Property Accountant

Job description

The Property Accountant will be responsible for overseeing a portfolio of multifamily apartments, which includes partnering with our third-party management companies to ensure financial integrity, preparing and reviewing key performance indicators, managing audit/tax deadlines, monitoring cash flow, budgeting and forecasting. The ideal candidate will have a thorough understanding of multifamily real estate, affordable housing and strong analytical skills.

Essential Duties and Responsibilities: (Must be able to perform the essential functions of this position with or without reasonable accommodation.)

• Manage a portfolio of operating properties and develop relationships with the management companies accounting teams
• Review property level financial reporting and ensure data integrity, including bank reconciliations, AR/AP and bad debt write offs
• Prepare and issue key performance indicators for operating properties
• Analyze monthly/quarterly property-level financial statements comparing actual to budget/proforma performance.
• Interface/communicate across departments with Asset Manager and Development Project Managers to keep abreast of physical changes at the properties which impact the financials and cash flow projections
• As necessary, communicate corrective actions to management companies to ensure financial integrity and to enhance profitability and overall health of the properties
• Monitor compliance with debt covenants and guarantees
• Provide on-going financial reporting requirements to lenders/investors
• Identify and ensure that property management accountants are properly capturing all replacement reserve withdrawals
• Coordinate with management companies to ensure property level bills are paid and recorded timely
• Review annual property budgets in collaboration with Asset Manager
• Understand and train on the cash flow streams PIRHL realizes from its various operating properties - Deferred Developer Fee, Asset Management Fee, Management Fee, Incentive Management Fee and straight Distribution of Cash flow
• Prepare cash flow calculations and distributions and drive collections
• Calculate and coordinate payment of investor distributions and preferred equity payments
• Coordinate property audits and tax returns between CPA and property management accounting function
• Update PIRHL's Real Estate Owned Schedule and Contingent Liability Schedule
• Assist with due diligence reviews for new multifamily investment opportunities and ensure a smooth and successful transition into the portfolio
• Other duties as assigned

Qualifications:

• Bachelor's degree in Accounting or Finance required
• At least 2 years accounting/finance experience; preferably in multifamily housing financed conventionally and with Low Income Housing Tax Credits
• Knowledge of public and private housing finance programs and related compliance requirements, including HUD, HOME, Section 8, IRS Section 42 and other programs is a plus

Skills and Abilities:

• Strong interpersonal skills with a demonstrated ability to work with internal and external business partners, consultants and clients
• Motivated self-starter
• Effective time management skills
• Detail Oriented
• Proficient expertise in MS Office (Excel, Word) is required
• Ability to work independently and within a team
• Ability to work within a fast-paced, collaborative, and entrepreneurial environment
• Ability to effectively communicate issues both verbally and in writing to management companies