Senior Development Accountant

Senior Development Accountant - Boston, MA

Hybrid

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 matters for assigned portfolio. Provide accurate and timely information to internal and external stakeholders. Serve as a resource and mentor for junior staff.

Supervision Received: Works under the general direction of the Development Accounting Supervisor and Development Assistant Controller.

Supervision Exercised:  Responsible for guiding, mentoring, and reviewing the work of junior staff.  

FLSA Status: Exempt

Location: Corporate Office - Boston

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, as the lead accountant and as a reviewer.
• Review work prepared by junior staff including monthly project requisitions, bank reconciliations, workpapers, reporting, journal entries and correspondence.  
• Interact with investors and lenders on topics pertaining to requisition requests, timing of project funding, equity installments, loan activity, and project financials as a lead accountant or as a mentor to junior staff.  
• Understand 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 credi
  • Internal Revenue Code § 47 – Historic tax credit program
  • State low-income and historic tax credit programs (various states)
  • Tax-exempt bond financing rules when partnered with 4% credits
• Prepare and review year-end audit and tax return workpapers and correspond with external auditors regarding same. 
• Prepare and review workpapers and understand the forms and reports required by various state agencies and bond counsel including, but not limited to, 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.
• Work closely with internal and external stakeholders to prepare and execute acquisition, construction and permanent loan closing documentation and schedules.   
• Work closely with development directors on budget analysis to prepare tax credit delivery projections, monthly forecasts and projected sources and uses.
• Work with development directors on equity installment requests and correspond with investors regarding same.
• Understand project models and proformas including the financing, equity, and tax credit basis assumptions.
• Read and interpret the legal documents and contracts that govern assigned projects and understand their relationship to the financial statements and project function.
• Mentor junior staff by fielding questions and providing guidance and direction on all aspects of development accounting.
• Review draft audited financial statements, cost certification and agreed upon procedure (AUP) reports and provide comments to auditors. 
• Proactively seeks answers to complex problems and displays initiative to acquire additional job knowledge. 
• Assist in writing and reviewing development accounting policies and procedures.
• Provide feedback to supervisors on the performance of junior staff.   
• Work on special projects and ad hoc reporting as requested.
• Maintains and respects project confidentiality.

Minimum Qualifications

Education: Bachelor’s degree in Accounting required. 

Experience: A minimum of three years of experience with the Federal and State LIHTC programs listed above, general ledger maintenance, financial statement preparation and month-end close preferred.  Year end audit workpaper preparation experience required with a solid understanding of generally accepted accounting principles. Knowledge of the multi-family property management industry, development accounting and low-income housing tax credits preferred.

Knowledge, Skills and Abilities: Strong knowledge of Microsoft Excel and Word. Experience with Yardi and Avid software systems preferred, but not required. Hard-working, 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 skills. Must be able to communicate clearly, both verbally and in written form. Must possess a desire and willingness to learn and move up within the organization. Must establish good relationships with colleagues and work toward team goals.  Act as a leader in the department and mentor junior staff. Must have the 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 on during work days, 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

Benefits Offered:

At the core of Beacon Communities is the talent on our teams, and we are committed to taking care of our team members so they can deliver great experiences to our residents. That is why we are proud to provide competitive compensation and comprehensive benefits that support a healthy life for you and your family when you join our team.

As a regular, full time employee at Beacon you can expect:

• Health & Wellness Benefits. We offer plans for quality medical, dental, and vision coverage to all employees regularly scheduled to work a minimum of 24 hours or more per week. HSA/FSA options are also available.
• Work-Life Balance. On top of offering 13 paid holidays per year, we have an attractive paid time off policy that includes vacation days, personal days, sick time, wellness days, summer flex time, volunteer days and early close Fridays.
• Retirement planning. We offer a 401k program with a company match.
• 100% Company-Paid Life Insurance.With affordable options to elect voluntary life, critical illness, hospital care or accidental injury coverage.
• Access to an Employee Assistance Program (EAP),Childcare & Eldercare Support, Career Development and Advancement Opportunities… and more!

Company Overview: 
 

Founded in 2004, Beacon Communities LLC is a privately-owned real estate firm that develops, acquires, invests in, and manages a wide range of multifamily housing. Beacon currently owns and manages approximately 150 properties including affordable housing, market rate housing, and mixed income-housing. Its developments range from new construction, to historic adaptive reuse, to the renovation of existing housing. 

At Beacon, we strive to make a difference in our residents’ lives. We build outstanding communities that make enduring contributions to the vitality of our cities and towns. We create communities that serve a diverse cross section of our society. Our communities are healthy and vibrant. Why? Because they are planned with care, consideration, and compassion.

Beacon Communities LLC is an Equal Opportunity Employer that seeks a diverse pool of candidates. We are committed to a policy of equal employment opportunity without regard to race, color, ancestry, national origin, religion, disability, gender, gender identity, sexual orientation, age, veteran status or other protected class. All qualified applicants are encouraged to apply. Beacon Communities LLC participates in the E-Verify program.