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Healthcare Leases & Stark Law Compliance
Stark Law and Anti-Kickback compliance requires ongoing effort and monitoring. Similar to other regulations and standards, like those for lease accounting, thinking beyond the initial adoption prevents repeated projects and mitigates financial exposure and risk. Under...
Scribcor Global Lease Administration successfully completes SOC 1, Type 2 Audit Examination, symbolizing adherence to described internal controls and commitment to best practices.
OAKBROOK TERRACE IL, September 13, 2022 -- Oakbrook Terrace, Illinois-based Scribcor Global Lease Administration announced today that it has successfully completed a System and Organization Controls (SOC) 1, Type 2 Audit examination for their lease...
5 Things to Know. Right. Now. About Effectively Managing Equipment Leases
A lease is a lease, right? It is true that all leases are contracts and share some of the same characteristics, even though specific rights and obligations can vary due to differences in the underlying leased assets. Some leases, like those for real estate assets, are...
5 Things to Know. Right. Now. About Why You Shouldn’t Ignore Your Equipment Leases
The processes for equipment leasing in many organizations can be characterized as fragmented and decentralized, especially for small value assets. Some high-volume, higher value assets such as fleet vehicles might be leased under master agreements, but for others,...
Desktop vs. Full Lease Audit & Audit Rights, Explained
We often discuss how important it is to review your Common Area Maintenance (CAM) or Operating Expense (OPEX) reconciliation since reviewing this information can save your company money. Depending on the size of your leased space, it could be a great deal of money....
Office Building Owners Drown in Tide of Sublease Space
Companies throughout the U.S. are flooding the market with office space to sublease as landlords already face weak demand as firms embrace hybrid work models. Read the rest of the story on WSJ's website.
What Do You Need to Know. Right. Now. About Your Lease’s Base Year?
Common area maintenance (CAM) reconciliations are processed by landlords throughout the year, but most often in the first half of each expense year. Some office leases have an amount relating to CAM built into their base rent charge, called a “base year.” This base...
Caps, Stops, Pro Rata Share and More! The Components and Mechanics of Expense Reconciliation
Commercial tenants are often financially responsible for their share of a property’s operating expenses, which can be a sizeable portion of their total lease obligation. Accurately calculating the tenant’s share entails a thorough understanding of each of the...
Have You Reviewed Your 2021 Annual Operating Expense or CAM Reconciliation Yet?
If your 2021 operating/CAM reconciliations have started coming in, the topics in this article will be helpful for you to keep in mind during your reconciliation review. The pandemic and other events of the past two years prompted us to take a closer look at several...
5 Things to Know. Right. Now. About Common Area Maintenance Costs
A tenant’s share of the costs to operate and maintain common areas of a property can be a significant financial component of a commercial lease. The underlying common area costs are detailed in a lease clause called ‘Common Area Maintenance,’ ‘Operating Expenses,’ or...
What is Equipment Lease Administration?
The accounting requirements for ASC 842, IFRS 16, and GASB 87 compelled companies to look at not only their real estate leases, but also added requirements for managing equipment leases. So, what does lease administration for equipment leases involve? Well, there are...
Back to Basics: The Lease Lifecycle
Most real estate and equipment leases tend to follow the same lifecycle pattern. Each phase within the lifecycle has activities and decision points that lease teams monitor and, at times, act upon. We are going back to the basics to discuss the life of a lease....