I remember when it was considered poor management to use checkstubs as verification of income at an affordable community. It just wasn’t done.
The times they are a’ changing…
With the advent of EIV, one of the good things that has evolved is we are now to use checkstubs provided by the resident (if they agree with what’s been reported on EIV, yada yada yada)…BUT, with the use of checkstubs comes many pitfalls. WATCH OUT for these dangers:
- Get current and consecutive checkstubs always starting with the last one they received. Make sure there are no gaps in the time periods. I always write the ending period down on a separate sheet of paper to make sure that I haven’t missed anything.
- Always use 4 – 8. The handbook mentions 4 -6 in one place and 6 – 8 in another, so I always use 6 to be consistent. No matter what you choose, make sure you do it for everyone. (Remember that’s PAY PERIODS, not weeks!)
- Calculate from your copies. Make your copies of the checkstubs and then try to calculate the income from what you see. This will immediately alert you if there is a problem with your copy (too light or portions cut off).
- Look for unexpected items. 401k…life insurance…direct deposited into a checking account (and the resident has NO assets). Do your due diligence and actually review this information and verify when necessary.
Checkstubs are a great thing if you use them correctly!
Happy calculating.