Electronic Version of the Monthly Accounting Report to include a cumulative risk analysis of of the project. The Owner/Agent enters in the Schedule A, B, and C information; however it is assembled differently so as to capture the information similar to what is reported in FASS for account codes. In essence, the project prepares a cash Profit & Loss statement. It then allows Project Managers to interact by comparing actual income and expenses to last year's FASS entry and comparison to the underwritten rents, income, expenses. The date is further translated to assess various categories of risk relating to management, financial, physical, and economic/market. We have sampled this process in AZ and have reduced the public reporting burden by 66.666%. Project managers have also reduced the required review time from 2-3 hours to apx 30 minutes. I would like to see this implemented and expanded to include a rider program with either FASS or Sharepoint or other similar system.
Idea No. 5433