Overview of Rockledge Financial Services:
- Provide detailed monthly financial reporting
- Prepare annual budgets including a projection of operating and capital budgets
- Oversee tenant billing and collections
- Resolve tenant arrears, through coordination with legal resources if necessary
- Manage disbursements, including vendor invoices, utilities, license and regulatory fees, taxes, mortgage, insurance and repairs
- Identify and pursue cost reduction initiatives for repairs and supplies by negotiating competitive service and vendor contracts
- Pursue tax abatements, exemptions, rebates, and other government sponsored initiatives
- Assist in preparing and filing J51 Program tax abatement applications and Major Capital Improvement (MCI) rent increase applications
Comprehensive Financial Statements and Budgeting
At Rockledge, we understand that prompt and precise financial reporting is essential to successful property management. Accordingly, we prepare monthly financial statements and annual budgets, with input from our clients. The monthly management report can be customized, but generally includes monthly actuals, year-to-date accruals, and a variance report between actuals and budgeted amounts.
Multi-Faceted Management Reporting
In addition, the management report includes a complete accounts receivable report, an accounts payable report and a record of all bills paid during the relevant month. Leasing and tenant collections reports are also provided. Each report is carefully reviewed and together they enable the Rockledge team to assess the financial position of each property and to make recommendations to our clients for reducing costs and maximizing earning potential.
Proactive steps are taken to reduce arrears, including coordinating legal action. Of primary concern is our responsibility to maintain the cash your building receives and disburses. Real Estate tax, mortgage payment schedules, insurance coverage and City and State Laws are strictly monitored.
Aggressive Cost Reduction Initiatives
At Rockledge, we minimize costs in 5 primary ways:
- Implementing centralized purchasing system;
- Negotiating contracts with suppliers and vendors;
- Conducting a competitive bid process for major capital improvement items;
- Recommending energy efficiency programs;
- Pursuing tax abatements, exemptions, rebates, and other government sponsored initiatives
Mindful of the necessity to control expenses, we monitor items such as gas, oil, water and electric usage on a comparative basis. This enables us to discover and correct mechanical problems, improper billing, inefficient operations, and higher-than-market per unit costs. We supervise the purchase of supplies and equipment and carefully review all work orders, purchase orders and bills for accuracy.
Competitive Vendor and Contractor Pricing
Preventive maintenance contracts are closely monitored to ensure that vendors are fulfilling their obligations and that all systems and equipment operate properly and efficiently. We negotiate with vendors if we believe that any client is not receiving the best price possible. Competitive contractor bids are solicited when necessary and are reviewed subject to the specifications and recommendations of our clients.
Tax Abatements and Energy Efficiency Initiatives
Part of good financial management includes reviewing taxes charged by the City. Each building’s real estate assessment and taxes are reviewed annually and challenged where necessary. We assist in filing J-51 Program tax abatement applications and also Major Capital Improvement rent increase applications. We also pursue energy efficiency and weatherization programs that provide significant financial incentives to reduce building-wide energy usage and cost. Finally, water and sewer taxes have begun to rival fuel costs as a significant portion of total building costs, and we work with consultants to reduce these expenses.
