Director Of Accounting

The Bolton Group
Arlington, VA
Oct 19, 2019
Oct 22, 2019
Full Time
The Bolton Group is looking for an experienced Real Estate Accountant to be a Director of Accounting for a growing Real Estate Investment company in Washington, DC About the Client RMS Investment Group is a privately held real estate company based in Washington, DC recently formed by members of the Ratner family (founding family of Forest City Realty Trust). The company is seeking a Director or Accounting to support the Development, Construction, and Asset Management teams in managing and reporting on real estate development projects and operating properties throughout the Mid Atlantic with a focus on multifamily. About the Position The Director will have two primary responsibilities: (a) day to day general ledger accounting as well as financial package preparation and cash flow projections, and (b) fund accounting, financial statement preparation, and financial reporting for assigned investments. This role will also work closely with the Principals to prepare ad hoc analysis and reports for lenders and investors. We are looking for a candidate that will bring strategic insights to the organization and constantly be thinking about how to refine / improve processes to enhance performance. Significant opportunity to grow and take on more responsibility as the company scales. Essential Job Functions Development / Construction Accounting Prepare and maintain monthly recurring journal entries Prepare month-end close documentation Manage the monthly construction draw process with project team, investor, and lender Review project invoices for appropriate coding within accounting system and process for payment Prepare job-cost report. Track project costs and compare to budget Assist project team in tracking and reporting projected cash needs Analyze budgets and financial plans; prepare business forecasts and statistical reports; prepare and analyze variance analysis Prepare balance sheets and profit loss statements Prepare federal, state and local reports Assist with internal and external audits Property and Fund Accounting Prepares combined/consolidated financial statements (balance sheet, income statement, member's equity, cash flow, etc.), with footnotes and supporting schedules, for investment funds utilizing various accounting methods - tax, GAAP, Fair Value. Prepares periodic reports and other analysis as needed, including long-term forecasting models, cash flow models, etc. Tracks performance of fund investments; establishes and maintains investor capital accounts, tracks contributions and distributions, and calculates distributions and preferred returns pursuant to operating agreements. Processes periodic investor distributions and prepares investor statements. Reviews offering documents, operating agreements, and any amendments to ensure all transactions, fees, capital accounts, etc. are processed/tracked accurately. Ensures asset management fees and transaction fees are calculated correctly, prepares and submits invoices for approval and payment. Anticipates and projects cash flow and informs management of upcoming cash needs in a timely manner. Coordinates and processes transactions between funds and fund investments accurately and timely. Assists with year-end tax reporting and annual audits for assigned funds. Coordinates and ensures information for funds and fund investments necessary for the preparation of fund tax returns and audits is submitted accurately and timely. Oversees compliance with Opportunity Zone program. Maintains adequate knowledge of various tax and GAAP rules affecting assigned investment funds. Assists with fair market value updates. Tracks pursuit costs for new acquisitions or development projects for assigned funds. Assists with operation and maintenance of Yardi Investment Management. Assists other team members with various tasks as needed. Requirements: Minimum 5 years of real estate accounting experience; prefer candidates with a background in both Property Accounting and Fund Accounting Bachelor's degree in Finance or Accounting; advanced degree preferred. Strong analytical skills and ability to multi-task in a constantly changing environment. Strong verbal, written and interpersonal communication skills Experience with other real estate asset types, including office and industrial, a plus. Experience with public / private partnerships a plus. Position is based in Washington, DC but must be willing to travel. (25%-50% at times)