Manhattan, NY
Salary Estimate: $80,000.00 - $125,000.00
Employment Type: Full Time
Work Place: Office
Experience Required: 10+ to 15 years
Education Required: 4 Year College
Job Description
Heritage Affordable Communities is a real estate investment firm that specializes in acquiring, developing, and preserving affordable housing properties. The firm strategically works with city, state & federal authorities in preserving affordability and utilizing municipal financing through low-income housing tax credits and tax-exempt bonds for their affordable housing projects. Heritage Affordable Communities’ main mission is to solve the affordable housing shortage by acquiring, developing, and preserving quality affordable housing one community at a time. Heritage Affordable Communities manages 2,200 units through its affiliate Locust Cove Management.
Responsibilities:
1. Financial Management:
• Manage monthly financial close process for corporate entities and Low-Income Housing properties.
• Oversee all financial operations, including managing outsourced bookkeeping functions.
• Manage the general ledger and ensure accurate and timely month-end, quarter-end, and year-end closings.
• Balance and maintain accurate ledgers and cash flow balances.
• Reconcile bank accounts accurately and timely, paying attention to outstanding items at month end.
2. Financial Reporting:
• Prepare and analyze financial statements, including balance sheets, income statements, and cash flow statements.
• Prepare GAAP disclosures and various management reports.
• Develop and monitor annual budgets, providing regular financial reports to management.
• Produce periodic financial reports ensuring compliance with accounting principles.
• Assemble information for auditors, owners, and investors as requested.
3. Compliance and Audits:
• Ensure compliance with state and federal regulations and maintain accurate records.
• Work with an independent CPA firm to ensure required filings with IRS/State Tax Agencies.
• File Forms 1099 for partnerships' vendors annually.
• Assist in the preparation of financial statements for audits, including draft review and auditor entries.
4. Process Improvement:
• Develop, lead, and implement recommendations for effective and efficient business processes.
• Document and update operating standard procedures for key accounting processes.
• Actively participate in various departmental and company initiatives to implement best practices.
5. Support and Collaboration:
• Provide financial analysis and support for real estate projects, including affordable housing initiatives.
• Work closely with other departments to provide financial guidance and support.
• Support senior management by providing relevant accounting information as necessary.
• Provide support to management as requested.
6. Accounts Management:
• Process vendor payments and upload payroll in a timely manner.
• Review and approve all invoices prior to processing payments.
• Assist with coding invoices and deposits, ensuring timely delivery to respective departments.
• Manage the expense reporting process and ensure timely reimbursement to employees.
• Track expenses related to Acquisition/Development projects in coordination with internal teams.
7. Budgeting and Forecasting:
• Assist in the preparation of budgets and schedules for the annual audit.
• Prepare budgets, conduct analysis and review, and obtain approval.
• Produce annual budgets and provide forecasts for portfolio properties.
• Manage year-end closing activities, including general ledger maintenance and receivables.
8. Miscellaneous:
• Perform research on historical accounting transactions and reconcile differences between modules.
• Handle Reserve for Replacement responsibilities, including budget/requirement and funding level analysis.
• Maintain fixed asset and depreciation schedules.
• Review and analyze mortgage documents, contracts, and partnership agreements.
• Prepare for board meetings, including BOR review, research and support, and note preparation.
• Complete government reporting, including excess income reports and agency reports.
• Perform other tasks as assigned by the Principal of the company.
Work Requirements and Qualifications:
- Bachelor’s Degree in Accounting/Business/Finance, advanced degree preferred.
- 10+ years of accounting experience in real estate.
- LIHTC and Rent Stabilization industry experience preferred.
- Appfolio or other real estate related software experience preferred.
- Strong knowledge of GAAP accounting, including consolidations and real estate accounting.
- Strong proficiency with Microsoft Excel.
- Exceptional research and writing abilities.
- Exceptional written and verbal communications skills.
- Team player.
- Ability to multi-task and prioritize appropriately in a constantly changing environment and act with a sense of urgency and accountability.
- Exceptional attention to detail.
Responsibilities:
1. Financial Management:
• Manage monthly financial close process for corporate entities and Low-Income Housing properties.
• Oversee all financial operations, including managing outsourced bookkeeping functions.
• Manage the general ledger and ensure accurate and timely month-end, quarter-end, and year-end closings.
• Balance and maintain accurate ledgers and cash flow balances.
• Reconcile bank accounts accurately and timely, paying attention to outstanding items at month end.
2. Financial Reporting:
• Prepare and analyze financial statements, including balance sheets, income statements, and cash flow statements.
• Prepare GAAP disclosures and various management reports.
• Develop and monitor annual budgets, providing regular financial reports to management.
• Produce periodic financial reports ensuring compliance with accounting principles.
• Assemble information for auditors, owners, and investors as requested.
3. Compliance and Audits:
• Ensure compliance with state and federal regulations and maintain accurate records.
• Work with an independent CPA firm to ensure required filings with IRS/State Tax Agencies.
• File Forms 1099 for partnerships' vendors annually.
• Assist in the preparation of financial statements for audits, including draft review and auditor entries.
4. Process Improvement:
• Develop, lead, and implement recommendations for effective and efficient business processes.
• Document and update operating standard procedures for key accounting processes.
• Actively participate in various departmental and company initiatives to implement best practices.
5. Support and Collaboration:
• Provide financial analysis and support for real estate projects, including affordable housing initiatives.
• Work closely with other departments to provide financial guidance and support.
• Support senior management by providing relevant accounting information as necessary.
• Provide support to management as requested.
6. Accounts Management:
• Process vendor payments and upload payroll in a timely manner.
• Review and approve all invoices prior to processing payments.
• Assist with coding invoices and deposits, ensuring timely delivery to respective departments.
• Manage the expense reporting process and ensure timely reimbursement to employees.
• Track expenses related to Acquisition/Development projects in coordination with internal teams.
7. Budgeting and Forecasting:
• Assist in the preparation of budgets and schedules for the annual audit.
• Prepare budgets, conduct analysis and review, and obtain approval.
• Produce annual budgets and provide forecasts for portfolio properties.
• Manage year-end closing activities, including general ledger maintenance and receivables.
8. Miscellaneous:
• Perform research on historical accounting transactions and reconcile differences between modules.
• Handle Reserve for Replacement responsibilities, including budget/requirement and funding level analysis.
• Maintain fixed asset and depreciation schedules.
• Review and analyze mortgage documents, contracts, and partnership agreements.
• Prepare for board meetings, including BOR review, research and support, and note preparation.
• Complete government reporting, including excess income reports and agency reports.
• Perform other tasks as assigned by the Principal of the company.
Work Requirements and Qualifications:
- Bachelor’s Degree in Accounting/Business/Finance, advanced degree preferred.
- 10+ years of accounting experience in real estate.
- LIHTC and Rent Stabilization industry experience preferred.
- Appfolio or other real estate related software experience preferred.
- Strong knowledge of GAAP accounting, including consolidations and real estate accounting.
- Strong proficiency with Microsoft Excel.
- Exceptional research and writing abilities.
- Exceptional written and verbal communications skills.
- Team player.
- Ability to multi-task and prioritize appropriately in a constantly changing environment and act with a sense of urgency and accountability.
- Exceptional attention to detail.
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