Development Accountant

Job Description

Job DescriptionDescription:

Accounting

• Assemble necessary items for equity installments and soft debt funding
• Review closing proformas to gauge project performance
• Estimate equity adjusters periodically based on project performance during the construction period, post-completion and prior to stabilization
• Update cash flow projections and flow of funds of project sources against total future uses
• Prepare monthly draw packages for submittal to lenders including: Reconciliation of project receivables; Review of key dates during the construction phase to ensure timely addition of invoices; Communicating with the Accounts Payable department to resolve discrepancies; Correspondence with Senior Accountant for necessary entries into Viewpoint or Onesite; Compiling invoice support or other backup documentation to provide to lenders; Preparation of lender exhibits
• Assist with lender and/or inspector questions
• Record receipt of draws into accounting software
• Track lease up projections to estimate potential equity adjusters and flow of funds post completion through stabilization
• Review project TBs to ensure reconciliations are accurate
• Assist in year-end reconciliations of TBs for tax return purposes
• Record capitalization entries

Administration

• Maintain necessary records of Development Draw packages for assigned projects
• Track the progress of Development draws and follow up with necessary personnel for timely completion
• Track developer fee income at property level for dollar and timing adjustments and incorporating into TWG Development cash flow projection
• Attend scheduled staff meetings
• Other duties as assigned from time to time by the VP of Accounting

Communication

• Correspond with investors, lenders and management personnel in a timely and pleasant manner
• Communicate with team members upon funding of draws
• Contribute to an overall positive work environment

Requirements:

• Bachelor’s degree in Accounting, required
• Certified Public Accounting (CPA) credential, highly preferred; 2 years experience in public accounting, required
• Past accounting work of real estate developments, during both the construction and operating phases, required
• Experience with Low Income Housing Tax Credit (LIHTC) development and operation is preferred
• Experience with owner equity and 3rd party loan draw processing within the real estate development arena is preferred
• Experience with Onesite accounting software is preferred
• Ability to apply real estate projection/forecasting models to accounting concepts is preferred
• Ability to analyze cash flow results and projections at the property level is preferred
• Excellent written and verbal communication skills
• Ability to solve practical problems and employ rational decision-making skills
• Highly diligent in self-review of work
• Proficient with Microsoft Office, particularly Excel
• Able to maintain workload and meet deadlines with minimal supervision