Senior Property Accountant - RE

December 11, 2017


Bronx, New York 10461

Primary Responsibility

Perform/manage all aspects of accounting and financial management for assigned properties.

Tax Related Responsibilities

  • Review all tax returns prepared by outside CPA firm, including proving all numbers to our books and records
    • Record journal entries provided by outside CPA firm for tax items
    • Review tax returns for any overlooked tax issues
  • Prepare annual tax-based financial statements and full work papers
    • Verify and analyze all general ledger accounts
    • Review and document all fixed asset additions, retirements and depreciation
    • Prepare schedules for tax returns
    • Retire tenant improvements related to past tenants
    • Review accounts receivable and payable at year-end
    • Reconcile and prove mortgage balances and related escrow accounts and interest expense, etc., to year-end bank statements
    • Perform an analytic review of all revenue and expense accounts
    • Analyze activity in capital accounts with special emphasis on distributions and contributions made throughout the year
    • Prepare schedules for lease commissions, mortgage costs additions, write-offs and amortization
    • Record k-1 activity for pass through entities
    • Produce other work papers and analyses as required for each individual property
  • Prepare filings for payment of all taxes related to properties
    • Property taxes
    • LLC fees 
  • Provide documentation required to assure that Real Estate taxes are kept as low as possible
    • Provide certiorari attorneys with information on properties throughout the year to support property tax appeals
    • Prepare state and local reports relating to property tax assessments

Tenant Billing Responsibilities

  • Oversee the process for sending rent bills and insure accurate and timely billing for other tenant charges
  • Review the rent variance analysis
  • Work with Property Management Coordinator to identify collection issues and to determine if bad debt reserves are required for any past due amounts
  • Calculate and bill all monthly property management fees
  • Manage security deposits
    • Reconcile amount of deposit between Yardi and lease documents
    • Monitor individual bank accounts for security deposits
  • Calculate charges related to move outs
    • Final CAM charges prior to tenant move out and release of security deposit
    • Final taxes and insurance, etc., due from tenant before move out
  • Review and process tenant adjustments in the tenant ledger – i.e., write offs and other adjustments
  • Calculate estimated and actual escalation billings, RE taxes and CAM – including the annual reconciliation.  Administer correspondence and invoicing process related to escalations.
    • Review leases for applicable CAM provisions and document CAM related provisions accordingly
    • Prepare analysis of expenses with detailed descriptions
    • Work with Construction Coordinator to review vendor invoices to determine if expense is subject to CAM
    • Work with Construction Coordinator to determine which expenses are billable to tenants for that particular property
    • Calculate individual CAM pools for each tenant based on the specifics of their lease
    • When necessary, recalculate base year
    • Meet with the VP of Construction and Property Management, the VP of Leasing and Property Management Operations, and/or in-house counsel to resolve vague or unclear lease provisions
    • Calculate true up billings
    • Calculate estimated CAM for following year
    • Prepare CAM invoices for mailing to tenant, including true up, detail of CAM expense pool, and next year’s estimate
    • Resolve issues and make changes arising from property management review

Budgeting and Forecasting Responsibilities

  • Prepare cash forecasting statements when required
    • Project short-term and medium-term cash needs and work with VP of Accounting to manage cash flows
  • Monitor cash balances on a daily basis for excess cash or potential shortages
  • Interact with banks to resolve discrepancies and problems
  • Review A/P at the beginning of each month for payment priority and cash needs
  • Coordinate and oversee the preparation of operating and capital budgets
    • Review existing leases for rents and renewals and other assumptions
    • Work with the VP of Leasing and Property Management Operations and the VP Construction and Property Management to establish projected occupancies of vacant spaces, including related costs such as building and tenant improvements, vacant space preparation, leasing commissions
    • Work with the VP of Construction and Property Management to project operating expenses and cost of capital items
  • Monitor year-to-date actual vs. budget as required to assure that the property is running within budget.  Document any significant variances in writing and notify the VP of Accounting and the VP of Leasing and Property Management Operations about the variances.
  • Reforecast budgets when requested
    • Prepare budget pro forma comprised of year-to-date actual and budget for remainder of year
    • Review assumptions regarding building improvements, tenant improvements, lease commissions, leasing assumptions, financing activity and other changes to original budget
      • Work with the VP of Leasing and Property Management Operations and the VP Construction/Property Management to revise the budget

Financial Analysis and Reporting Responsibilities

  • Maintain accuracy and integrity of general ledgers
    • Review all accounts for correctness
    • Prepare journal entries needed to adjust or reclassify account balances
  • Prepare pro forma valuations for financing of properties
    • Review all leases, building expenses and operations, anticipated capital improvements, lease commissions, etc., for period of projection, usually 10 years
    • Prepare detailed excel spreadsheet incorporating all aspects of projected 10 year period utilizing numerous spreadsheet links to allow for easy modification for multiple scenarios
  • Prepare year-end summary report of cash flow for all properties, as required by various banking relationships
    • Summarize and adapt tax return information as needed for report    
  • Prepare/compile comprehensive quarterly reporting packages to communicate all financial data related to the property
    • Report to outside partners
    • Monthly/quarterly reporting to banks
  • Review loan agreements related to properties and assure compliance with all reporting and reserve requirements 
  • Monitor compliance with loan covenants on an ongoing basis, including Debt Service Coverage Ratios, maturity dates, minimum balance requirements and other potential events of default
  • Prepare Sources and Uses Schedules for mortgage refinancings and property sales
  • Handle special projects and requests

Construction Related Responsibilities

  • Project cash needs weekly for all properties based upon ongoing construction needs, loan payments and first of month obligations
  • Review and update job costs to show variances
  • Maintain and update investment report showing equity, debt and equity interest for each project
  • Prepare project pro-forma to forecast profit and/or loss based on current and projected sales and costs
  • Manage capital calls for properties with outside partners
    • Determine amount of capital call and issue request

Leasing Responsibilities

  • Provide/confirm Real Estate Tax and CAM information for new leases and lease renewals
  • Review Term Sheets to insure that quoted Real Estate Tax and CAM information is correct