The Senior Project Accountant, Real Estate performs a wide variety of general and specialized accounting functions and account processing involving regular application of knowledge of accounting methods, forms and techniques, and general accounting principles, practices and procedures – specific to real estate development. The Senior Project Accountant, Real Estate will perform the accounting functions for assigned development or operating real estate entities.
Essential Job Functions
- Prepare and maintain accounting work papers for real estate entities assigned. This includes the maintenance of ledgers, preparing and posting journal entries, preparing account recaps and reconciliations, reconciliation of project bank accounts, preparation of periodic financial statements and actual-to-budget analyses, projecting operating results, and preparing work papers for annual audits and tax returns.
- Support real estate development staff in the accounting for development projects. This includes attending team meetings during project development, accounting for predevelopment and construction expenses, ensuring that funding is in alignment with the “flow of funds” schedule approved at closing, lender/investor requisitions, performing ongoing budget analysis.
- Prepare initial and recurring construction draws for assigned development projects, ensuring that they are accurate and in the appropriate lender/investor format, and submitted timely so that project payables can be paid timely and that debt and equity draws are received timely. Work with General Contractor, various vendors, and applicable Agency/Lender approving draw to reconcile any variances and to timely address potential issues/questions.
- Prepare work papers required for project cost certification (e.g., reconciled development budget with appropriate documentation, relocation expenses, real estate and insurance expenses, coordination of occupancy schedules with management agent, preparation of cost certification work papers).
- Assure that project close outs are completed in a timely manner including the completion of the final determination of mortgage proceeds (if there is a CDA/VHDA/HUD loan) and obtaining the 8609 from the respective state or the District of Columbia.
- Support the Controller in the preparation of accurate and timely financial management reports including, but not limited to, internal and external financial statements, annual audits and tax returns, investor or project related/required reports; fees and partnership waterfall calculations; and preparing work product as required.
- Maintain the books and records for all project partnership legal entities, including the corporate partner entities related to each development project. This includes close coordination with the asset management team and property management agent to ensure that project level books are timely reviewed and consolidated, and with Corporate Accounting to ensure that intercompany activity is reconciled.
- Ensure compliance with the covenants and/or reporting requirements of governmental and corporate grants and loans.
- Facilitate accurate and timely reporting on LIHTC partnerships to partners and regulatory agencies, and to ensure that certain tests critical to tax credit compliance are met as appropriate, including the Bond 50% test, annual 704(b) analyses, etc.
- Coordinate with investors, lenders, government agencies, auditors and other internal and external stakeholders to ensure requests and issues regarding accounting for projects are addressed timely and completely
- Assist various Departments in special projects relating to operating and development entities.
- Maintain and/or establish accounting policies and procedures and other planning and control processes for the development accounting department.
- Recommend, design and/or implement departmental controls and procedures.
- Proactively demonstrate leadership qualities such as collaboration, initiative, innovation, problem-solving, accountability, planning and setting goals, managing resources and personal and staff development.
- Performs other related duties as assigned.
Required Skills and Knowledge
- Experience in accounting and analysis for real estate/Low Income Housing Tax Credit Partnerships.
- Ability to work in a fast‐paced accounting department with multiple entities, projects, and deliverables.
- Working knowledge of generally accepted accounting principles and regulations regarding tax credits and subsidized properties, requirements of the IRS, HUD, investors, lenders and/or state, and local government agencies and the reporting thereto.
- Experience in preparing work papers (through reconciled trial balance) and/or review thereof for annual audit by independent public accountants.
- Experience in preparing work papers and/or review thereof for annual audits and tax returns.
- Experience with budgeting and financial reporting.
- Aptitude to learn and operate CPDC’s accounting software and standard office programs such as Word and Excel.
- Strong project management and organizational skills, problem solving, and ability to handle multiple priorities.
- Strong knowledge of accounting theory and organizational skills.
- Excellent attention to detail and ability to implement internal controls.
- Ability to work independently and efficiently, and seek help when needed.
- Well‐developed leadership and interpersonal skills, and ability to work cooperatively in a team environment with a diverse group of people.
- Bachelor’s degree in Accounting, Finance or related field required.
- Certified Public Accountant designation or MBA preferred.
- 4-6 years related experience and demonstrated knowledge in accounting for real estate.
How to Apply
CPDC offers competitive salary, medical, dental, life, STD, LTD, 401(k), flexible spending accounts, EAP, and paid time off.
Only resumes including salary requirements will be considered. Click Apply and submit cover letter, resume and salary requirements. CPDC is an Equal Opportunity Employer. No phone calls, please.