Distribution Time!
It is that time of the month again! Time to pay owners. Please note..payments have not gone out yet but are scheduled for Monday. We are working through all the reconciliations as this is written.
We get a lot of questions every month about these distributions. We want to share some reminders about how this process works and how your distribution is calculated.
We normally will close out books for a month by the 14th of the following month. At that time, you will receive an email from the system informing you of the disbursement and its amount.
If you do NOT receive notice via email that you are receiving a disbursement it is due to one of the following reasons:
1. Your tenant did not pay their rent at all.
2. Your tenant paid their rent on line and the ACH has not cleared.
3. There is a repair hold on your account due to repairs in process.
4. Your tenant did pay their rent but the expenses of the property exceed the income of the property currently.
If you go into your owner portal, there are two reports that can assist you in resolving the reasoning behind not receiving a disbursement. The report button is in the top right hand corner of your home screen.
A. The Tenant Report will provide when they paid, how they paid, and how much they paid. If you see EFT by how they paid this would reflect that potentially your tenant's payment is still in process. EFTs are taking longer than usual. Currently it is averaging 5 to 7 days to hit our account from the date the tenant submits the payment.
B. The Rental owner statement will provide you the cash flow of the property, an income statement, and the details to support each. You need to change the effective date to the date of the disbursement in order for it to reflect the timing of the disbursement. Be sure to check the boxes income statement and transaction details when running the report. The line on the Cash Flow report that is labeled AVAILABLE FOR PAYMENT is the amount that is disbursed.
One final note- with this being the end of the year, we are allowing ourselves to bump against our deadlines in order to collect as much rent as possible. Tax rules state rent collected in a year will be taxed in that same year. If at all possible, we are trying to also get those funds in your hands in this months distribution.
One More Thing
Finally, in this holiday season we would appreciate it if you will read below about our initiative for the homeless shelter program through Indy Health Net. It is getting cold in Central Indiana and with the pandemic, there are more restrictions on where these folks can be housed. Funds are needed now and we plan to make our donation before the holiday. Please consider the simple request we make that does not involve anything more than two minutes of your time.
To Your Health!
WILMOTH Team
|
