Position Description: The Senior Accountant Construction & Tax (SRACT) reports to the Chief Financial Officer (CFO) and is responsible for supporting financial and tax accounting activities related to Foundation Communities real estate development projects. This role requires experience in nonprofit, partnership, and corporate accounting, including regulatory and financial reporting, budget and forecast preparation, and adherence to internal control policies and procedures. The SRACT brings specific expertise in construction accounting and Low‑Income Housing Tax Credit (LIHTC) programs and supports compliance, reporting, and audit requirements across development projects.
Development Finance & Project Support
- Partner with the Real Estate Development team to review project budgets and support day‑to‑day management of development cash flow, including tracking the timing of partnership contributions.
- Prepare and maintain draw worksheets for properties in construction or pre‑development.
- Review accounts payable activity for properties under construction to ensure accuracy and proper coding.
- Recode pre‑development transactions as needed.
- Track construction loans and serve as a day‑to‑day point of contact with lenders and banks, escalating issues as appropriate.
- Support refinancing activities by gathering financial data and assisting with analysis.
- Monitor property cash balances and lines of credit.
- Track replacement reserves and ensure required funding levels are maintained.
Tax Credit & Compliance Support
- Review drafts of Limited Partnership Agreements and loan documents for awareness of financial terms and compliance requirements, escalating concerns to senior leadership.
- Serve as a primary contact for tax credit partner asset managers on routine requests and underwriting follow‑ups.
- Support Limited Partner exits by assisting with capital account forecasting and documentation for LIHTC and NMTC projects.
- Track and support 10% tests and cost certifications.
- Review LIHTC audits and tax returns for completeness and consistency before final leadership review.
- Provide audit and tax return support to the Property Accounting team.
- Assist with preparation and submission of cost certification materials.
Grants, Credits & External Funding
- Prepare and submit periodic grant reporting (e.g., Capital Magnet Fund).
- Assist with capital grant applications, energy incentives, and other tax credit opportunities.
- Coordinate with Fundraising to track construction‑related grants.
Financial Reporting & Internal Controls
- Maintain updated projections for internal reserves (Growth Fund) and coordinate with the Development team throughout project cycles.
- Prepare Growth Fund reports for the Board.
- Review monthly financials for properties under construction.
- Perform quality control reviews over financial transactions and reporting.
- Research and summarize technical accounting questions for CFO review.
- Document and follow business processes and accounting policies to strengthen internal controls.
Leadership, Operations & Cross‑Functional Support
- Support the CFO with management of accounting operations.
- Cross‑train with other accounting team members to provide backup coverage.
- Communicate with vendors and external partners regarding routine accounting matters.
- Perform additional duties and special projects as assigned.
Waterfall & Partnership Management
- Maintain and update property waterfall calculations under established models.
- Support ongoing partnership and lender relationships through accurate reporting and timely communication.
Requirements
- Bachelor’s degree in Accounting, Finance, Business, or a related field required
- CPA or CPA Candidate preferred.
- 5–7 years of progressive experience in accounting, real estate finance, development finance, or affordable housing finance.
- Experience supporting real estate development projects, including construction accounting, budgets, draws, and cash flow tracking.
- Working knowledge of LIHTC and/or NMTC structures, compliance, and partnership accounting.
- Experience preparing and supporting audits and tax filings, including partnership, corporate, and nonprofit filings.
- Strong understanding of GAAP and financial reporting.
- Experience with loan tracking, reserve management, and internal financial controls.
- Proficiency in accounting systems and Microsoft Excel; NetSuite experience preferred.
- Strong analytical, organizational, and problem‑solving skills, with attention to detail.
- Excellent written and verbal communication skills, with the ability to explain financial information clearly.
- Ability to manage multiple priorities and exercise sound judgment, including appropriate escalation.
- Collaborative, team‑oriented approach and commitment to advancing diversity, equity, and inclusion.
- Interest in or experience working in a mission‑driven or nonprofit environment preferred.
Working Conditions/Physical Requirements:
Compensation
$80,000 annually
This position profile identifies the key responsibilities and expectations for performance. It cannot encompass all specific job tasks that an employee may be required to perform. Employees are required to follow any other job-related instructions and perform job-related duties as may be reasonably assigned by his/her supervisor.
Foundation Communities provides an excellent benefits package including employer paid health benefits, 401(k) investment opportunity, Employee Assistance Program, paid vacation, holiday, and sick time.
Foundation Communities is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, veteran status, sexual orientation & gender identity.