Trust Accountant Specialty Real Estate Officer

FUNCTION:

Responsible for accounting aspects associated with the valuation of the Specialty Real Estate Funds.  Accounting includes, but is not limited to, the preparation of fund balance sheets, income statements, preferred return schedules, individual asset valuation worksheets, and net present value calculations.  Duties also include a thorough review and analysis of appraisals received for investment projects.  Additional responsibilities may also include the daily posting of payments received/disbursed, preparation of monthly/quarterly Trust Specialty Real Estate Investment Committee reports, and the preparation of required governmental reports, including Form 5500.  Frequent interfacing will occur between real estate advisors, external auditors, and department staff.  

DUTIES:

1. Perform the periodic valuation of the Specialty Real Estate Funds including general ledger account postings, and for each fund, a balance sheet and income statement to determine market value. Fund valuation must be completed in accordance with specified deadlines tied to quarter end.

2. Prepare project valuation worksheets to support reported individual underlying fair market asset values.  Project valuation worksheets vary depending on the type of investment, life cycle of project and performing status of project. 

3. Review and analyze appraisals received for investment projects of the Specialty Real Estate Division.

4. Initiate and execute the daily operational transactions for the Specialty Real Estate Funds.  Responsible for the daily posting of payments and expenses to the fund and also maintenance of debt/limited partnership payment schedules.  Create new payment schedules as additional investments are booked or modified.  Review loan documentation to determine payment terms, payment priority, and ownership structure for investments.  

5. Prepare fund analysis, diversification graphs and performance reports that include appropriate benchmark comparisons.

6. Prepare required governmental reports, including Form 5500, on a timely basis for assigned Specialty Real Estate Management accounts.

7. Resolve problems reported by investors, underwriters and others, as well as provide investors with assistance regarding their questions, concerns, and statements of accounts, taxes and remittances.

8. Provide guidance, training, and assistance to other staff members of the department, with particular focus on accounting/valuation and appraisals. 

9. Participate in conference calls with underwriters regarding potential and existing real estate projects.

10. When appropriate, visit project sites and compile a list of comments, recommendations, concerns, observations.

11. Keep informed of new developments, policies, laws and regulations concerning valuation issues, real estate lending, and retirement plans as they apply to accounts administered by the Specialty Real Estate Division.  Attend appraisal training and be familiar with pertinent MAI and ASC 820 updates.

12. Assist or maintain the departmental Vault Log, including periodic Vault trips and recording of documents taken/removed and also participation in periodic Vault audits.

13. Assist in the preparation of various risk management reports pertaining to the Specialty Real Estate Fund portfolio’s relating to investment risk ratings, financial information and document exceptions, project stabilization, delinquency, construction progress, etc to assume proper monitoring and administration of the portfolios.

14. As required, perform various administrative duties within the department, including document imaging, copying, filing, maintenance of department files, and any additional duties assigned.

15. Work with Commercial Lending Department to facilitate the ordering and monitoring of commercial appraisals for the Commercial Lending department.  This includes receiving quotes, selecting competent appraisers, and handling any issues or concerns that arise during the commercial appraisal ordering process.

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job.  Duties, responsibilities and activities may change at any time with or without notice.

SUPERVISORY RESPONSIBILITY:

This position requires no supervision of employees. 

WORK ENVIRONMENT:

This job operates in a professional office environment.  This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines.

PHYSICAL DEMANDS:

The employee is frequently required to: 1) Type or otherwise work with fingers; 2) Talk expressing or exchanging ideas by means of the spoken word.  Those activities in which they must convey detailed or important spoken instructions to other workers or clients accurately, loudly, or quickly; 3) Hearing – perceiving the nature of sounds at normal speaking levels with/without correction.  Ability to receive detailed information through oral communication and make the discriminations in sound. 4) Specific vision abilities required by this job include: viewing a computer monitor; extensive reading along with travel as required.

Sedentary work may require occasionally lifting of up to 10 pounds and/or move up to 25 pounds.  This work involves sitting most of the time with walking and sitting.

TRAVEL:

No travel is expected for this position except for training and/or educational purposes.

COMPETENCIES:

1. Strong Communication Proficiency (Oral and Written)

2. Strong Analytical Skills

3. Computer Skills

4. Customer/Client Focus

5. Deadline Oriented

6. Ethical Conduct

REQUIRED EDUCATION, TRAINING AND EXPERIENCE:

Bachelor’s degree in Business Administration, Accounting or a related field is required. Prior bank-related experience is preferred, as well as effective communication, organizational, analytical and interpersonal skills.