When will Financial Statements be uploaded in the portal?
Many owners enjoy having access to their financial statements at their convenience. These statements are useful in making projections for the upcoming year as well as providing documentation for tax purposes.
Monthly statements are available via your portal, typically by the 10th of each month. These statements provide a quick way to understand how the rent money was applied. There are four general areas where the rent money is applied.
The management fee is deducted from the rent received in accordance with your Management Agreement.
Maintenance expenses are itemized and deducted from the rent received in accordance with your Management Agreement.
Other expenses such as Eviction Protection Plan payments or expenses that you have asked Real Property
Management Chicago Group to submit on your behalf are itemized and deducted.
The Owner Draw is the amount paid to you after expenses are deducted.
Tip: If you have any questions regarding an owner draw, please investigate your portal under the bills tab and/or check the maintenance tab, as that is normally the easiest and most effective way to determine how the funds were allocated. If you have any questions after doing so, we highly recommend that you wait for the monthly statement to be published so you can review it and point out any questions that you may have by circling or referencing the line item from the statement so we can provide a detailed answer.