Financial Reporting and Controls

BREM has implemented a new state of the art property management accounting software solution, Yardi Voyager Commercial. Yardi Voyager is an end-to-end solution that streamlines the property and financial management aspects of the commercial real estate lifecycle to help enhance the underlying value of our portfolios. The flexibility of the product allows us to design any type of report you may request. Some of the key features are as follows:

• Controlled administration of leases and amendments including lease option management with encumbrance tracking
• Integrated accounting and property management functions
• Role-based dashboards and critical date notifications
• Simplified setup of complex expense recoveries
• Complete retail percentage rent calculations
• Easy straight-line rent adjustments for FAS 13 and IAS 17
• Real-time analytics, dashboards, and business intelligence
• Supports multiple currencies, languages, GAAP, and local taxation requirements

Each month we provide a written analysis summarizing the financial reports. The approved annual budgets provide the basis for our expense control process. A Property Manager who must seek approval for all non-budgeted or over budget items, per the management agreement, and must approve all purchase orders. All expenditures over a contractually agreed upon amount require the owners approval. Vendors are selected based on service, reliability, and price. Each vendor must submit an application and is required to provide proof of insurance coverage. We are adamant at negotiating the lowest price possible for a quality product or service that results in lower expense and greater cash flows. A complete audit trail is maintained throughout the financial system.

BREM has designed and successfully implemented a concise program for bid control and contractor supervision. In accordance with the management plan, operating budget and owner objectives, capital improvements/ enhancements are identified. BREM outlines the complete process for developing the scope of work, identifying specifications, receiving bids, and obtaining owner approval. Each bid is evaluated and selected based on experience history, understanding of the job and cost. At takeover and on an ongoing basis, all services to the property are subject to a bid control process. Bids for various aspects of building maintenance are received and approved in the same manner as construction bids.

This assures the best service at the lowest cost without compromising quality.