RFP for Property Management Services

prospective tenants, computations of rental adjustments, maintenance and
preventive maintenance programs, schedules and logs, tenant finish and
construction records, inventories of personal property and equipment,
correspondence with vendors, job descriptions, correspondence with federal,
state, county, municipal authorities and governing agencies, brochures, and
accounts held or maintained by Agent (all such books, records, and documents
being referred to herein as "Books, Records, and Documents").
b) Unless otherwise instructed by Owner, in writing, books and records of account
shall be prepared in conformity with generally accepted accounting principles
consistently applied, and HUD Handbook 4370.2. Except as approved in writing by
Owner, all accounting functions shall be performed by Agent’s personnel whose
compensation is payable solely by Agent without reimbursement by Owner.
c) Except as provided herein, Owner shall have the right to examine, audit and take
originals and copies of all Books, Records and Documents at Agent's principal
office at reasonable times and with prior reasonable notice.
d) Upon request, Agent shall make all Books, Records and Documents available for
examination, audit, inspection and copying by duly authorized representatives of
any public housing agency or authority with regulatory power and/or jurisdiction
over the Property to the extent required by federal or state law.
e) Agent shall provide to Owner, on a monthly and quarterly basis, financial and
management information relating to each Property - including without limitation:
profit and loss statements, balance sheet, general ledger, trial balance report, rent
rolls, cash reconciliation statements, accounts payable reports, tenant delinquency
and vacancy reports, and reports as to the status of the Security Deposit Account and
Construction Account, if any, unless otherwise agreed in writing. This financial
information should be provided by the 15 th day of the month following the last
day of the reporting period. Agent shall also, at the request of Owner, furnish
such further reports in a manner sufficient to respond to Owner's requirements.
iii. Annual Audit. At the end of each fiscal year of the Property and up to the date of
termination, Agent shall arrange and coordinate an annual audit of the books and
records of the Property made by a firm of certified public accountants approved by
Owner. Agent shall prepare or cause the auditor to prepare for Owner’s execution all forms,
reports, and returns required by any federal, state, county, or municipal authority relating to
the Property, including any supplemental schedules required by lenders and partners. Audit
will include a report of internal controls or compliance reports required by government
contract or loan requirements. Agent’s third party cost of the audit is a cost of the Owner
Property Management Agreement 4
December 2010