Our client’s need
A commercial real estate investment trust, which owns and manages retail, industrial, office, student housing, and hotel properties sought to review certain operational and financial policies, procedures, and controls.
Baker Tilly solution
We analyzed the controls surrounding the pre-rental, ongoing operational, safety and security, and tenant renewal activities for a sample of student housing properties and walked through process and controls at select properties.
Specifically, Baker Tilly assessed the control design and operational effectiveness of:
- Pre-rental activities (including adjustments to standard terms and applicant credit worthiness)
- Ongoing operational activities (including monthly management reports and timeliness of responding to facilities work requests)
- Lease termination activities (including notification of termination and property inspections)
- Tenant renewal activities (including historical analysis of prior payments and tenant quality review)
We also gained an understanding of safety and security measures and agreements for housing properties by reviewing documentation, interviewing stakeholders, and walking through processes, and comparing the housing property’s practices to leading industry activities.
The real estate investment trust strengthened its financial, operational, and compliance related controls with Baker Tilly’s assistance. It allowed them to demonstrate to the university community in which it operated how certain process improvements helped to improve student safety as well as reduce fraud risk related to pre-, ongoing, and termination activities.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.