Senior Accountant

About TruAmerica

Founded in July 2013, TruAmerica Multifamily is a partnership between industry veteran Robert E. Hart and The Guardian Life Insurance Company of America. The company is based on the premise that tremendous upside potential remains in mid-tier apartment communities that can be unlocked through tailored renovation, repositioning strategies, and focused management. TruAmerica Multifamily is a privately held, fully integrated, real estate investment firm that invests in apartment communities located in primary and secondary markets throughout the country. We continue to grow by selectively acquiring, redeveloping and effectively managing multifamily properties. TruAmerica has grown to become a Top 25 apartment owner in the United States, according to the National Multifamily Housing Council (NMHC) and is the youngest manager in the NMHC Top 50.  Today TruAmerica has over 60,000 units in 25 high growth markets and approximately $16 billion of assets under management.

Objective

Reporting to the Director of Accounting you will be responsible for overseeing the monthly financial reporting process for our various management companies including reviewing the financial statements for multiple properties, monthly accruals, consolidations, review management fee calculations and cash management.  You will prepare monthly or quarterly cash flow reports to accurately calculate distributable cash flow for each asset. You are responsible for preparation and completion of monthly or quarterly capital improvement draws and/or capital calls for unfunded commitment and submit to either the Lender or LP for funding. You will manage interim and annual financial audit engagements ensuring timely and accurate reporting.

We require that you be able to respond clearly and concisely to our third-party management companies, our Asset Management department and our Senior Management Team regarding financial issues, and must communicate effectively with clients, investors and lenders.

Tasks and Responsibilities

Financial Reporting and Operational Budgeting:

• Oversees the monthly financial reporting process for the various Property Management companies (PMC) to ensure timely and accurate reporting.
• Reviews preliminary financial reports provided by the PMC for accuracy making sure sub-ledgers such as bank reconciliations, account receivable, accounts payable, escrow balances and gross potential rent, etc. tie out to the financial reports. 
• Review entries for acquisitions and dispositions, gain from sale for proper recordation and accuracy.
• Review closing prorations for acquisitions and post close reconciliations within PPA Agreement Timeline.
• Reconcile Capital Expense bank accounts and provide a copy of the bank reconciliation and general ledger activity to the PMC.
• Verifies operating and capital expense items are coded correctly.
• Communicates any anomalies in the financial to the Asset Manager and PMC and follow up. 
• Ensures business licenses, local state taxes, real and personal property taxes and insurance premium renewals are paid timely. 
• Provides accurate monthly financial statements to the joint venture partner(s) by the due date indicated in the joint venture agreement.
• Provides monthly, quarterly, or annual financial reporting to certifications to comply with loan requirements.
• Updates the corporate Asset Management Fee, Construction Management Fee and Accounting Fee schedules on a monthly basis. Before month end as part of the close process (Timely).
• Assists Asset Management and Portfolio Management with annual budget planning.
• Proactively provide budget figures for partnership and other expenses as requested by Asset Management.

Distributions to Joint Venture Partners:

• Prepares monthly or quarterly cash flow reports to accurately calculate distributable cash flow for each asset. 
• Provides recommended distribution amount to the Asset Manager for approval.
• Distributes cash flow to both the joint venture partner(s) and respective TruAmerica entity per the due date listed in the joint venture agreement.
• Maintains preferred interest or internal rate of return (IRR) schedule with distribution and capital call amounts. 

Draw Process and Capital Calls:

• Updates internal Capital Expense Tracker monthly at a minimum. 
• Completes monthly or quarterly capital improvement draws and/or capital calls for unfunded commitment and submits to either the Lender or LP for funding.
• Verifies all unit renovation and exterior capital improvement invoices paid by the PMC are included in each draw or capital call package.
• Includes capital improvement invoices paid internally by the TruAmerica Accounts Payable Manager.
• Confirms funding is received from the lender or joint venture partners.
• Sets-up GP funding and communicates with Corporate Accountant once completed.

Financial Audits, Tax Return Preparation & Related Consulting Engagements:

• Manages interim and annual financial audit engagements ensuring timely and accurate reporting.
• Coordinates with the PMC to provide auditors with information requested in the PBC (provided by client) list, ensure that the PMC is adhering to the timeliness.
• Oversees engagement of ASC805 PPA (purchase price allocation) reporting for US GAAP audit requirements and costs segregation studies used for tax return preparation.
• Assists respective CPA firms with tax preparation requests including providing financial reporting, audited financials, cost segregation studies and acting as a liaison between the audit and tax firms as well as with the LP's.
• Ensures LP to ensure the receipt of audited financial statements, K-1's and tax returns filed by the required due date listed in the JVA.

Abilities/Qualifications

• Bachelor's degree in Accounting or Finance required.
• Yardi Voyager and/or RealPage property management software experience is required.
• Knowledge of Generally Accepted Accounting Principles (GAAP), modified cash basis, tax basis and cash basis accounting.
• 5 years of multifamily real estate experience required.
• Ability to multi-task and work with minimal supervision; must be thorough, detail-oriented, and have excellent follow-up skills.
• Must be able to work in a fast-paced environment and meet deadlines in a timely fashion. Must have strong analytical skills and be a highly energetic team player with a positive attitude.
• Ability to communicate with all levels of management. 

Physical Demands

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Ability to sit for up to 10 hours per day
• Ability to move freely around the office for up to 10 hours per day
• Ability to communicate verbally and in writing

Compensation Range

The salary range for the role is 

Equal Opportunity Employer

• TruAmerica Multifamily is an equal opportunity employer that is committed to diversity and inclusion in the workplace. We prohibit discrimination and harassment of any kind based on race, color, sex, religion, sexual orientation, national origin, disability, genetic information, pregnancy, or any other protected characteristic as outlined by federal, state, or local laws.
• This policy applies to all employment practices within our organization, including hiring, recruiting, promotion, termination, layoff, recall, leave of absence, compensation, benefits, training, and internships. TruAmerica Multifamily makes hiring decisions based solely on qualifications, merit, and business needs at the time.

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