Resident Event Petty Cash Account Policy and Process

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1 Resident Event Petty Cash Account Policy and Process Summary: Let s have fun with our residents! Show them some love and Shut that Back Door! This account has been established in order to provide the field team with the funds required to ensure that resident events are held at each Tzadik managed property on a monthly basis. Funds can only be used for Tzadik Resident Events- No exceptions The CRM is responsible for the account The CRM must obtain receipts for all expenses CRM must sign and return to the Comptroller and Manager of Human Capital, the Resident Event Petty Cash Agreement The CRM will submit the Resident Event Petty Cash Reconciliation form together with all receipts to the Controller each month 2/24/17 Tzadik

2 Resident Event Petty Cash Account- Policy and Process PURPOSE: To provide funds for each team in a Tzadik Community, to hold a monthly Resident Retention Event Have an established process for the use and reimbursement of funds on a monthly basis To ensure the proper controls are in place for monitoring and the continued funding of the account To ensure that the funds and receipts are balanced and turned over to the Regional Retention Manager upon termination of the CRM accountable for the fund Resident Retention is an effort made by an apartment community or company that not only is aimed at reducing resident turnover but when done effectively brings your community full circle to generate low to no cost Positive reviews! HOW- Word of Mouth! 2/24/17 Tzadik

3 Establishing the Account 1. The CRM will complete and sign the Resident Event Petty Cash Agreement and forward the signed original to their Regional Retention Manager 2. The Regional Retention Manager will approve the request, sign the agreement and forward to the Controller 3. The Controller will prepare a check for the approved amount and send to the CRM at the property address

4 Securing the Petty Cash Account 1. The CRM is responsible for the cash at all times 2. The Petty Cash must held in a secured, lock space; 1. Locked safe box inside a locked drawer of the CRM s desk 2. There should only be one key and the key is to be maintained by the CRM 1. Do not share the key 3. The CRM is accountable for the petty cash and the collection of all receipts required to balance the account

5 Spending the money All employees will follow the same process for the use of any funds from the Resident Event Petty Cash Account 1. Obtain approval for the purchase of the item form the CRM 2. Complete and sign the Resident Event Petty Cash Account voucher request 3. CRM distributes the cash equal to the amount of the voucher 4. Every purchase requires a written receipt 5. Employee returns the appropriate written receipt immediately return to the property 6. CRM signs off on the voucher acknowledging that the purchase and written receipt was made and received

6 Submitting the Reimbursement Request At least once per month the CRM will balance the account by adding all receipts and cash on hand to ensure that the Total combined equals the total of the Resident Event Petty Cash Account funded and will submit the required Resident Event Petty Cash Account Reconciliation Form with all receipts to the Property Accountant for their respective property 1. Gather receipts 2. Add the receipt totals and the cash on hand- the total of the two must match/equal the amount of the original funds received 3. Complete the Resident Event Petty Cash Account Reconciliation Form and submit together with all original receipts to the Property Accountant in the Miami office 1. The reimbursement request must include correct GL code for each item purchased 2. Make a copy of the Reconciliation Form and all receipts just in case!

7 The Resident Event Petty Cash Account Reconciliation Form Property: Employee Name: Tzadik Management LLC Resident Event Petty Cash Reconciliation DATE: Amount Requested: Date Vendor Description Code Amount Total Amt Per GL Code Total Amount Disbursed $0.00 (Plus) Cash on Hand (Plus) Outstanding Check $0.00 (Equal) Total Petty Cash Fund Prepared By: Community Retention Mgr: Total of GL Codes must equal the total amount disbursed

8 Closing the Resident Event Petty Cash Account Upon termination or transfer of a CRM, The Resident Event Petty Cash Account must be reconciled and closed out by the Regional Retention Manager The account must balance or per the Resident Event Petty Cash Account Agreement if there is a shortfall or the CRM fails to turn in the receipts/cash to balance to the total fund a payroll deduction equal to the shortfall will be made to the employees final paycheck The final Resident Event Petty Cash Account Reconciliation form must be completed by the outgoing CRM and the RRM, all receipts and a money order for any cash, must be sent to the property accountant by the RRM

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