Asset Manager/Property Accountant

Position Title:  Asset Manager/Property Accountant

Unit: Finance

Status: Full-Time; Regular; Exempt

Salary Range:  $90,000 - $100,000

Location: Long Island City

Summary

Reporting to the Senior Controller, the Asset Manager/Property Accountant (the Accountant) is responsible for overseeing a portfolio affordable housing development and management for the organization.  The position handles the accounting, analyses and reporting functions related to each entity which includes LLCs, LPs and HDFCs.  Ensures timely monthly reports to support a reliable assessment of the financial health of each property.  Coordinates with the Senior Controller and third-party management company (Phipps Housing) on the annual budget and financial statements audit for each property.  Also, monitors each phase of projects in development in consultation with legal and outside public accounting firms.  Additionally, assists with financial oversight of leased properties.

Core Competencies:

Mission and Culture Fit

Appreciation of our mission and cultural values.  Embraces the value and potential of all individuals without regard to race, ethnicity, gender, sexual orientation or class.

Property Accounting Knowledge

Must have detailed working knowledge of property management accounting policies and procedures with ability to communicate their purpose to accounting and non-accounting staffing a manner that is easily understood.  Should also have a operational knowledge of how low income housing projects funded by tax credits.  Able to relate operating results with programmatic needs.

Communication/Collaboration

Must have solid oral and written communication skills.  The position collaborates with many different people at various levels and the incumbent’s communication must be at the highest level to circumvent potential misunderstandings or misrepresentation.

Analytical Skills

Must have strong analytical skills with the ability to review and problem solve using a solid application of accounting principles.  Conducts/reviews periodic and regular analyses to ensure alignment of accounts and balances, with prompt disposition of irregular or reconciling items.

Organization Skills

Must be highly organized and able to produce quality work in a fast-paced working environment.  Should be able to exercise good judgment in establishing priorities in the face of multiple projects and tasks, ensuring that deadlines are met.

Specific Responsibilities:

1. Ensure compliance with project agreements and other regulatory and lender requirements for entire portfolio of subsidiary entities.
   1. Review existing LLC, LP and HDFC closing binders – including Partnership Agreements, Management Agreements and other regulatory agreements, developing a comprehensive database by project.
2. Serve as point person for maintaining relationship with third party company.  Evaluate performance of third-party company and offer recommendations to amend the relationship as needed.
3. Maintain entity tax status and compliance with federal, state and local regulatory agencies, including RE tax exemptions (420c) as needed.  Maintain database to oversee dissolution of entities no longer in use.
4. Prepare/oversee required quarterly financial and annual reports, audits and other submissions to government agencies, project partners, syndicators, lenders and funders for each project. Support Fortune’s relationship with asset management and oversight teams at various government agencies such as HPD, DHCR etc.
5. Ensure that reserves are properly maintained for each project and used in accordance with Partnership and regulatory agreements.
6. In consultation with Senior Controller, CFO and Facilities, prepare annual operating budgets for entities as required.  Perform monthly analysis of building operational expenses and rental income to ascertain trends (revenue shortfalls, unbudgeted expenditures, etc.)  Review and report on any variances or unusual items that could impact the financial health of each entity.
7. Ensure that insurance requirements established by lenders and other agencies are met.
8. Coordinate with Facilities and third-party management company on correction of any violations such as DOB, HPD code, elevator, boiler etc.
9. Develop, recommend and implement policies and procedures related to asset management/-property accounting function, including routine analysis of transactions and operating budgets.
10. Assist with analysis of leased properties as needed.
11. Perform other duties as assigned by the Senior Controller or CFO.

Qualifications:

• Bachelor’s degree in Accounting, Finance or relevant field; CPA a plus
• 3-5 years of progressively responsible experience in property management accounting, preferably in a not-for-profit setting.  Must have a basic knowledge of tax credit funded affordable housing programs and familiarity with real estate terminology and concepts.
• Must have a solid understanding of accounting procedures coupled with a strong knowledge of GAAP, GAAS and internal controls.  Must be proficient in Excel, MS Office and accounting software; knowledge of FundEZ a plus.
• Must be a self-starter and able to work effectively on cross-functional teams.  Ability to do “big picture” thinking and solve problems in a way that is creative and collaborative.
• Excellent oral and written communication skills—ability to deliver timely, relevant, mission-critical information in a clear and concise manner.
• Must be highly organized with attention to detail and outstanding project management skills; ability to handle and prioritize multiple projects that are complex and time sensitive.

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