At RECOR we take great pride in selecting our strategic partners. We want to make sure that they are not only of benefit to our members but more importanly that they are best in class service providers. Scribcor Global fits that bill exactly and we are proud to be able to spotlight them!
Who is Scribcor Global?
Scribcor Global Lease Administration is one of the first, if not the first, companies focused exclusively on tenant lease administration services. Originally founded in 1992 as a division of Scribcor, Inc., a Chicago-based property management firm that traces its roots back to 1891 and was originally known as the Winston Co. It was then established as an independent spin-off in 2001, when it was purchased by Gilbert Fell. In 2009, Mr. Fell changed the company name to Fell Lease Administration. In 2012, Gilbert Fell announced his retirement, and the company was subsequently purchased by Jamie Covert. Over the past six years, Jamie has added several talented team members expanding the company’s service lines and adding global capabilities.
What services does Scribcor provide?
- Full Service Lease Administration – helping tenants optimize their leased portfolios and stay compliant. A key priority for any corporate real estate leader is understanding the role of and potential for a well-managed lease administration function to drive cost savings, organizational effectiveness and risk mitigation. Scribcor Global Lease Administration will work closely with you and your team to ensure compliance with Sarbanes Oxley, GAAP, lease capitalization and financial reporting requirements.
- Lease Abstraction Services – provides accurate and timely lease abstracts that you and your real estate team can trust during all phases of your lease management process. Lease abstraction is the process that summarizes key information from your lease documents and makes it readily accessible for you to monitor, review and update. Many companies struggle with data accuracy and consistency, resulting in a lack of critical real-time information to produce meaningful portfolio analysis and make effective strategic decisions.
- FASB/IASB Lease Compliance – Helping with changes in lease accounting and reporting. The new FASB/IASB lease accounting standards went into effect at the end of 2018 for public companies, and in 2019 for both private companies and not-for-profit organizations. These changes will affect how leased assets are reported in a company’s financial statements. Under the new rules, all leased assets, from office space to copiers, must be accounted for at an asset-level basis (except in very limited circumstances).
- Equipment Lease Administration – Improving your equipment portfolio oversight. Lease administration for non-real estate assets is unique and different. The more diverse your operations, the more complex the situation becomes. New quarterly and annual lease accounting calculations cannot be completed without data from this important activity.
What size of client does Scribcor work with?
Scribcor has engagements with many Fortune 500 clients but that doesn’t mean thats all they service. Scribcor’s scalable and flexible approach lends it self to customers of all sizes. They customize their service level to meet the needs of each individual business whether you need basic lease administration all the way to compliance auditing and all the services in between – Scribcor has a solutions for you or your client.
Whats the best way to get a conversation started with Scribcor to see if they are a good fit?
Easy…Fill out the below form and we will get you in contact with them today! You can also visit them at scribcorglobal.com.
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