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PROFESSIONAL PROPERTY MANAGERS
MOVE THE NEWS
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VISIT THE CALNARPM WEBSITE:
www.calnarpm.org
1.888.50NARPM
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| CALNARPM BENEFITS |
1.CALNARPM WEBSITE LISTING
www.CALNARPM.org
2. MOVE THE NEWS - Electronic newsletter
3. CALIFORNIA LEGISLATIVE UPDATES
4. CALNARPM YAHOO GROUP
CALNARPM-subscribe@yahoo.com
6. CALNARPM CERTIFICATE
SUPPORT OF CALNARPM MEMBERS
ALL THIS AND MORE FOR
$25.00 PER YEAR.
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OFFICERS
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CALNARPM PRESIDENT
Robert Winger, MPM®
Sacramento
Email
President-Elect
Kathleen Richards, RMP
CALNARPM Conference Chair
2010
Monterey
Email
Secretary
Keith Becker
CALNARPM Conference, sub-chair 2010
Santa Rosa
Email
Treasurer
Ted White, MPM®
Sacramento
Email
Past President
Michelle Horneff-Cohen
San Francisco
Email
BOARD MEMBERS
Linda Chatten
Director
Monterey Bay
Email
Eric Hoglund
Director
Legislative Chair 2010
Alameda/Contra Costa
Email
Deanna Hansen
Director
Alameda/Contra Costa
Education Chair
2010 California Conference Education, Chair
Email
John Adams
Director
Santa Clara
Email
Jennifer Newton, RMP
Director
San Diego
Phillip Frandler, RMP®
Director
Monterey Bay
Affiliate Co-Chair
2010 California Conference
Exhibitor Tradeshow Co-Chair
Email
Clay Selland
Affiliate Director
Affiliate Co-Chair
2009 California Conference
Exhibitor Tradeshow Co-Chair
Email
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CCHAPTER PRESIDENTS
Louann Ginn RMP
Alameda/Contra Costa
Email
meet-3rd Thursday
Christine Goodin, RMP®
Marin/Sonoma
Email
meet - 3rd Thursday
Kathleen Richards RMP
Monterey
Email
3rd Thursday
Leisa Wells
Sacramento
Email
2nd Tuesday
Jennifer Newton RMP
San Diego
Email
3rd Wednesday
John Adams
Santa Clara
Email
3rd Thursday
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CALNARPM CONFERENCE DATES
SAVE THE DATE!
April 12 - 16, 2010
Concord, CA
Hilton Hotel
March 21-25, 2011
April 22-28, 2012
locations TBA
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WELCOME
NEW MEMBERS 2009!
Our newest members:
Ron Eld, San Diego
Cristy Roberts, San Rafael
Elizabeth Spangler, Carlsbad
Tina Mottini, Sacramento
Nancy Williams, Roseville
Carl Fox, Fremont
Anthony Davi, Monterey
Joe Kaplan, Davis
Elvis Occ, Tustin
Antonia Molin, Vacaville
Michael Sarvis, San Jose
Charity Smith, Sacramento
Jason Alves, Modesto
Chris Aurola, Citrus Heights
Carol Greener, Sacramento
John Parkes, Temecula
Heather Sirk, Redwoos City
Taunye Sirk, Redwood City
Frances Kutchuk, Temecula
Sh.elynn Marenco, Redwood City
Thomas Martin, Sacramento
Gordon Carpenter, San Diego
Federico Castillo, Folsom
Ken Kramer, Vacaville
Bryan Matusich, San Jose
Josie Maldonado, Visalia
Elaine Giamona, Lincoln
Richard Greenwood, Murietta
Robert Thomas, Elk Grove
PROFESSIONAL MEMBERS:
Janson Alves, Modesto
Chris Aurola, Citrus Heights
Ron Eld, San Diego
Joe Kaplan, Davis
Gordon Carpenter, San Diego
Federico Castillo, Folsom
Anthony Davi, Monterey
Carl Fox, Fremont
Elaine Giamona, Lincoln
Carol Greener, Sacramento
Richard Greenwood, Murietta
Ken Kramer, Vacaville
Alexandra Machado, Sacramento
Josie Maldonado, Visalia
Shelynn Marenco, Redwood City
Brian Matusich, San Jose
Alex Mikhalkin, San Diego
Steve Miller, Walnut Creek
Antonia Molin, Vacaville
Tina Mottini, Sacramento
Elvia Occ, Tustin
John Parks, Temecula
Michael Sa.rvis, San Jose
Heather Sirk, Redwood City
Taunye Sirk, Redwood City
Charity Smith, Sacramento
Elizabeth Sprangler, Carlsbad
Robert Thomas, Elk Grove
Nancy Williams, Roseville
SUPPORT STAFF:
2009
Cristy Roberts
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| DESIGNATION CANDIDATES 2009 |
Residential Mgmt Professional
RMP
Debbie Bennett
Master Property Manager
MPM
Michelle Horneff-Cohen
Barbara Smith
Gary Walker
Certified Support Staff
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Chapter Numbers:
7/01/2009
Total members: 387
Alameda/CC: 32
Marin/Sonoma: coming soon
Monterey: 34
Sacramento: 101 -- WOW!
A new high
Santa Clara: 43
San Diego:47
Members-at-large: 156
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CALNARPM
MEMBER ANNIVERSARIES
15 YEARS
Bonnye L. Sirk, Redwood City
Joel Panzer MPM, San Francisco
Ted White MPM, Sacramento
David M. Roth RMP, Vacaville
Marshia Webb, RMP, Vacaville
Rick L. Raich, RMP, San Jose
Jean Storms, member/affiliate
Robert Winger MPM, Sacramento
Sally Backus, MPM, Salinas
Deanna Blanton, RMP, Sac
10 years
Myra Avina, RMP, Simi Valley
John Dovano, RMP, San Jose
Jacelyne Ferreira, San Ramon
Ron Hammond, MPM, Chatsworth
Brad Maynard, West Point
Rhea Norman, Glendale
Barbara Smith, RMP, Salinas
Jill Steiner, Roseville
Gary A. Walker, San Jose
5 years
Barbara Clark, Fort Bragg
Jill Hoglund, Benicia
Joanne Horneff, San Francisco
Mavis Ivene, RMP, San Diego
Brian Kiernan, San Jose
Wendy Kramer, Monterey
Donna Krueger, Sacramento
Linda Martinez, San Jose
Dave McKean, Valencia
Roxanne Mikolon, San Rafael
Janelle Nord, Orangevale
Rachel Shaffer, RMP, Aptos
Clay Selland, A/CC
Janet Panzer RMP, San Francisco
Joyce Reynolds, Jackson
Larry Smyth, San Luis Obispo
Matt Madhu Sridha, San Joser
Anjali Sridhar, San Jose
Jan Taylor, Salinas
Janet Whittle, Woodland
If you did not receive your pin, contact NARPM headquarters
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CALNARPM
Past State Chapter Presidents
2008-2009 Michelle Horneff-Cohen
2007-2008 Candi Swanson, Benicia
2006 Sally Backus, Salinas
2005 Wayne Metz, Anitoch
2004 Ted White, Sacramento
2003 Sylvia Hill, San Jose
THANK YOU
FOR THE MANY HOURS
VOLUNTEERED TO CALNARPM
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CALNARPM MEMBERS with DESIGNATIONS
SS 0
RMP 35
MPM 19
CRMC 5
PAST NARPM NATIONAL PRESIDENTS 5
Sylvia Hill
Santa Clara
Robert Machado,
Sacramento
Ray Scarabosio,
San Francisco
Melissa Prandi,
Marin/Sonoma
Andrea Caldwell,
Santa Clara
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USGS Earthquake Preparedness Handbook
Order free copies to insert in your new tenant package
earthquake.usgs.gov/regional/nca/
go to preparedness & order hard copy
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NEW OFFICERS FOR CALNARPM It is my pleasure to follow in the footsteps of Michelle Horneff-Cohen, RMP by becoming your CALNARPM 2009/2010 President today. With the help of the new Board of Directors, I look forward to another outstanding year for our members. CALNARPM and NARPM exists because of members that see the value of this organization and want to continue its success. Please volunteer to give back to the organization that has given us so much. Serve your local chapter with a few hours and your state chapter. CALNARPM has great paths set by past boards and leaders and everyone needs to help. Bring non-members to CALNARPM, ask them to join your meetings of industry professionals, talk CALNARPM. We have become better business owners, property mangers and support staff by learning from each other. 1-888-50narpm. As your President, I look forward to being your representative. We live in a very active state and as industry professionals, we need to continue to keep everyone informed and to support the NARPM mission: The support of professional and ethical practices of rental home management through networking, education and designation." NARPM is the only management association that cares enough about our industry and colleagues to share our knowledge. The theme for 2009/2010 is "CALNARPM, The Key to Your Success" I wish you much success in the new CALNARPM year and join in the fun of becoming active in your association as it can be "The Key to Your Success." Robert Winger, MPM, RMP Whistler Land Company, CRMC CALNARPM President 2009/2010 TALK TO ME: Robertw@sacramentorentals.com |
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CALNARPM theme for 2009
" Create Your Future with CALNARPM."
Thank you to Michelle Horneff-Cohen, RMP
Michelle Horneff-Cohen moved CALNARPM to the next level of recognition as leaders in the California management industry. She provided the CALNARPM members with outstanding information and handled one of the most difficult issues of the year, FTB. When most of us where in a quandary, she was working on the issue with other management professionals in the state and was steadfast. Through her efforts, the FTB issue was delayed for one year. She provided us with upgrades in services to CALNARPM members and helped
"Create Your Future with CALNARPM"
as Conference Chair for the outstanding 2009 conference.
As Past-President, she will continue to serve CALNARPM, an association of management professionals, second to none.
Thank you for your dedication to CALNARPM and the many, many hours of volunteering to serve the members of California.
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Deanna Hansen, Alameda/Contra Costa Chapter and Board Member reminds all of is of the NEW:
TODAY IS THE DAY
LICENSE DRE NUMBER IDENTIFICATION REQUIREMENTS
Senate Bill 1461 - Disclosure of License Identification Number
Effective July 1, 2009, Senate Bill 1461 will require all real estate licensees to disclose their real estate license identification number on all point of first contact materials and purchase contracts.
The bill states that a licensee must disclose his or her license identification number on purchase contracts, business cards, stationery, advertising fliers, and other
materials designed to solicit the creation of a professional relationship between the licensee and a consumer. The bill excludes an advertisement in print or electronic media and "for sale" signs.
The Department of Real Estate is in the process of developing a regulation that will clarify what materials are needed to contain a licensee's identification number. The proposed regulation will be posted sometime this Spring on the DRE's web site at www.dre.ca.org
THE MORE WE WORK TOGETHER, THE STRONGER WE BECOME!
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YOUR BUSINESS CARD
With the addition of your DRE number be on all first contact information
(cards, letters, emails but not on the business signs), it is a good time to have
the NARPM logo added to your business card. Easy to find on the NARPM the website.
www.dre.ca.gov/gen_regs.html
www.narpm.org
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CALNARPM' 2009 CONFERENCE
WOW...ATTENDEES GOT A HOME RUN!!!
A change in Commissioner Davi's schedule enabled the Wednesday attendees to hear not only State Franchise Tax Board representative Mike Bailey but the Commissioner of Real Estate, Jeff Davi, also. Thursday, the commission sent in another "top brass" Fa Chi Lin, Chief Auditor for the DRE. Members were able to not only ask questions of these governing members of our industry but get first hand information on important topics of today. CALNARPM is always interested in keeping our members informed at the highest level and this is it. It was extremely informative.
The Chief auditor, Mr. Lin was able to take great questions from the members and provide answers that were of great benefit to all.
The workshops, organized by Deanna Hansen, CALNARPM Director from Alameda/Contra Costa Chapter were another great hit. Members gained knowledge in risk management that is so important to stay current and follow the guidelines of our industry.
New attendees and new members that attended were surrounded by welcoming members that were there to help, share and welcome them to CALNARPM.
Michelle Horneff-Cohen and the CALNARPM Executive Director, Elizabeth Miller plus Anisah Park of Property Management Systems, members of the Board and volunteer members that said "Yes, I will help"... worked to make this conference an outstanding educational event. For Michelle, this was her second year as conference chair and as usually was able to make it look so easy.
CALNARPM is all ready busy planning the next outstanding conference for its members. Earn NARPM points and say you will help. Our list of board members is on the side of this newsletter..contact one of them to say "I will help"
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STATE FRANCHISE TAX BOARD
RED ALERT!CALNARPM brought the first FTB issue to the attention of the CAA and CAR CAR is now asking for help in Opposing Proposal to Force Over Withholding on Independent Contractors Please CALL Your Assembly Member TODAY
C.A.R is opposing a proposal to force those making payments to independent contractors to withhold 3%. This provision was included in a budget gap proposal approved earlier this week by a Budget Conference committee in the California legislature. C.A.R. opposes this FORCED OVER WITHHOLDING because it unfairly singles out independent contractors to shoulder the burden of the state's budget troubles and because it fails to address systematic problems in California's budgeting process.
When an agent closes a transaction, they are typically paid their commission by their broker. Now, the broker would need to withhold 3% of the commission and pay it to the FTB. Agents would still pay their normal quarterly estimated income tax payments to the FTB in addition to the withholding. When the agent files their state income tax return the following April, they will deduct the withholding along with the quarterly estimated tax payments from their liability and, in theory, receive a refund for the 3% quarterly that was withheld. This allows California to earn interest on your money.
ACTION ITEM: CALL YOUR ASSEMBLY MEMBER TODAY using the 1-800-672-3137
and list to the prompts. Call between 9:00am and 6:00pm, Monday thru Friday. The pin number to use is --195501358.
TELL THEM THAT YOU OPPOSE THE INDEPENDENT CONTRACTOR WITHHOLDING PROPOSAL AND TO PLEASE WORK TO KEEP IT OUT OF THE NEXT VERSION OF THE STATE BUDGET.
This alert stated to share this information to protect our industry.
As we move towards the end of the year, you should have included the FTB forms in your property management agreements. Have you owner send them to the FTB and then send it back to you to verify. Please let CALNARPM know how you are handling this issue.
RobertW@sacramentorentals.com
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CHAPTER PRESIDENTS
Louann Ginn, RMP
President of the Alameda/Contra Costa Chapter of NARPM  Louann began her career in management in 1993. She joined NARPM on 1996 and received her RMP in 2000. She has been an officer in her chapter for many years and is now the Chapter President for 2009. Louann was the vendor affiliate for the first California Conference held in Del Mar. Prior to her career in property management she was the manager of a computer store in Walnut Creek, CA for 6 years. She is an actively involved with the Bay Area Crisis Nursery and has been their secretary for last 5 years. |
5 of the TOP TEN VIOLATIONS OF A DRE AUDIT
10. B & P Code Section 10148 - Retention of Records (14% violation rate)
Business and Professions Code Section 10148(a) states that a real estate broker shall retain for three years copies of all listings, deposit slips, canceled checks, trust records, and other documents executed by him or her or obtained by him or her in connection with any transactions for which a real estate license is required. This section requires that, after notice, the books, accounts, and records shall be made available for examination, inspection, and copying by the commissioner or his or her designated representative during regular business hours; and shall, upon the appearance of sufficient cause, be subject to audit without further notice, except that the audit shall not be harassing in nature.
A broker who fails to keep transaction files, canceled checks, deposit slips or other records prepared or obtained for a period of three years may be cited for violation of this section. Some brokers cited for violation of this section have simply failed to provide records after reasonable attempts by the Department to examine them. Other brokers cited have lost control of or destroyed records that should have been maintained. Formal legal action can result from a broker's failure to provide records. You should review the record retention policies for your office to make sure you are in compliance with this code section.
9. B & P Code Section 10145/ Regulation 2835 - Commingling (15% violation rate)
A broker shall not commingle with his or her own money or property the money or property of others which he or she receives and holds. Common
causes of this violation are the deposit of trust funds received into the broker's general business account or maintenance of over $200 in broker funds in a trust account holding trust funds.
A common example of this violation is when a broker deposits credit report fees and/or appraisal fees received into his or her general bank account instead of a trust account when he or she has not yet paid the bill. Often, the reason for this violation is that the broker does not maintain a trust account or the broker was not aware that credit report fees and appraisal fees are trust funds.
8. Regulation 2834 - Trust Account Withdrawals (28% violation rate)
Commissioner's Regulation 2834(a) states that withdrawals may be made from a trust fund account of an individual broker only upon the signature of the broker or one or more of the following persons if specifically authorized in writing by the broker:
A salesperson licensed to the broker.
A person licensed as a broker who has entered into a written agreement pursuant to Section 2726 with the broker.
An unlicensed employee of the broker with fidelity bond coverage at least equal to the maximum amount of trust funds to which the employee has access at any time. Regulation 2834(b) also states that withdrawals may be made from a trust fund account of a corporate broker only upon the signature of:
An officer through whom the corporation is licensed pursuant to Section 10158 or 10211 of the Code; or
One of the persons enumerated in paragraph (1), (2) or (3) of Regulation 2834(a), provided that specific authorization in writing is given by the officer through whom the corporation is licensed and the officer is an authorized signatory of the trust fund account. Regulation 2834(c) states that a broker or broker-officer is responsible or liable for the handling of trust funds regardless of the existence of any authorization given regarding signature authority.
The most common violations found in audits related to Regulation 2834 are:
The failure of the broker or designated officer to be a signatory on the trust account (this may indicate a supervision problem).
Presence of an unlicensed signatory on the trust account who does not have fidelity bond coverage.
Fidelity bond coverage inadequate in amount and/or has a deductible.
The failure of the broker or designated officer to give specific written authorization permitting a salesperson, broker or unlicensed person to sign on the trust account.
7. Regulation 2832.1 - Trust Fund Handling for Multiple Beneficiaries (Trust Fund Shortage) (30% violation rate)
Regulation 2832.1 requires the real estate broker to obtain written consent from every owner of the trust funds in the bank account prior to each disbursement if the disbursement will reduce the balance of the funds in the bank account to an amount less than the existing trust fund liability of the broker to all owners of the funds. A trust fund shortage therefore exists when the following conditions are present:
The balance of the bank account is less that the total trust fund liability of the broker to all owners of the funds; and
There is no written authorization from all owners of the trust funds allowing this. The most obvious reason for a trust fund shortage is the intentional misuse (conversion) of trust funds. However, simple record keeping errors that remain undetected could result in trust fund shortages and an actual loss of funds. Failure to record a disbursement, or understating the amount of a check disbursed, or overstating the amount of a deposit on the beneficiary ledger/record will cause the beneficiary ledger to show a balance that is larger than the true amount owed to the individual beneficiary. This overstated balance on the ledger is more likely to be paid and, consequently, the beneficiary will be paid more than what is due. The end result is a trust fund shortage.
Performing the proper trust account reconciliation pursuant to Regulation 2831.2 should enable the broker to detect such causes of a trust fund shortage.
6. Regulation 2731 - Use of False or Fictitious Name (31%)
Commissioner's Regulation 2731 states that a licensee shall not use a fictitious name in the conduct of any activity for which a license is required under the
Real Estate Law unless the licensee is the holder of a license bearing the fictitious name. Brokers should periodically check their license status with the Department to be sure that their license bears the fictitious name(s) they are using. Many brokers cited for violation of this regulation believed that having the DBA registered with the county was sufficient to allow them to use it in their real estate business. Other brokers who are cited for this violation state that they had the fictitious name on their license at one time but may have had their license lapse for a brief period of time and failed to add the DBA back on to their license.
(1-5 next issue)
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 PACIFIC REGION RVP
You deserve to be known as a leader in the property management industry. Let people know that your are a member of NARPM. Place the NARPM logo on all your advertising material and business cards.
DON'T sell yourself short. "Sell" your professional designations, RMP,MPM, CRMC and SS. Let your owners know that you are committed to them by being the very best you can be with industry specific information. Teach them why having these designations is so important. Earning a designation takes more time and work, brings more knowledge, and will separate you from the others. Ask me, it took me 12 years to earn my MPM and is there a difference...Yes, among colleagues and Owners. Start today! Let me know if I can help. pacificrvp@narpm.org
If you have suggestions, questions or information that you need, please let me know.
Have A Successful 2009!
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QUESTIONS ANSWERED BY THE DRE AUDITOR
CALL CALNARPM! Have a question for the Department of Real Estate Auditor but don't want to call yourself? Email Candi Swanson and she will contact the auditor for you without your being mentioned and get the answer. Tom Cameron, auditor for the DRE and Candi have spoken about this offer and he thinks its a great idea. CALNARPM can HELP! CALNARPM members want to "DO IT RIGHT."
Questions that have been asked during our conference:
Do checks have to be in numeric order? No, but it makes an audit go more smoothly.
Does the Broker or Broker of Record license need to be at the front door? No, but it must be displayed where it can easily be seen and not in a drawer.
Do you need to file a fictitious name? Yes, if the name of the company is not your name. ABC Realty, yes...Jon Doe Realty, no., if the Broker is Jon Doe. The company name or the Broker must be easily found when searching the DRE website for licenses.
If a repair is above the authorized limit listed in your contract with the Owner, do you need to get originally signed authorization from the Owner? NO, an email is acceptable but if it a large amount over the authorized amount, it might be best to get a signature.
PLEASE SHARE IT! THIS COLUMN IS A "BRIGHT IDEA" SUGGESTED BY A CALNARPM MEMBER.
INFO@CALNARPM.ORG
or call 1-888-50NARPM
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CALNARPM is GROWING.
If you are an active member...ASK SOMEONE THAT IS NOT A MEMBER. If we all brought one new member, our numbers would double and new property managers would share their knowledge and we grow by sharing.
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DEPARTMENT OF REAL ESTATE AND NUMBERS:
As of 12/31/09 there were 152,862 current broker licenses and 379,669 sales licenses for a total of 532,531. In the peak of applications, November 2007, the membership was 549,244. The DRE is operated solely on license and subdivision fees. No tax dollars from the state are used. Developers have stopped building and applications for permits are down. At the peak, 2 years ago, approximately 16,500 people were taking the test per month, YES, per month. To date, 2,700 apply per month. Renewal fees increased today.
Answers to some of your questions regarding storage of real estate records on electronic media...refer to DRE bulletin, Fall 2007. Commissioner's Regulation 2729(a) All past issues are posted and can be downloaded for reference. WWW.DRE.CA.GOV
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CALNARPM GOALS...
1. Enhanced NARPM benefits, services, and procedures that are effectively conveyed to CALNARPM members.
2. Supporting continual education of California issues that supports members.
3. Members become integrated and involved in NARPM.
4. CALNARPM members will continue to encourage new members.
5. Enhanced networking through California State Conference, chapter meetings and email communication.
6. CALNARPM members become better informed and industry leaders in property management.
7. Encourage members to use the NARPM logo on all their communication material: envelops, business cards, stationary, ads, office windows
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NARPM GOALS...
Members:
1. NARPM has membership benefits, services, and procedures that are effectively conveyed to the members.
2. Continual learning and achieving designations has been accepts, embraced and supports by members.
3. Members have become integrated and involved in NARPM.
4. NARPM leaders are visionary and experienced professionals.
5. Enhance Networking will be in the web.
6. NARPM has a younger generation of Property Managers that will be future leaders of the organization.
7. NARPM has services that make NARPM member a dynamic property manager.
Goals of NARPM:
1. NARPM logo is universally recognized...(place the logo on all your materials)
2. NARPM is the "Authority for the Residential Property Management Industry."
3. NARPM designees are recognized by the general public as industry experts.
4. The public recognizes NARPM as the standard for residential property management.
5. NARPM will provide research on the market to the public and the media.
6. Property Management will be looked at as a viable career choice.
NARPM is a registered trademark...
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DO YOU MANAGE A PROPERTY WITH A SEPTIC TANK?
Jeanie Gregory of rentnapavalley sent an email regarding proposed changes by the State Water Resources Control Board (SWRCB) these changes may have onerous and over-reaching new statewide regulations for all new and existing OWTS, including septic tank systems with leach fields. Please access the SWRCB site for proposed changes. Contact your county supervisor for more information. Thank you Jeannie..
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CLAY SELLAND, Affiliate Member of the Board of Directors
4 years of dedication to CALNARPM
Thank you for all your help with CALNARPM 2006, 2007, 2008, 2009 conferences. OUTSTANDING SERVICE TO YOUR PROPERTY INVESTORS!
CALIFORNIA *ARIZONA * OREGON * UTAH
clay@SignetMortgage.com |
MARKETING TOOL - WATERMARKS
When you are placing the watermark on your internet ads, place the watermark through the middle of the ad or cross ways and make it your website address or your telephone number. Members have found this helps with "pirated ads" when pirates try to make your properties theirs, your number or address leads the applicant directly to you Priates even take ones with watermarks, so make it easy for the people looking to just call you.
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Move the News is the quarterly publication of CALNARPM and is distributed to members as a member benefit included in the CALNARPM dues. Articles in this publication are general in nature: applicability of any article to one situation should be reviewed by professionals who have all the facts for the situation being offered. Publisher disclaims any liability for published articles. Facts or opinions of authors are theirs alone and do not imply opinion by NARPM, CALNARPM or members. Acceptance of advertising does not necessarily constitute any endorsement or recommendation, expressed or implied, of the advertiser, the goods or services offered. Publisher reserves the right to reject any advertising copy.
All readers must do their own research or investigation as to the accuracy of the information.
January, February, March (article submit date: March 15th)
April, May, June (article submit date: June 15th)
July, August, September (article submit date, September 15)
October, November, December (article submit date: December 15)
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YOU HAVE RECEIVED THIS NEWSLETTER BECAUSE YOU ARE A MEMBER IN GOOD STANDING WITH THE NATIONAL ASSOCIATION OF RESIDENTIAL PROPERTY MANAGERS (NARPM). IF YOU DO NOT WISH TO RECEIVE CALNARPM LEGISLATIVE AND INFORMATION UPDATES, PLEASE OPT-OUT IN THE UNSUBSCRIBE AREA. | | | |
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CALNARPM | 910 Florian Road | Sacramento | CA | 95831 |
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A LETTER FROM CALNARPM PAST PRESIDENT, MICHELLE HORNEFF-COHEN
| Attention all CALNARPM Members - SUCCESS!
A Special Thank You to the California Apartment Association for lobbying on our behalf on this issue. Representatives from the California Franchise Tax Board will be our Keynote Speaker and Special workshops will be held at the 2009 California Conference on Wednesday, April 22, 2009 educating us on this issue. |
Franchise Tax Board Agrees to Delay Implementation of Non-Resident Tax Withholding Requirement
After a meeting between California Apartment Association (CAA) staff and Franchise Tax Board (FTB) officials, CAA is pleased to announce that the FTB has agreed to delay implementation of its withholding requirement for property managers who manage California residential property for out-of-state owners. FTB will instead utilize 2009 to educate management companies and other agents about this requirement and will begin to enforce the withholding in 2010. According to the FTB's public statement, they will "focus on education and outreach, [and] residential property managers will be given time during 2009 to come into compliance with our nonresident, quarterly withholding program, with the goal of full compliance by 2010."
CAA objected to the FTB Guidelines when they were posted to the Board's Web site on February 9 of this year. These new Guidelines "reinterpreted" existing regulations, ruling that residential rental property managers must now withhold a portion of the rent collected from a California residential property before sending the proceeds to an out-of-state client. While commercial property has been subject to a withholding requirement for a number of years, this was the first time that residential property would fall under the same rule. Indeed, under the old guidelines residential property was expressly exempted from the withholding requirement.
In the mean time, CAA will work with the Department of Real Estate (DRE) to resolve conflicts that exist between the FTB withholding requirement and the DRE trust account mandates.
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Sincerely,
Michelle Horneff-Cohen
2008-2009 President, CALNARPM | |
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