Details on the rent plan for the selected Funding Program Group.

• Late Charge and Legal Methods are maintained at System Administration > Maintain Lookup Tables.

• • The Late Charge Method defines how late charges are assessed against outstanding balances for households participating in the selected Community/Funding Program Group.

  • Auto Assess Late Charge - select this parameter to have Late Charges Auto Assessed

  • • You will only be able to select this parameter if a Late Charge Method has been selected for the Community/Funding Program Group.

    • If you subsequently change a Late Charge Method to None, this parameter will automatically be deselected.

    • If you have never had Late Charges Auto Assessed for your database, you will need to contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance before this parameter will work for you.

  • The Legal Method defines:

  • • How and when Late Notices are printed for households participating in the selected Community/Funding Program Group.

    • How and when Notices to Quit (NTQ) are printed for households participating in the selected Community/Funding Program Group.

    • When Households participating in the selected Community/Funding Program Group should begin the Formal Eviction Process (File Formal Eviction).

• Prorate Methods include:

• • 30 Days

  • Actual Days in Month

  • Do Not Prorate

  • Move-In Only/Actual Days

  • 30 Day Basis/30 Day Month - This Prorate Method is only available for rent, if there is a household in the Funding Program Group that doesn’t have HUD, USDA or PHA rules that apply and the household has an outside voucher (System Administration > Maintain Lookup Tables - Vouchers) that has the Prorate Method set to 30 Day Basis/30 Day Month.

  • • All months are considered 30 days for calculating the daily rental rate and the days of occupancy is calculated based on 30 days, including February

    • • For example, household moved in on February 16th, the calculation is $600 / 30 days = $20 x 15 = $300.

      • • Days unit is occupied is calculated as 30 less 15 = 15, instead of 28 less 15 = 13

• Utilities Methods include:

• • Included in Rent

  • Not Included in Rent

  • Residents Choice

  • Utility Allowance Provided

• Gross Potential Methods include:

• • Effective with Transaction:  Expected rent that is used to track vacancy, overages, and shortages.  Your expected rent (Gross Potential) will be compared to what you are actually getting for rent and subsidy and vacancy expense.  Overage or excess rent income and lost rent (shortage) will be calculated against this amount.

  • Actual Billed: Rent + Subsidy - No budget used for Gross Potential income, nor is vacancy tracked.  Income equals what is billed for Rent and Subsidy.  That is what is credited to your GP income accounts.

  • Actual Rent + Sub  w/Vacancy Prior - No budget used for Gross Potential income, and vacancy will charge based on what was charged for the unit to the prior tenant.  Income equals what is billed for Rent and Subsidy.  That is what is credited to your Gross Potential income accounts.

  • Actual Rent + Sub  w/Vacancy Plan - Vacancy will be charged based on the value in Rent 1 (i.e. - the rent you hope to get from the next tenant moving in) upon the move-out event.  This will occur whether or not the plan has been certified, as the move-out event effectively certifies the plan on the unit.  This Gross Potential Method will not charge any gain or loss to lease.

  • The Gross Potential Method can not be changed after a community has occupied units in it.  If the Gross Potential Method for any Community/Funding Program Group is wrong, please contact contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance to have it corrected.

• Broken Lease Method - The Broken Lease Method will define what move-out accounting should occur and how the remaining rent through a household’s lease obligation should be billed.  Methods include:

• • <None> - This is the default selection for this parameter where no special accounting occurs when a lease is broken.

  • Charge Balance at MO, Rebate if Rented - This method will charge rent to the moved-out household through the remaining term of their lease.  If the unit is rented again before the lease term is up, this billing will stop and any excess monies paid will be refunded back.

  • •  When a move-out is confirmed the total rent is computed from move out day +1 to the lease end date.

    • • If total due is greater than $0 a broken lease receivable is created for that amount.  Its accounting offset is to the unearned income liability account.

      • • The GL Entry will Debit Tenant Receivable and Credit Unearned Income Liability.

        • • You are left with the full receivable the former household owes through the end of their lease obligation

          • As the former tenant makes payment, the normal payment processing occurs - Debit to Cash and Credit to Tenant Receivable.

          • This activity is visible on the Household Detail > Accounting > Receivables tab.

      • A balance schedule is created on the Unit Detail > Gross Potential tab to amortize the unearned income into regular income each month as the billing is run. If the move-out is backdated a catch-up billing is run to post the first amortization(s).

      • • Each month a GL Entry will occur to Debit Unearned Income Liability and Credit Tenant Gross Rent Potential.

        • This activity is visible on the Unit Detail > Gross Potential tab.

      • The vacancy schedule is adjusted to start the day after the unearned amortization schedule ends.  In other words, vacancy doesn’t start billing until the broken lease obligation ends.

      • If a new household moves into the vacant unit, the former household’s broken lease obligation will be reduced to end 1 day prior to the new move-in.

      • • If the amount of the Tenant Receivable due from the former household becomes negative, the former household is due a refund.

    • Cancelling the confirmation of the move-out or subsequent move-in will restore accounting to its state prior to the transaction.

    • This broken lease accounting only impacts the tenant rent.  Subsidy accounting is not impacted.

    • Two charge types need to be maintained for the above accounting to be created correctly.  Use the Maintain Charge Type task at System Administration > Accounting Setup - Charge Type Setup to maintain the Broken Lease Receivable and Broken Lease Unearned Income charge types.

  • Contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance, if a different Broken Lease Method is needed.

• Set the Minimum Rent

• Customize the Labels for Rent 1 and Rent 2

• Specify what is to happen for a Manager's Unit

• • Charge No Rent

  • Charge Basic Rent

• Specify Rent Change Parameters - Rent Change Method (maintained at System Administration > Maintain Lookup Tables - Rent Change Method)

• • Rent Change Rules for each Rent Change Method which assigned to a funding program group, is usually only setup when a community is first converted to Property Manager.  If the Rent Change Method/Rules for a particular community/funding program group is incorrect, please contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance in having it corrected.

• Rent Change Rules

• • Agency Controls Rent Change

  • Rent Changes on Selected Date

  • Rent Changes on Next Renewal

  • Rent Changes on Next Lease

  • • This Rent Change Rule is available where allowed, for example, when the lease renewal dictates the rent change and the Tax Credit Annual Recertification just proves continuing income qualifications but does not impact rent.  The Rent Change Rules are maintained at System Administration > Maintain Lookup Tables - Rent Change Method.  If the agency controls change, Changes on Next Lease is not an option.

  • Rent Changes on Next Turnover.

• Rent Plan Schedules

• • Rent Plan Schedules are listed by their effective date.

  • As you click on each Rent Plan Schedule, the rent plan details will be displayed for that schedule

  • A check mark () in the UA column indicates that only the Utility Allowance was changed for the schedule using the Add Utility Allowance Change task.