Are you new to Access Property Management Group? Or maybe you want to know what to expect as a client? This video and blog covers our owner statements and how to read them.
What is an Owner Statement?
An Owner Statement is the financial breakdown of what occurred in a clients portfolio. It is sent to our investors on a monthly basis. It gives details of all the financial activity that has happened with their portfolio over the past month.
First Page of Owner Statement
An important point to note is that at Access Property Management Group, we process our Owner Statements on the 10th of the month. This means the statement covers the 11th of the prior month to the 10th of the current month. Please Note: If the 10th falls on a holiday or weekend, we process statements on the next business day.
The first paragraph explains how to read the Owner Statement. It helps new owners understand their statements.
Summary of Information
This is a short break down of all the information on the remaining pages of the owner statement. This is NOT in addition to the other information. The summary allows a quick glance into the financial activity that occurred with the portfolio.
Portfolio Detail Pages (Page 2 and on)
At the top of the page, the portfolio name and buildings are listed.
This detailed information is broken down by building. For example: Building 1 information, followed byBuilding 2, then Building 3 etc… Each building will have its own set of details as follows:
- Expenses (turnover, maintenance, etc): description of what was performed and cost.
- Rental Income: Amount collected over the statement period.
- Management Fee Expense: Listed as an expense under each building
- Income and Expenses Totals: Calculated for each building.
Final Page of Owner Statement
Owner funds disbursed to the owner during the statement period.
Beginning balance + income – (expenses + owner draw) = Ending Portfolio Balance
These funds are held in the portfolio to cover maintenance items that occur during the month. This money still belongs to the client. The management contract lists the amount that will held.
For details on the unpaid bills, look further down the page to the “Unpaid Bills” table.
Less Unsettled ePayments
The purpose of this line item is to ensure all online payments have settled before the money is disbursed to the owner. This prevents us from disbursing funds that for some reason may bounce back.
These are active leases connected to the portfolio. It will include:
- Tenant Name and Address
- Monthly Rent
- Security Deposit
- Ending Lease Date
How Do I Receive the Owner Statement?
Another important point to address is when and how the Owner Statements are received. Owner Statements are emailed out to clients on the 10th of the month (or next business day). At anytime you can log into your Owner Portal and view current and past statements in the Documents tab.
Any further questions? Feel free to reply to your Owner Statement email, contact us or call at 616-301-9450.