First Carolina Management, Inc.
300 N. Winstead Avenue
P. O. Box 7246
Rocky Mount, NC 27804
Phone: 252-937-8111
Fax: 252-937-8112
Services
Accounting
First Carolina Management's experienced accounting staff provides complete accounting services.
Budgeting & Forecasting
Budgeting:Budgets are based on our years of experience in the hospitality industry utilizing historical hotel and industry performance formulas to determine sales and expenses. Variable expenses are driven by formulas using room occupancy.
Capital Budget & Reserve Planning:Capital expense budgets are determined as part of the annual budgeting process. Specific capital needs for the hotel are determined by operations and management. We compile one-year and long-range capital budget plans as part of the capital budgeting process.
We strongly believe in establishing a capital reserve fund - setting aside funds each month from operations for future capital needs in order for the funds to be available when required for routine capital needs.
Cash Flow Analysis:We prepare annual cash flow projections, showing cash flow on a monthly basis. These projections are updated based upon actual performance each month as part of the financial reporting process. Cash Available for Debt Service, reserve funding, capital expenses, and balance sheet changes are all utilized on our cash flow analysis.
Budget Modeling, Forecasting & "What-if" Scenarios:Using our budget modeling procedures, we can produce "what-if" scenarios based on occupancy & average daily rate adjustments.
Financial Statement Reporting
Weekly, Monthly and Year-to-Date Revenue Reporting:We provide weekly sales reports showing sales, occupancy and average daily rate comparing the hotel's performance to budget and to last year on a weekly, monthly and year-to-date basis. Once a month is completed, we provide this data on interim monthly performance reports.
Trend Reports:We provide a consensus hotel performance report showing current, budgeted, and historical data for the hotel. This report shows Occupancy, Average Daily Rate, Room Sales, Food & Beverage Sales, Total Sales, Revenue Per Available Room, Gross Rooms Department Net Income, Net Operating Income, and Cash Available for Debt Service. This report can be specialized to show any of your hotel's specific reporting needs.
Financial Statements:We prepare and provide monthly financial statements showing current, budgeted and last year's monthly and year-to-date performance. Our financial reports consist of four main sections: Balance Sheet, Hotel Statistics with hotel occupancy and average rate statistics, Summary Profit & Loss Statement by department, and a Detailed Profit & Loss Statement by department. Updated cash flow analyses and trend reports are also provided with the financial statements. We also provide any statements required by bankers and/or other necessary parties.
Strong Financial Controls:Our accounting staff thoroughly reviews the financial statements for accuracy. Each member of our operations and accounting management staff also reviews the financial statements for any possible performance related issues.
Annual CPA Reviewed Financial Statements:An independent CPA firm prepares the annual tax return for each of our hotels as well as a Reviewed Financial Statement Report for distribution to any necessary party.
Other Services
Insurance:First Carolina Management obtains all insurance for the hotel, including general liability, property, crime, auto, liquor, umbrella, EPL and workers' compensation insurance.
Taxes:We process all tax payments related to hotel operations. Taxes are accrued monthly and set aside in a reserve fund so funds are available when taxes become due.
Payroll & Human Resources:Hotel payrolls are fully processed by First Carolina Management on a bi-weekly basis. We offer competitive wages, regular employee reviews, vacation, sick pay, health insurance, 401k Plan and all federally & state mandated benefits. We also offer a hotel financial performance incentive program for management.