APPLY NOWJob Title: Assistant Director, Development Accounting
Reports To: Senior team member, Cash Management & Development Accounting
Department: Cash Management & Development Accounting
Position Summary
Actively analyze and prepare all Development Accounting reports and information with a business perspective and use the numbers to drive the business. Through a combination of performing functions, reviewing work of other team members, and shadowing Senior team members, gain a full understanding of the Cash Management & Development Accounting function.
The position calls for a strong team player who can engage with multiple tasks as changes occur and use problem solving skills to meet the requirements of both management and stakeholders.
Responsibilities:
• Prepare summaries of various agreements (including partner, co-owner, development, management, cost sharing, etc.) and ensure we are adhering to all requirements including but not limited to:
◦ Setup of appropriate entity records;
◦ Meeting of all reporting and budgeting requirements;
◦ Invoicing, collecting, and accruing all types of fees, chargebacks, time billings;
• For your portfolio of properties across the country, which will include a variety of projects as well as several new initiatives (storage facilities, senior’s homes, condominiums, rental apartments, office towers, townhomes, and others), you will be responsible for:
1. Preparing “Development Status Reports” (DSR) (summary of actual development costs compared to contracts, proformas and budgets) and ensure they are completed on a monthly basis and also on an ad-hoc basis for both internal and external use;
▪ Prepare draws to various lending institutions or cash calls, to partners/co-owners
◦ Monthly / quarterly / annual development reporting to and from partners / co-owners in accordance with the agreements;
◦ Monthly review of development costs to confirm aligned and in compliance with all financial aspects of agreements with partners and lenders;
◦ Reviewing construction chargeback invoicing for all properties in your portfolio and following up on the receipt of funds from tenants / customers;
◦ GST/HST, QST & PST reconciliations for development properties;
◦ Where applicable and required under the various Construction Lien Acts across the country, setup of holdback bank accounts and manage them in accordance with the legislature;
◦ Reviewing Tenant Allowances and outside broker leasing commission invoices as per Agreements to Lease;
• Reviewing and key approved budgets in accounting system;
• Review Invoices, cheque requisitions, cheques generated internally as well as cheques received from partners for second signature;
• Reviewing and analyze development cash flows, cost variances, equity requirements, and fee payments;
• Recording all property acquisitions, parcel sales and property dispositions in a timely basis and participate in the due diligence and statement of adjustment phases, as required;
• Recording the transfer of assets to and from IPP in accordance with company policy and IFRS requirements;
• Ensuring that all accounting records related to all properties are kept up to date within guidelines established by generally accepted accounting principles and by the company and / or its partners/ co-owners;
• Preparing Earn-out statement of adjustments with all necessary supporting documentation as soon as all conditions have been fulfilled as per respective agreements;
• Preparing and reviewing Year End working paper files for submission to internal / external auditors;
• Closing out completed projects as soon as possible, including requesting for deregistering GST/HST, QST & PST accounts, dissolving corporations, etc.;
• Participate with monthly/quarterly/ annual reporting, including financial statements and relevant notes to the financial statements;
• Assist with all audit requirements, including the company’s audit firm and all partner / co-owners audit firms, as well as government audits when required;
◦ Continually liaise and build working relationships with all departments to achieve information sharing;
• Administrative duties such as, archiving, filing and scanning of documents;
• Other responsibilities and participation in special projects including new initiatives as they arise;
• Continually monitor and review accounting processes and procedures and recommend changes as appropriate to improve internal controls and / or efficiencies;
Academic/Professional Requirements:
• Professional Designation (CPA)
Required Skills/Experience:
• Minimum five years accounting experience within a commercial real estate company;
• Excellent knowledge of accounting practices (IFRS) as applied to real estate development, property management, cash flow forecasting and financial and management reporting;
• Experience managing and developing a team of 1 to 2 associates.
• Proficiency in reading and interpreting legal agreements such as co-owner’s agreements, development agreements, property management and leasing agreements, and other similar real estate agreements;
• Assess work activities in a dynamic environment, prioritize and/or delegate tasks as required.
• Excellent oral and written communication skills with the ability to effectively communicate across all levels within the organization, as well as, with external partners and financial institutions;
• Proven track record of follow through to achieve results;
• Yardi Voyager S7 experience is an asset.
Values
The Assistant Director must be client focused, advocate and communicate a positive image of the company, both internally and externally.The Assistant Director shall take accountability for decisions made and conduct oneself in a respectful and ethical manner in representing the company’s interests.The Assistant Director shall demonstrate entrepreneurialism and behave like an “owner” in carrying out daily tasks and responsibilities; demonstrating creativity and resourcefulness in achieving desired results. The Assistant Director is expected to be a team player and work effectively with colleagues and associates in terms of input, sharing of ideas and working to achieve common goal.
We are an equal opportunity employer committed to an inclusive and accessible recruitment and selection process. If you are contacted about an employment opportunity, please advise if you require accommodation
