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The reports indicated by a ( *) shall be provided to the Owner monthly. <br />a. Development Rent Roll <br />* b. Monthly Operating Statement <br />* c. List of Operating Disbursements <br />* d. List of Operating Payables <br />e. List of Security Account Disbursement <br />f. List of Security Account Payables <br />g. List of Resident Receivables <br />* h. Comparison to Budget Report <br />* i. Resident Manager Monthly Activity Report <br />j. Monthly Vacancy Report <br />k. Delinquency Report <br />All reports shall be in a format approved by the City and CHFA with <br />imput from the Owner and Agent. <br />5. Insofar as it is possible to do so, basic accounting and record <br />keeping will be done on a modified cash basis. All necessary forms and <br />vouchers shall be originated by Agent. Bank reconciliations, payrolls and <br />project budget will be prepared and kept at the Agent's office, along with the <br />records for the replacement reserves, annual audits, taxes, insurance, <br />inspection reports, resident files and maintenance reports. <br />6. All accounts will be kept in a depository insured by FDIC. The <br />accounts will be as follows: <br />a. Operating Account <br />b. Security Deposit Account <br />c. Reserve for Replacement Account <br />7. Agent shall collect all rents, charges and security deposits and issue <br />receipts when collected. The "Pegboard" system can be used for entering <br />payment on the resident's ledger card and income journal. Deposits to the <br />project's Operating Account and Security Deposit Account will be made daily or <br />upon receipt. <br />8. Security Deposits shall be collected from tenants in accordance with <br />the tenant leases. Security deposits will be kept in an interest - bearing <br />account, separate from all other project funds. When the tenant vacates a <br />unit, the tenant's security deposit, not to exceed the passbook savings rate, <br />shall be refunded, minus unpaid rent, cleaning and /or damages beyond normal <br />wear and tear. All refunds due the tenant at the termination of the tenancy <br />shall be paid within fourteen (14) days after the tenant vacates. If a portion <br />of security deposit is withheld, a statement shall be furnished showing a <br />breakdown of the charges in accordance with State law. <br />9. A purchase order system shall be used to document all expenses, except <br />for those ongoing approved contracts and expenses incurred on a regular basis, <br />18:Mgmtplan.EHI 7 11/29/89 <br />