Director of Financial and Portfolio Management Job in Chicago 60607, Illinois US
Community Reinvestment Fund, Inc. (www.comreinvest.com) is a real estate fund management company specializing in equity investments in neighborhood-revitalization property developments in lower-income communities in major Midwestern cities, particularly Chicago. The company manages over $50mm of equity investments in commercial properties, restored landmarks, and affordable and mixed-income for-sale and rental housing on behalf of fund investors consisting primarily of major financial institutions seeking a combination of competitive investment returns as well as compliance with Community Reinvestment Act (CRA) investment obligations. The company is hiring an individual with experience, dedication, and integrity to fill the position of Director of Financial and Portfolio Management.
Primary Duties/Responsibilities:
- Management of company and fund finances, including maintenance of company’s and funds’ general ledgers, oversight of company’s and funds’ receivables and payables (including payroll and employee benefits administration), processing of funds’ investor capital calls and payment of debt service on funds’ borrowing facilities, administration of cash distributions to funds’ investors, oversight of company’s and funds’ bank accounts, monitoring of company’s actual cash revenues/expenditures versus budget objectives, and production of company’s quarterly internal financial statements.
- Oversight and coordination of outside auditors’ preparation of company’s and funds’ annual financial statements and tax returns.
- Communication with funds’ investors and company’s management/board of directors in various ways: through preparation of quarterly fund reports, investor cash activity account reports, and internal company financial statements; through annual distribution of externally-prepared financial statements and tax returns/investor K-1s; through distribution of write-ups of approved project investments to investors for their review and opportunity to veto; and through other investor reporting and responses to investor inquiries on an as-needed basis.
- Submission of New Markets Tax Credit (NMTC) compliance reporting, on both an annual and a per-investment basis, to the Community Development Financial Institutions Fund of the U.S. Treasury Department, as well as providing required notifications to affected investors with respect to NMTC investments and resulting tax credits to be generated by those investments.
- Collection, review, and analysis of monthly, quarterly, and annual reporting from project developers, including tax returns, financial statements, other financial documentation, and narrative reports regarding construction and operation of projects in funds’ portfolios.
- Oversight of all projects in funds’ portfolios with regard to development status, including determination of compliance with anticipated project performance as well as monitoring any issues/concerns that may arise and identifying workout solutions for such matters.
- Conduct of regular site visits to all projects in funds’ portfolios, with particular emphasis on projects undergoing construction or lease-up.
- Coordination of third-party inspections for all projects under construction, as well as review of resulting inspection reports and implementation of any remedial recommendations.
Qualifications of Ideal Candidate:
- CPA designation required.
- Strong analytical and written/verbal communications skills required.
- Ability to handle multiple, diverse responsibilities within a transaction-based, team-oriented, small/mid-sized business environment required.
- 5+ years of corporate or public accounting experience and/or portfolio management experience preferred.
- Familiarity with CRA principles and requirements preferred.
- Experience in the field(s) of real estate, affordable housing, community development, and/or non-profit management preferred.
- Understanding of NMTCs and Historic Rehabilitation Tax Credits preferred.
- Proficiency with QuickBooks and Excel required.