Accounting Manager - Development

Job Description

Job Description

Job Summary

Reporting to the Director of Finance (DOF), the Accounting Manager – Development (AM-D) manages the accounting of housing projects in various stages of development (e.g. predevelopment, construction, lease-up, etc.), cost certification audit management, and assists with interdepartmental process improvements plus training for both Fiscal and Housing Development (HD) teams as needed. The AM-D is the lead for the Fiscal review of pay draws prepared by the HD teams; and is responsible for understanding the project proforma, its funding sources/financing, and various regulatory requirements to better facilitate the financial reporting and cash position management of the projects during development phase(s).

The AM-D supervises the Senior Accountant – Development (SA-D) and collaborates with the Assistant Controller – Portfolio (AC-P) and Assistant Controller – Corporate (AC-C) to ensure the development books are timely and accurately completed, fairly stated and intercompany transactions are recorded/reconciled for consolidation purposes. The AM-D also supervises the development accounts payable (AP) process and stays on top of cash position analyses and management of development accounts.

Status: Full-time, Exempt

Location: San Francisco

Hours: Monday - Friday, regular business hours

Salary: $134,900 - $138,000; Comprehensive benefits 

Schedule:  Onsite

The Organization :   A private non-profit founded in 1977, Chinatown Community Development Center believes in a comprehensive vision of community. We own and/or manage approximately 30 affordable housing buildings serving over 3,800 low-income seniors, single adults, formerly homeless adults, and families of diverse ethnic and cultural backgrounds in San Francisco’s Chinatown, Tenderloin, Western Addition, and Polk Gulch neighborhoods. We also build housing, develop grassroots leadership, and engage low-income residents and youth. Our employees are passionate about the mission; thrive in a family organizational culture; and embody values of empowerment, teamwork, and compassion. Chinatown CDC serves a diverse population and is committed to hiring practices that provide culturally competent services. We encourage people of color to apply.

What You Will Do

• Manages and oversee day-to-day development accounting operations to produce accurate financial information and reports for required financial reporting compliance and ad hoc reports as requested by funders/investors.
• Analytical review, reconciliations and projections support as needed for project feasibility, regulatory document review, and financial planning of project in partnership with HD and Asset Management teams.
• Participate in annual property and consolidated audits plus cost certification audits by ensuring development books are complete, all year-end accruals are made, and intercompany development transactions are properly recorded on the development books.
• Make continual improvements and standardizing cross-teams processes with pay draws from HD teams and accounting with portfolio accounting teams.
• Review regulatory agreements before and after closings to ensure Fiscal-related compliance items are appropriately addressed plus provide decision-making support to management on both an individual project and organizational strategic level, as well as know what requirements impact the accounting.
• Provide technical guidance and support to the SA-D to ensure compliance with US GAAP and other regulatory requirements.

Job Responsibilities:

Real Estate Development Accounting and Fiscal Management

• Manage and lead day-to-day accounting operations, cash management, and financial reporting of housing development projects.
• Oversee development AP process, accounts reconciliations, unposted transaction entries review (e.g. AP, cash receipts, journal entries, etc.), and general ledger maintenance to ensure accuracy of financial reporting in adherence with proper accounting methods, policies, and GAAP.
• Monitor and project cash flow from development bank accounts plus internal (e.g. revolving loan funds, etc.) and external (e.g. loans, investor equity, etc.) funding sources to anticipate funding needs as per regulatory requirements, loan closings, draw disbursements, advances, developer fee milestones, and capital contributions, collaborating with AC-P, AC-C, DOF and CFO as needed for required EFT activity, new bank account setups, and bank account closures.
• Collaborate with HD teams to develop/schedule/anticipate project draw review, coordinate intercompany transaction/backup support from advances, and funding timelines to meet required deadlines, help bridge communication amongst the various project teams, and ensure timely submissions and payments to meet vendor due dates.
• Review with SA-D and AP Accountant the anticipated timeline of incoming deposits and outgoing payments to ensure reasonable development AP turnaround of funded draws and approve AP batches/check registers. Inform DOF of potential outgoing wire activity to schedule payments.
• Review revolving housing advance funding balances and activity each month for intercompany tracking, cash position management, and reconciliation with SA-D to ensure amounts are properly recorded and there is sufficient funding for utilization.
• Provide guidance and support to SA-D with draw review especially of complex deals to assist with draw submission timeliness, provide review comments back to HD team for items to revise/update, make continual improvements towards the cross-team process, and ensure accuracy of accounting.
• Review permanent regulatory documents to determine best accounting approach for different deals with their unique funding structures, tiered passthrough ownership levels, and reporting requirements, especially when there are multiple tranches with varying interest rates, maturity dates, interest rate cap/swaps, occupied rehab allocations and tracking for tax credit calculations, etc. Be able to identify when new chart of account codes are needed to properly track new funding sources and/or types of transactions.
• Review ongoing HD proforma, if available, on project financial progress and potential timing/meeting of bond test when applicable.
• Work closely with AC-P, property accountants and SA-D on proper work-in-progress and retention tracking/reconciliations from the development trial balance, especially when project has operations during rehab/construction phase, for external reporting.
• Prepare, review, analyze and issue accurate and timely financial statements for external reporting requirements and cost certification audits. Prepare book/tax adjusted financials for tax reporting purposes if needed.
• Lead for cost certification audits and providing guidance to Fiscal staff and HD team on anticipated required documentation throughout project to prepare for engagement.
• Oversee and ensure completeness of development documentation maintenance for cost certification and audit backup support collaborating with HD, AM Dept, and property accounting teams.
• Ensure that accounting records are maintained in a safe and orderly fashion
• Prepare/review and train accounting staff on loan amortization schedule preparation and loan interest reserve projections as needed.
• Support HD project management team on how to apply capitalized loan interest towards principal in draw tracking especially when there are rate cap products in deals.
• Track interest rate cap premium and swap activity on projects with these products to ensure proper accounting, observe impact to loan principal balances, and revenue generated that is treated differently in GAAP vs tax basis.
• Review term sheets for potential lenders to assist with financial cost projections for decision-making when selecting a construction lender.
• Provide guidance to HD project management teams as needed on appropriate chart of account coding to utilize, which advance funding sources are available, strategize certain advance costs, and track all advances, especially in predevelopment phase. Help strategize reimbursement timing especially if predevelopment phase may last an extended period of time before construction financing is available.
• Collaborate and assist with marketing/lease-up cost tracking from lease-up budgets prepared by HD/AM dept/PM dept, and Resident Services dept, when applicable, to be funded through development funding. Coordinate internally with corporate accounting and property accounting teams for producing reimbursement backup relating to these budgets for inclusion to draws.
• Support DOF with tracking financial milestones (e.g. construction closing, percentage of completion, capital contribution funding, developer fees, etc.) for project timeline tracking for internal handoff to property accounting team and providing data as needed for consolidation purposes.
• Work with DOF on long-term planning, annual objectives and work plans for staff supervised.
• Ensure organizational, cross-teams procedures are followed for proper internal controls between HD, Fiscal, and other departments.
• Represents organization with governmental agencies, auditors and accountants

Supervisory Duties

• Supervise, train, and oversee the work of Senior Accountant – Development
• Review, approve and oversee the financial reporting of development portfolio
• Prepare and conduct performance reviews for staff supervised
• Develop work goals for staff supervised
• Responsible for the recruitment, interview, and selection for directly supervised position vacancies
• Ensure staff knows and follows safe work practices and policies

Other

• Embody organization values (respect & compassion, empowerment, teamwork)
• Contribute to a safe and pleasant work environment
• Follow policies, procedures, and safe work practices
• Other duties as assigned

Knowledge, Skills, and Experience

• Knowledge of US GAAP accounting principles and its application
• Proven strong double-entry accounting and general ledger knowledge
• Ability to manage and prioritize tight construction timelines / workflows
• Plan and improve upon workflows to streamline multiple and complex project/task management to meet deadlines
• Highly organized and meticulous attention to detail
• Keen analytical and problem-solving skills
• Strong interpersonal and communication (written and verbal) skills
• Proficiency with technology and computer skills to prepare/generate spreadsheets and navigate different systems plus databases as needed.
• Ability to effectively present key financial data to non-fiscal persons at all levels to support strategic decision-making process.
• Ability to train/motivate staff and operate as a leader of a team.

Minimum Qualifications

• Bachelor's degree in accounting or equivalent experience
• Five (5) years of progressive accounting and hands-on technical experience
• Four (4) years of experience in real estate development, construction accounting, property management portfolio, or related field/industry experience.
• Three (3) years of management and supervisory responsibility
• Computer experience in accounting systems, Microsoft Application with intermediate Excel skills required, and working within a cloud database environment.
• Knowledge and experience with leading/supporting financial audits.

Preferred Qualifications

• Licensed CPA and/or former public accounting experience
• Knowledge and experience with LIHTC and affordable housing industry.
• Knowledge and experience of GAAP vs tax basis for required financial reports
• Experience with cost certification audits
• Experience in using MIP / Momentus accounting software and Yardi
• Familiarity with tiered ownership structures and regulatory contract review for compliance reporting and strategic, financial forecasting purposes
• Familiarity with consolidated financial reporting and compliance
• Bilingual or conversational fluency in Chinese language

EQUAL OPPORTUNITY EMPLOYER

Chinatown Community Development Center (CCDC) is an equal opportunity employer. We are committed to building a diverse and inclusive workplace and do not discriminate on the basis of race (includes hairstyle and hair texture), color, religion (includes dress and grooming practices), age, sex (including pregnancy, childbirth, breastfeeding or related medical condition and reproductive health decision making), national origin (includes language restrictions), ancestry, citizenship, disability, medical condition (cancer or genetic characteristic), genetic information or characteristic, marital status, sexual orientation, gender identity or expression, veteran or military status, or participation in an EEO protected activity or any other characteristic protected by federal, state, or local law.

SAN FRANCISCO FAIR CHANCE ORDINANCE

All final candidates will undergo a background check. For certain positions this will include a fingerprint check. Qualified applicants with criminal histories will be considered for employment in accordance with the San Francisco Fair Chance Ordinance.

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