This webpage was originally developed for the tenants of The Pit Stop of Durham for their review of their respective shares of  Taxes, Insurance and Common Area Maintenance, or "TICAM" for the years of 2005, 2006 and 2007 as well as the projections for purposes of the 2008 billings.   This assisted them in verifying the accuracy of their allocable shares of the TICAM charges being passed through, pursuant to their respective leases.  It now serves as the analytical support for the collection of rent arrears. Prior Billing Irregularities In 2008, an audit was conducted on the books and records of former property managers: Hunter & Associates (property manager from May 2006 through March 2008), and York Properties (December 2004 through April 2006), and verified against the operative leases in effect, and significant irregularities were exposed.  York Properties was earlier relieved of property management responsibilities after, among other things, they were caught diverting tenant prospects to properties they owned -- for instance they exerted extraordinary efforts to locate their restaurant at one of their owned properties in Raleigh.  Their successor, Hunter & Associates resigned after they were confronted with having to account for over $1 million in rent receivable and billing irregularities for this and another property. The irregularities revealed from this audit included a collective failure by both Hunter and York to accurately bill for:     ⇨  Base rent   ⇨ CPI-U inflation escalations   ⇨ TICAM & other expense pass-throughs;   ⇨ Holdover rent premiums;   ⇨ Late charges;   ⇨ Accrued interest   ⇨ Collection fees   It is unfathomable that two of the largest and most experienced property managers in the Triangle Region of North Carolina could consistently make the same egregious errors in such a fundamental aspect of commercial real estate property management, and do so over such a long time span.  TICAM Expenditures An annual summary of  actual TICAM expenses for 2005 through 2007 and projections for 2008 can be accessed by this TICAM Summary hyper-link.  Every expenditure comprising TICAM can be reviewed in the listing of general ledger entries by year.  Expenditures for capital items, and non-operating expenses have been separately identified and excluded from the TICAM pass-through calculations.  Copies of ALL paid invoices can also be reviewed to validate their classification.  To review the general ledger entries for TICAM expenditures, and images of the related invoices, click on the desired year hyper-link below. General Ledgers:  2005   /  2006   / 2007 Invoice Copies:    2005 & 2006   /  2007  TICAM Allocations   The Allocation of TICAM Expenses to all current and past tenants of The Courtyard of Chapel Hill for each of the years of their tenancy in 2005, 2006 and 2007 is summarized in a matrix report, which can be accessed by accessing the following hyperlink: TICAM Matrix Report -- it is this report that contains projected 2008 TICAM for 2008 rent billings rendered.