The President of AOF and his staff performs the following asset management functions on each multifamily asset:
MONTHLY
a) Review monthly financial report from the onsite Management Company
b) Discuss significant variances from budget with the Management Company
c) Discuss overall operation of the property with the appropriate regional manager
d) Review occupancy trends and projections with the regional manager
e) Discuss ongoing rehab and approve expenditures over $2,500 dollars
QUARTERLY
a) Review Financial Statements and Debt Service coverage
b) Perform site visit including review of any recent improvements, inspection of vacant units, rental comparable and conduct interviews with onsite staff
c) Review Compliance
ANNUAL
a) Review and approve Budget and Annual Plan
b) Review Annual Audited Financial Statements
c) Review Compliance
d) Review debt service coverage ratios
