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use the following information to draw a flow diagram: This procedure, known as Manage MMF, is in charge of receiving and dispersing the monthly maintenance
use the following information to draw a flow diagram:
- This procedure, known as Manage MMF, is in charge of receiving and dispersing the monthly maintenance fees from residents to the proper vendors and employees. The first step is for the Management Company (BM) to send an invoice to each resident for the monthly maintenance charge. The ten day grace period for payment begins after the resident receives notice.
- BM will issue a First Notice to the resident if the charge is not paid within 10 days. A resident is given an extra 10 days to make their payment after receiving the First Notice. BM will issue a second notice if the fee is still not paid after it has been requested. If the resident receives a second notice, they will have five more days to make the payment.
- BM will issue a Final Notice if the fee is still overdue. There is a grace period of three days following the delivery of the Final Notice for the resident to pay the charge. If 555 has not yet paid the charge, BM will send a Memo to 555's attorneys with instructions to file a lawsuit.
- Staff and security personnel's pay is dispersed through the Disburse Wages procedure. Once employees and security guards submit their time sheets to the Management Company (BM), the clock starts ticking. BM then double-checks the logs and the surveillance footage to make sure everyone put in their full shift. BM then determines the salaries of all employees and security guards and issues paychecks to them.
- In addition, the Board of Directors (BOD) of the 555 Housing Coop contracts with Burnham Management Group (BM) to manage the MMF and other aspects of the building's day-to-day operations. Each month, BM will collect the MMF from each tenant based on the size of their unit. BM will begin a process of notices and actions in the court system if a resident does not pay their MMF on time.
- If the tenant was a senior citizen and they passed away, the apartment would be given to their heirs. Every month, BM sends the estate an invoice detailing the accumulated debt and the amount owing for the current month. If the estate does not pay the MMF, BM will take legal action. BM may pursue eviction if the estate does not react to the legal process. The 555 Housing Coop's MMF management method is intricate, but it serves two overarching purposes: shareholder security and building upkeep.
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