The proper management of the Owner’s rental property necessitates the comprehensive reporting of all financial transactions. All Owner funds flow through a special operating account maintained by RMA.
Operating Statements
On the 25th day of each month, RMA generates an operating statement of income and expenses. This statement along with a proceeds check (or a request for Owner contribution, if expenses exceed income) is mailed to the Owner. Monthly statements are comprehensive and include tenant and vendor details. Other reports are available at the Owners request.
Operating Expenses
RMA will pay from property funds all normal operating expenses, such as utility charges, maintenance expenses, advertising, and management fees. As an Owner’s option, RMA will pay expenses, such as mortgage payments, taxes, and other assessments. Accurate receipts of all expenses are kept in the RMA office.
Tax Reporting
1099 reporting is filed with the IRS on all income collected on behalf of the Owner. All vendors receiving compensation from the property account will receive 1099 statements.
