The Financial Analyst will work with the Asset Manager 50% of the time and 50% of the time with the accounting department. Key role responsibilities for each function is listed below.
ESSENTIAL DUTIES AND RESPONSIBILITIES
The following statements reflect the general duties, responsibilities and competencies considered necessary to perform the essential duties and responsibilities of the job and should not be considered as a detailed description of all the work requirements of the position. HDC may change the specific job duties with or without prior notice based on the needs of the organization.
Key Role Accountabilities
Asset Management Functions:
- Create and update summary of the LPA Agreement for new partnerships.
- Liaison with MFI Reporting system by interpreting and monitoring information in the system.
- Responsible for tracking and receiving equity payments for projects in development.
- Track cash to parent, cash flow waterfall results, deferred developer fee paid vs. proforma.
- Monitoring revenue maximization and cost control: performance metrics include Net operating income (NOI); net cash flow (NCF), operating expenses (OPEX), debt service coverage ratio (DSCR).
- Create a development timeline for newly awarded tax credit project for the first 15-year period identifying specific property milestones.
- Compares financial forecast of initial pro forma of each property to current operations and evaluate trends or issues of performance. Recommends areas of concentration for improved operations.
- Develop and maintain processes for the review real estate tax assessments and management of tax appeals as necessary.
- Responsible for utility management including developing benchmarks and identifying opportunities to reduce consumption.
- Facilitate the creation of deal books and maintain them in Asset Management files.
- Monitor timely reporting to third parties for portfolio.
- Manage written policies and procedures for Asset Management.
- Create and manage tracking system for external reporting by property.\Gather and enter data to analyze the portfolio for financial performance results.
- Other duties as assigned.
Partnership Accountant Duties:
- Analyzes and reconciles assigned accounts.
- Reconciles operating, security deposit and escrow cash accounts monthly.
- Monitors accounts identify and troubleshoot/resolve issues.
- Monitors cash flow for the assigned properties and adheres to accounting policies in regard to cash balances in accounts for each property.
- Requests cash transfers for real estate tax and insurance payments.
- Establishes and maintains monthly recurring journal entries.
- Maintains fixed asset listing.
- Reconciles tenant and HAP payments and performs gross rent reconciliation monthly.
- Processes inter-company shared property reimbursements.
- Identifies tenant receivables over 90 days and performs bad debt write off when applicable.
- Maintains annual/quarterly prepaid expenses.
- Codes mortgage interest and principal.
- Reconciles partnership and HDC accounts payables.
- Researches and reconciles tenant billing discrepancies.
- Reviews invoices to ensure proper coding; advises Community Managers of discrepancies.
- Generates purchase orders as necessary.
- Generates monthly, quarterly, annual and special financial reports for HDC and property partners.
- Prepares annual budget with aid of Community Managers; submits to appropriate agencies within specified due dates established in partnership agreements.
- Distributes yearly financial statements, tax returns, and K-1’s to appropriate investors and various agencies; resolves any discrepancies.
- Supports external accounting firm in their year-end process; reviews final reports for accuracy.
- Performs various accounting support for new construction properties.
- Tracks construction expenses and development costs per total development budget.
- Submits payment requests, change orders and month-end reporting to appropriate financial agency.
- Maintains various spreadsheets reporting incurred expenses to date.
- Advises new Community Managers regarding their accounting responsibilities.
- Establishes new accounting books for new properties/partnerships; closes and files books upon termination.
EDUCATION AND RELATED WORK EXPERIENCE
Education level: (Minimum & preferred educational experience necessary to perform this job successfully)
Bachelor’s Degree in accounting, finance or real estate; required.
Years of Related Work Experience:
(Minimum & preferred related work experience necessary to perform this job successfully)
3 years’ experience in multifamily real estate, asset management and/or financial analysis.