was posted in Onesite but the money is not in the bank
when can you scan Security deposit checks
NEVER
In a combo building-should you ever send a month end with vriances? If so, when is it ok to send a lost rent summary report with variances
retro GR
we terminated subsidy and we are only allowed to charge the Tax Credit rent
Daily Double!
what program allows for deductions and what are some of the allowed deductions
HUD
elderly
dependent
child care
disability
If you have a question about something you are trying to do on Onesite who should you contact as an absolute last option
Realpage
What does it mean when you have an item under book adjusment on your bank rec
money went in or out of the bank but there is no invoice or onesite transaction to back it up
When should you do an IR
income changes
family composition changes
who do we send incident reports that relate to tenants?
and if it relates to an employee?
Jennifer Z
Chris Delisi
what should be on your board
rent schedules
TSP
Affirmative housing plan
disclosures
if an applicant is rejected by you as a property manager:
1. what are some of the reasons you can reject
2. can you as a manager review the file if the tenant appeals your decision
1. over the income, does not meet owner prefrence, does not meet howusehold size
2. no. you can't review it because the same person who denies can't be the same person who reviews the appeal
why must we never book an invoice for elevator repairs under elevator contract GL
You affect the financials that go to ownership by making it look like we are overspending or not budgeting according to the contract. Also, it cause accounting to have to do more work and move our transactions manually to the right GL
My building has mass recertifications effective May 1st. When do I need to terminate and what is the effective date on the termination
15 moth (July)
April 30th
It is May 1 2026 and you received a retroactive GR effective January 2026. The old rent per month was 196,500 or 1965 per unit (100 units). The new rent is 250,000 per month or 2500 per unit.
If you post the GR in May, will you have a variance and if so, what will be your variance during May month end.
214,000
250,000-196500=53,500 per month
53,500*4=214,000(Jan,Feb,March & April)
IN a combo building (HUD/LIHTC) what rules do you follow
1. HUD rules
2. LIHTC rules
3. Most restrictive rules
4 The rules that are easier to apply
3
Daily Double!!!!
your EIV says your new tenant who moved in in June 2026 has a discrepancy for the period of January 1 2025 until December 2025.
Is this a valid discepancy? why or why not? and what do you do?
not valid because the tenant was not living with us during the POI. You put a note on the report indicating as such.