Owners can make several types of contributions to cover upcoming expenses for their portfolio.
There are several types of Contributions that can be made to your portfolio:
- Wire contributions - A wire contribution is initiated by you, the portfolio owner, from an external bank account to Great Jones.
- ACH Withdrawal - If you have established account information with Great Jones to receive distributions electronically, we can draw from your account to fund the Turn Budget. This will only be done with your express permission.
- Money order or check made payable to Great Jones.
- Setting a Reserve from your current rental income - You may choose this option if you have sufficient rental income from other properties to cover the cost of your open payables or Turn Budget. The Reserve holds back a portion of the expected distribution to cover the expected costs of the Turn budget. You can see the Total Reserves on your Monthly Statements in the Cash Requirements section.
When you choose to have the Reserve set, you may see cross-portfolio contributions that will appear under the Other Transactions section of your Monthly Statement with a Reference Number that begins with a “J”. This “J” Reference Number will be listed next to each of the properties where monies were credited or debited, balancing out the needs of the total portfolio. Across each of those”J” Reference Numbers, the credits and debits will ultimately zero out.