By Steve Lefkovits
The complexity of contracts and property sales mean that as an industry, we are always contriving new ways for the revenue-share payments from telecom to go unpaid, or underpaid. Megan Jackson, Senior Accountant at RealtyCom Partners has turned into a bit of a telecom revenue share detective. Here are a few high-dollar examples from recent experience:
- An upfront payment check for $25,000 goes uncashed because it was made payable to the wrong entity in the signature block;
- A 500-unit property is underpaid for seven years by a provider because the provider’s records incorrectly show the property as only 180 units. The revenue-share payments for 320 units were unpaid for the entire time the ownership group was in control;
- An upfront payment for more than $45,000 on a new development project goes unpaid during the internal transition from development to property management;
- A property owner submits a W-9 form whose taxpayer identification number is incorrectly formatted. $30,000+ goes unpaid for more than a year.
In any given quarter, 30-40% of the revenue share payments reviewed by RealtyCom are flagged for review. Catherine Ratté, Vice President of Accounting at RealtyCom calls Megan “eagle-eyed” for her ability to sort through the points […]