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Development Accountant

Location: Reston Region
Category: Finance & Accounting
Employment Type: Direct Hire
Contact: fad.reston@hirestrategy.com

This position is responsible for all aspects of development project accounting.  The position is responsible for preparation and maintenance of development sources and uses spreadsheets; initial set-up and monthly and annual reconciliation of the development general ledger accounts; oversight of development project invoicing, draws, and payables; oversight and recordation of loan and escrow closings; and cost certifications and audit prep.

 

Primary Responsibilities:

  • Development Cash Management: Oversees cash flow for all development project sources.
  • Reconciles development project receivables and provides monthly report of advances to development projects and estimated repayment schedules. Provides budgeted-to-actual reports for Housing Development and Board. Tracks budgeted-to-actual developer fees.
  • Closings: Performs accurate journal entries for all acquisition, construction and permanent loan closings, in coordination with project managers and escrow. Funds reserve and other accounts at closings.
  • Development Draws: Works with project managers to prepare and/or review development
    funding draw requests. Prepares and transmits line of credit drawdown and repayment requests. 
  • Ensures funding receipts are deposited and/or transferred as needed to meet the payment
    obligations for all development projects. 
  • Development Related Accounts Payable: Oversees the accounts payable process for
    development projects. Determines payment requests have proper authorization, coding, documentation and mathematical accuracy. Ensures accounts payable are properly entered into the accounting system and that checks are printed, signed, and mailed. 
  • Line of Credit: Oversees use of Line of Credit for short-term float of real estate development expenses.
  • Audits: Provides trial balances to Controller and auditor. Reviews and analyzes capitalized costs in preparation for closings and audits. Responds to development-related auditor requests.
  • General Accounting General Ledger: Assists as necessary with routine general ledger close and account reconciliation functions.
  • Other: Prepares other reports and duties as assigned.

 

Qualifications:

  • Bachelor’s degree in accounting with at least two years of experience in real estate development and/or construction accounting, or Associates degree with four years of such experience.
  • Affordable housing real estate development experience preferred but not required.
  • Must be at least at intermediate level Excel user, as well as proficient in Word and Outlook.