Job Description

Position Summary:

The ideal candidate will be responsible for all construction accounting functions for a recently created Fund entity (“TAP BFR”) which will invest in real estate for the purpose of developing townhomes and single family homes for rent. The development process will include taking raw land, entitling it, and creating finished lots which will then be developed into rental properties with some of the lots sold to our home building partner for sale. The responsibilities for the Assistant Controller will be to account and report for all contracts and costs incurred during a ground up construction project that includes hundreds of lots. This includes the upfront soft costs, land development (horizontal costs) and the home building (vertical development). These costs along with contracts, loan draws, and construction tracking will be maintained in a construction accounting software called ProCore with the GAAP financials being maintained in Real Page which speaks to ProCore. Once the build out is complete, the day-to-day rental real estate will be handled by the property accounting group.

TruAmerica Multifamily, LLC:

TAP BFR will be managed by TruAmerica Multifamily, LLC (“TRU”) which is headquartered in Century City with offices located in several cities throughout the United States. TRU is a management company responsible for providing asset management, Fund management, construction management, acquisition and disposition consulting in additional to other management services for multifamily properties that it either owns an interest in through TAP entities or which it manages for a third party. Founded in 2013, TAP entities own an interest in 185 properties containing 41,533 units and manage another 104 properties containing 19,185 units with a combined value of assets under management of $18 billion. TRU operates in 17 states nationally and has approximately 75 employees (property management is outsourced to third party property management companies).

TAP BFR is a newly formed venture for TRU which has a number of synergies with TRU’s multifamily rental real estate business. This is an opportunity for a candidate to get in at the inception within an industry which has only been around about ten years. Working closely with the recently hired BFR team and the CFO, the right candidate will be responsible for all of TAP BFR’s accounting and reporting.

Essential Functions:

• Monthly accounting close process including recordation of monthly operational activity.
• Monthly preparation of schedules to support the balance sheet and income recordation
• Track all contracts, change orders, payments against contracts, retention and lien releases associated with the project.
• Reconcile the subsidiary detail in ProCore to the summary info in Real Page for each project, each month
• Prepare bank reconciliations monthly
• Settle intercompany balances monthly
• Reconcile security deposits
• Accrue, expense and pay all property taxes which includes understanding how these taxes work
• Record debt service monthly for a line of credit along with the related interest expense
• Record monthly accrued liabilities including professional fees, accrued interest, etc…
• Accrue professional fees such as legal, tax and audits monthly/quarterly
• Process loan draws monthly and coordinate the payment to contractors and sub-contractors
• Obtain and review lien releases before payment to vendors
• Project coding for the various line items within a construction budget
• Able to forecast and create budgets as this is required to calculate the residual sales value for allocating costs for the lots to be sold and to allocate costs per units constructed for the rental business
• Record investments made, distributions received and earnings/losses using the equity method of accounting
• Monthly comparison of income and expenses to budget with follow up and explanations for significant variances
• Analysis of financial data and assist with ad hoc projects
• Quarterly financial statement reporting for TAP BFR including the consolidation of TAP BFR
• Quarterly forecasting of income, expenses and cash flow analysis for each project
• Assist with the preparation of the annual budget for each project
• Coordinate and prepare workpapers provided to auditors annually
• Any other responsibilities that may be assigned from time to time.

Prerequisites:

Education:

• Bachelors and/or Masters Degree in Business Administration with an emphasis in accounting.
• C.P.A. is strongly preferred but not required

Experience:

• 5+ years of experience in the accounting and finance with construction and development of real estate
• Understand construction cost codes, the contract process, percentage of completion, cost allocations related to construction accounting
• Understand internal controls for real estate operations and accounting
• Understand financial reporting and the significance of each financial statement
• Understand and experience with the Treasury function such as setting up bank accounts, debt analysis, wire and ACH processing is a plus
• Strong knowledge of GAAP, modified cash basis and cash basis accounting
• Experience in both the private and public accounting sectors is preferred, but not required
• Reading and interpreting partnership agreements, promotes/waterfalls, and debt agreements

Skills:

• Understand all aspects of construction accounting and reporting
• Experience with investment accounting, specifically the equity method is a plus
• Understand how to do a cash flow using the indirect method. Understanding of the direct method is a plus, but not a requirement
• Understanding of multifamily real estate operations
• Credibility, ethical, full disclosure, and clean financial history
• Confidentiality, understands the ethical standards of an accountant
• Conscientious about timeliness of assignments and quality of work product
• Accountable for specific performance and accurate.
• Ability to work independently with little supervision.
• Intuitive analytical skills to proactively address and identify and resolve issues 
• Possess exceptional written and verbal communication skills, including ability to articulate recommendations in a concise and timely manner
• Able to handle multiple tasks and maintain control and order over same
• Ability to work under pressure in a fast paced, growth organization
• Understanding of Multifamily Real Estate Operations. 
• Exceptional analytical skills
• Good financial reporting and technical skills
• Strong work ethic. Ability and willingness to roll up your sleeves to get the job done
• Ability to develop relationships with all departments within the multifamily group with an emphasis on team.

Hardware/Software:

• Exceptional computer skills in the operation and functioning of all programs used by the organization:
  • QuickBooks
  • Strong knowledge and competency with Microsoft Word and Excel
  • Familiarization with construction software such as ProCore, Timberline, etc…
  • Familiarization with property management software such as Yardi, MRI and Real Page. We use Real Page.

Other Abilities and Demands:

• Ability to work independently which requires the candidate to be able to make decisions and not require specific instructions on what to do and when to do it
• Analyze, organize, summarize, and articulate complex financial, operational, and legal information
• Command of the English language and be able to proofread work
• Read and interpret agreements, then implement the relevant provisions of these agreements
• Detailed, organized, and communicative
• Understanding, yet persuasive and decisive when dealing with others in the organization
• Responsive team player with ability to quickly prioritize among numerous pressing tasks
• Task and goal oriented and capable of functioning in an entrepreneurial and corporate setting

Working Conditions:

• Currently our schedule is to have employees work two days in the office and three days from home. However, this is subject to change as we exit out of the pandemic
• Office hours are generally 8:30 AM to 5:30 PM
• Work in a dynamic office setting with other exceptional, driven accountants and seasoned real estate professionals
• Some evenings and occasional weekends
• Generally, no travel required
• Must be vaccinated with the booster

Why Join TruAmerica Multifamily?

• We’ll give you the autonomy and resources to make an impact.
• Competitive Compensation and Bonus Eligibility.
• Opportunity to invest with other employees in an executive pool.
• Employer sponsored benefits (Medical, FSA, Dental, Vision, Long Term Disability and Life) package including 401k with employer matching contribution.
• Competitive Vacation that respects your time away to observe, have fun or simply rejuvenate.
• Generous employee engagement initiatives, training and more!

TruAmerica Multifamily is proud of our commitment to be an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.

NO RECRUITERS PLEASE.