CAM Pre-Send Packet Checklist: What to Verify Before Statements Go Out
The pre-send packet review is the last quality gate before CAM reconciliation statements reach tenants. These 20 items catch the errors most likely to generate a dispute — wrong denominator, management fee over cap, capital in the expense pool.
By Angel Campa, Founder, CapVeri · Updated April 2026
Why the Pre-Send Review Matters
Once a CAM reconciliation statement is delivered, errors become disputes. A tenant who receives a statement with a wrong denominator or a management fee above their lease cap will hold payment, request an audit, and demand a corrected statement — adding months to the collection cycle and creating legal exposure. The pre-send review is cheaper and faster than correcting issued statements.
This checklist is also available as a downloadable PDF formatted for print-and-sign review workflows. Get the CAM Pre-Send Packet Checklist PDF to use with your team.
The 20-Item Pre-Send Checklist
Complete all 20 items before any statement packet leaves your office. The checklist is organized into 4 groups: Expense Pool (items 1–5), Calculations (6–10), Statement Format (11–15), and Supporting Documentation (16–20).
1Group 1 — Expense Pool
1. Non-recoverable expenses are excluded — confirm the exclusion list matches the specific lease, not a generic template.
2. Capital items are removed — confirm every item above your capitalization threshold was reviewed and classified.
3. Management fee is capped — verify the management fee in the pool does not exceed the per-lease maximum for each tenant.
4. Controllable/non-controllable split is applied where required — confirm the split percentages match the lease definitions.
5. Lease-specific exclusions are applied — check beyond standard exclusions for any special carve-outs in each lease.
2Group 2 — Calculations
6. Gross-up is applied (if applicable) — confirm occupancy was measured using the method specified in the lease and the variable pool was normalized correctly.
7. Occupancy threshold is correctly calculated — verify the occupancy percentage used matches actual occupied RSF over total leasable RSF for the measurement period.
8. Pro-rata denominator matches the lease — pull the denominator definition from the lease and confirm it was used, not a default system value.
9. Cap type is correctly applied — cumulative caps use a bank balance carry-forward; non-cumulative caps reset each year. Confirm which applies for each tenant.
10. Prior-year cap bank balance is used (if cumulative) — verify the bank balance in this year's calculation matches the closing balance from last year's reconciliation.
3Group 3 — Statement Format
11. Tenant name and lease reference are correct — verify against the executed lease, not the tenant ledger, which may have name discrepancies.
12. Reconciliation period is explicitly stated — the start and end date of the reconciliation year should appear on the face of the statement.
13. Prior-year estimates are clearly shown — the total estimated payments collected must match the tenant ledger exactly.
14. True-up amount is unambiguous — state clearly whether the tenant owes money or is receiving a credit, and the exact dollar amount.
15. Due date is on the true-up invoice — every statement with an amount due must have a payment deadline stated. No deadline means no enforceable payment date.
4Group 4 — Supporting Documentation
16. Expense schedule is attached — a line-by-line or category-level breakdown of recoverable expenses that ties to the total on the statement.
17. Management fee calculation is attached — show the base, the rate, and the result. Tenants routinely request this separately; include it upfront.
18. Pro-rata share schedule is attached — the full table of all tenants, their RSF, the denominator, and each tenant's percentage.
19. Gross-up calculation is attached (if applicable) — the workbook showing occupancy, threshold, variable pool, and normalized amount.
20. Cap bank schedule is attached (if cumulative cap applies) — the year-by-year table showing base year, annual cap increases, and remaining capacity.
What Can Go Wrong
Management fee exceeds the per-lease cap
Management fees are often calculated at the property level and then allocated to tenants. But individual leases may cap the management fee at a lower rate than the property-level rate (e.g., 5% of controllable expenses vs. the property standard of 8%). This discrepancy is the most common calculation error caught at the pre-send stage — and the most embarrassing to correct after delivery.
Prior-year estimate amount does not match the tenant ledger
If the prior-year estimate on the statement does not match what the tenant actually paid — because estimates were adjusted mid-year, a credit was applied, or a payment was disputed — the true-up amount will be wrong. Tenants compare the statement to their own payment records immediately upon receipt. A discrepancy here delays payment for every tenant affected.
Missing supporting documentation creates audit requests
Statements sent without expense schedules, management fee calculations, or pro-rata share documentation generate a predictable wave of follow-up requests. Each missing document costs 30–60 minutes to produce and deliver on demand — across a 20-tenant building, that's a full day of avoidable work. Include all supporting schedules with the initial delivery.
Frequently Asked Questions
What should be included in a CAM reconciliation statement packet?
A complete packet includes: the reconciliation statement, expense schedule by category, management fee calculation, pro-rata share schedule, gross-up workbook (if applicable), and cap bank schedule (if a cumulative cap applies). Delivering all of these upfront dramatically reduces post-delivery inquiries.
How do you verify the pro-rata denominator is correct?
Pull the denominator definition from each tenant's lease. Some leases use total building RSF, some use occupied RSF, some exclude anchors, and some specify a fixed number. Compare the denominator in your calculation to the lease definition. If tenants were added or space vacated mid-year, you may need a weighted-average denominator.
What is the most common error caught in a pre-send review?
Management fees that exceed the per-lease cap. Management fees are frequently calculated at the property level and allocated to tenants — but individual leases may cap the fee at a lower rate. This discrepancy is easy to miss when calculations are done in bulk.
Who should do the pre-send review?
Someone who did not prepare the reconciliation — ideally a senior property manager, controller, or lease administrator. Self-review catches arithmetic errors but misses systematic calculation errors that the preparer makes consistently.
Related Resources
CAM Reconciliation Checklist: 35 Steps
The complete year-end reconciliation checklist by phase.
CAM Close Checklist
Monthly and year-end close procedures for property controllers.
CAM Reconciliation Process Guide
The 7-phase process from year-end close to audit defense.
CAM Reconciliation Software
How CapVeri runs the pre-send checklist automatically.
Run the Pre-Send Checklist in Minutes, Not Hours
CapVeri checks all 20 pre-send items automatically against your lease data and GL export — flagging management fee cap violations, wrong denominators, and missing documentation before any statement goes out.
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