Development Accountant, Boston Corporate Office - Boston, MA
General Statement of Duties: Responsible for the daily accounting functions and financial reporting for a portfolio of development projects. Act as the main point of contact
regarding all financial accounting matters for assigned portfolio. Provide accurate and timely information to internal departments and external clients.
Supervision Received: Works under the general direction of Development Accounting Supervisor and Assistant Controller.
Supervision Exercised: None
FLSA Status: Exempt
Essential Functions of the Position: (Any one position may not include all the duties listed, nor do the listed examples include all that may be found in positions of this class.)
- Oversee and manage a portfolio of development projects.
- Review monthly project requisitions prepared by junior staff.
- Communicate with lenders and investors regarding project funding.
- Have a general understanding of the following programs and apply knowledge to assigned projects to maximize the financial benefits to Beacon and our investor partners.
- Internal Revenue Code § 42 - Low-income housing credit
- National Park Service historic tax credit program
- State low-income and historic tax credit programs
- Tax-exempt bond financing rules when partnered with 4% credits
- Displays a willingness and drive to increase knowledge of the federal and state programs listed above.
- Prepare workpapers and forms for the reports required by agencies and bond counsel including LIHTC and 40B cost certifications, 10% carryover allocation test,
50% test, 95/5 certification, 8609 forms, and state low-income and historic tax credit forms.
- Prepare year end audit and tax return workpapers and correspond with external auditors regarding same.
- Submit equity installment requests and correspond with investors regarding same.
- Gain an understanding of project models and proformas including the financing, equity, and tax credit basis assumptions.
- Read and interpret the legal agreements and contracts that govern assigned projects.
- Work closely with development directors on budget analysis to prepare tax credit delivery projections, monthly forecasts and projected sources and uses.
- Work closely with internal and external parties to prepare and execute acquisition, construction and permanent loan closing documentation and schedules.
- Ability to recognize inefficiencies and provide solutions to streamline processes and procedures.
- Assign tasks to, review work of and assist in the training of new hires and junior staff.
- Assist in the generation of department policies and procedures.
- Provide feedback to supervisors on the performance of junior staff.
- Work on special projects and ad hoc reporting as requested.
- Understand all the duties and responsibilities of the staff development accountant and development accounting associate and provides guidance regarding same.
- Maintains and respects project confidentiality.
Education: Bachelor’s degree in Accounting required.
Experience: Two to five years general ledger maintenance, financial statement preparation and month-end close experience preferred. Year end audit workpaper preparation
experience highly desirable. Knowledge of real estate, development accounting and low-income housing tax credits preferred.
Knowledge, Skills and Abilities: Hard-working, accountable, self-motivated with an ability to work independently. Must have good analytical skills and be able to apply knowledge gained to assigned projects. Must be detail oriented with proven organizational and communication skills. Must possess a desire and willingness to learn and move up within the organization. Ability to consistently meet deadlines and work under pressure due to work complexity and time sensitivity. Due to time sensitivity of work, position may occasionally require extended hours during workdays, holidays, and/or weekends during peak periods of business. Travel may be required for company meetings and/or trainings.
Beacon Core Competencies required for all positions:
Teamwork, Integrity/Ethics, Dependability, Customer Focus, Adaptability/Flexibility
Beacon Accountant Job Competencies:
Job Knowledge, Quality, Problem Solving/Analysis, Interpersonal Skills, Personal Organization, Productivity
Equal Opportunity Employer
The compensation range for this role is $64,800 to $89,100. Actual compensation is influenced by a variety of factors including but not limited to skills, experience, qualifications, and geographic location.
- Medical, Dental and Vision insurance, beginning on the first of the month after hire.
- 401(k) with company match, short term disability and long term disability insurance.
- 3 weeks’ paid vacation, 13 paid holidays.
- Summer flex scheduling options to allow for early releases on Friday from Memorial Day to Labor Day.
- Job Family Accounting
- Pay Type Salary
- Corporate Office - Boston, 2 Center Plaza, Boston, Massachusetts, United States of America