Development Controller

Washington D.C.
May 12, 2017
Jun 16, 2017
Full Time

Position Overview


The Development Controller operates in a fast-paced, dynamic environment. Along with the Development team, the Development Controller supports the portfolio of real estate projects held for development or under construction managed by Madison Marquette. This person must possess the necessary skills in accounting for real estate projects still in development with an understanding of both GAAP and tax treatment of related costs. Exhibiting leadership, exercising management, and enforcing accountability systems within the team is key to this position.


The Controller of Development Accounting is responsible for the accounting and reporting functions, such as month-end close, preparing and reviewing journal entries, preparing and reviewing monthly cost reports, account reconciliations, roll forwards, and assisting with financial statement preparation and maintaining effective internal controls.


The position is responsible for assisting in researching technical topics in accordance with Generally Accepted Accounting Principles (GAAP) regulatory requirements, maintaining master plan GAAP accounting model and any revenue recognition models, maintaining GAAP basis pro forma models, preparing ad hoc reporting, preparing cash flow projections and financial analysis. The position is responsible for implementation, administration and maintenance of Timberline  job cost applications and integrating with MRI GL system and administering the proper internal controls that will be combined with Madison’s current operating internal controls.


The Development Controller position will oversee the contract administration process (involves input and tracking of development commitments, contracts and change orders into the accounting system along with the verification of invoice coding and approvals) as it relates to projects. The Development Controller reports to the Senior Vice President, Property Accounting and will work closely with the Development Managing Director in the preparation of monthly, quarterly and annual financial statement and the resolution and documentation of accounting issues and positions.


  •  Lead, manage and hold accountable all members of the Development Accounting team
  • Ensure accounting records are maintained on projects held for development or under construction in accordance with GAAP
  • Produce monthly, quarterly financial statements for development projects
  • Continue to develop and refine project cost reporting within MRI to support the Finance, Accounting, and Construction and Management teams’ needs for accurate spending information
  • Monitor invoicing for Tenant Improvement Allowance overages
  • Prepare draw packages for lenders and tax credit investors for undisbursed funds
  • Consistently stay current on GAAP and tax developments within the real estate industry





Financial Systems & Processes:


  • Adapt and control of development financial reporting systems including chart of accounts
  • Develop and manage job cost system and reporting
  • Establish access and use controls to development software
  • Ensure integration of multiple accounting and operational systems into Madison standard format.
  • Ensure appropriate systems infrastructure is in place for development portfolio
  • Functional expert on finance systems - MRI, Timberline, Timberscan, BNA, Nexus Payables
  • Training & user support
  • Manage external service providers and associated cost
  • Develop and maintain development report writing and report database

Accounting & Financial Reporting


  • Prepare monthly, quarterly and annual reporting to project team (Development manager, analyst, et. el) and investors on a consolidated and project level basis in accordance with US GAAP/IFRS.
  • Prepare analysis of actual versus budget of project level costs as well as do monthly projection of spend to communicate the anticipation of cash needs.
  • Prepare and submit monthly funding draws
  • Prepare ad-hoc financial reports for development team and investors
  • Prepare loan reporting and covenant compliance reporting
  • Ensure that all inter-company transactions are processed in accordance with the legal structure are fully reconciled on a monthly basis.
  • Prepare partnership waterfall calculations
  • Perform transaction (acquisition/disposition) accounting
  • Coordinate appraisal/valuation process and reporting for development portfolio assets
  • Ensure fixed asset register is maintained and accurate
  • Calculate and processes monthly developer/asset management fees

Accounting Operations


  • Manage accounts payable, accounts receivable/billing processes for development portfolio

Tax Administration & Compliance


  • Coordinate preparation of federal, state and local tax returns, including preparation of supporting schedules with internal Tax Director and external tax service provider
  • Identify tax savings opportunities.
  • Work with Tax Director to ensure compliance with tax regulations for all relevant entities that make up the investment.
  • Work closely with Tax Director on group tax issues and filing of quarterly tax estimates.
  • Maintain inside/outside tax basis calculations of properties
  • Monitor sales and use tax compliance
  • Work with Tax Director to structure legal entities in a compliant manner
  • Monitor and report compliance with tax regulations if applicable
  • Assist with sourcing of preferred shareholders where applicable for tax compliance
  • Administer preferred shareholder dividend payments
  • Administer preferred shareholder stock registers
  • Ensure Real Estate taxes are reviewed and processed timely as well as applicable reporting is completed and ensure assessments are reviewed by applicable tax appeal firms annually.

Internal Control


  • Develop and maintain financial policies and procedures related to development accounting
  • Implement and monitor an effective internal control environment over all aspects of project at all times
  • In charge of compliance with project organization documents (partnership agreements, developer agreements)
  • Ensure financial risks are proactively reviewed and communicated
  • Together with management, develop delegation of authority for all entities and establish compliance mechanisms

Cash Management


  • Monitor and report cash balances
  • Prepare monthly cash flow/needs forecasts
  • Assemble and process monthly construction draws and ensures timely payments to vendors

Financial Planning & Analysis


  • Support budget and reforecast process
  • Prepare and maintain tax basis financial return model



  • Monitor bank account balances for efficient use of cash
  • Work with Treasury Accountant and ensure proper system administration is utilized
  • Negotiate and manage letters of credit where necessary
  • Ensure proper working capital is established and maintained.



  • Manage annual audit process, ensuring timely completion within established deadlines



  • Assess staffing needs regularly and make recommendations to ensure alignment with development needs and progression of project(s)
  • Training and development of existing and/or new staff



  • Work with Director, Legal Services and Risk Management for servicing, review, and approval of property insurance, corporate GL and EOO policies
  • Review premium allocations
  • Assist with potential claim management


BA/BS in accounting, business, finance or related. CPA preferred 10+ years of general accounting and related experience with commercial and/or mixed used properties Minimum of 5 years of accounting experience in the real estate fund administration accounting sector. Must have development, construction and/or real estate experience Proficiency with MRI, Timberline, Timberscan, BNA, Nexus Payables Organized with a strong attention to detail. Proven ability to effectively communicate directly with Corporate Accounting, external auditors, Senior Management, etc. Desire to work in a highly collaborative environment Desire to constantly devise innovative solutions to problems Act with a sense of urgency and selflessly serve key stakeholders Driven to manage and complete multiple deadline-driven tasks  What’ll Make You Special


  • Experience with regional or national CPA firm, with concentration in real estate or construction and have previous experience in accounting for commercial development projects from inception through delivery.



Physical Requirements


  • Involves work of a general office nature; typically includes extended periods at sitting and/or operation of a computer to up to 8 hours a day May involve periods of standing Regularly required to talk, hear, and use hands and fingers to write and type Ability to speak clearly so others can understand you Ability to read and understand information and ideas presented orally and in writing Ability to communicate information and ideas in writing and orally so others will understand Regularly required to utilize vision abilities, allowing reading of printed material, graphics, and computer displays

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