VISTA DEL RIO PARTNERS, L.P. - Laserfiche WebLink

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d. The following separate accounts shall be established: 1) Vista del Rio Housing Partners L.P., General Operating Account into which rental and other miscellaneous income will be deposited and from which the Property's operating expenses will be paid. 2) Vista del Rio Housing Partners L.P., Replacement Reserve Account to be funded through regular contributions from the operating account, based on a capital improvements schedule of anticipated useful life; and replacement needs for major items all in accordance with the Regulatory Agreement, mortgages and Partnership Agreement as defined in the Management Agreement; 3) Vista del Rio Housing Partners L.P., Operating Reserve Account to be funded through regular contributions from the operating account in accordance with the Limited Partnership Agreement, the Regulatory Agreement and mortgages. 4) Vista del Rio Housing Partners L.P., Security Deposit Account to be funded by tenants' security deposits. Policies and procedures for administering this account are noted in Section I(E)(6) below; 5) Any other accounts required by Regulatory Agencies. 3. All Property financial records will be audited annually by an independent CPA firm. a. The Agent maintains a computerized General Ledger program, which shall be continually updated to meet the accounting and reporting needs of the Property and to produce a quality audit trail. b. Careful monthly monitoring shall allow for cost control, prompt identification of potential problems and sufficient lead -time to develop plans to meet Property needs. c. Major budget variances shall be reviewed by the Agent with the Owner and appropriate actions shall be taken to ensure that monthly cash flow is sufficient to meet the Property's operating expenses and deposits to the reserve accounts noted above. Exhibit H - 11 -