Director of Development Accounting

The Director of Development Accounting will be responsible for all accounting functions related to development and construction projects at Kairoi Residential, which includes leading an existing team of professionals and growing that team as the Kairoi development pipeline grows. This individual will be responsible for ensuring the accuracy of the individual development project draws and ledgers of each development project, as well as any other accounting records, while adhering to GAAP requirements. The Director of Development Accounting will coordinate, train and coach their team, as well as external personnel on Kairoi policies, procedures, and processes related to development. In addition, this individual will ensure timely receipt of required information as needed for draws, analysis, and other ad hoc reporting for senior leadership. This individual must possess the ability to effectively work in a fast-paced / high-volume transaction environment, which requires strong time management skills and the ability to prioritize deadlines. We are looking for a hands-on, detail-oriented individual who wants to be part of a growing team and is driven to lead by example in an execution-based leadership role.

Job Duties:

• Assist in the preparation of and review draw packages as prepared by development accounting team members to ensure accuracy.
• Responsible for monthly financial statement package review and/or preparation for multiple development projects.Support the month-end and year-end close process, including audits.
• Lead the professional development, mentoring, training and coaching of assigned team members and others, as needed, within the accounting team. Provide guidance, mentoring, coaching, and training to third parties where applicable.
• Determine goals, provide coaching and support to team members, including annual performance evaluations.
• Read and interpret development and operating agreements to confirm Kairoi is in compliance with requirements.
• Perform and coordinate accounting for all development projects, including but not limited to:
  • Maintenance of project budgets in the system.
  • Process project change orders and budget revisions.
  • Compile and/or review monthly construction draw packages, including GC and subcontractor lien releases.
  • Process, review, code, and track general ledger posting of construction draws for multiple projects.
  • Work with project managers on variances from approved project budget.
  • Maintenance of promotion/participation schedules making sure the calculations adhere to the specific project agreement.
  • Coordinates the receipt of required information from development partners, fee developers and others.
  • Prepare closing statements for all transactions and manage the communication process with the title company, buyers/sellers, legal participants, etc.
  • Perform proration analysis for land closings, construction closings, and asset sales, including all research necessary to ensure prorations are accurate (ie, tax research, financial statement analysis, etc).
  • Coordinate all monthly predevelopment draws, including assurance of appropriate internal invoice approvals.
  • Prepare entity level cash analysis in a timely manner to ensure efficient management of cash / LOC resources.
  • Interface with lender and equity partner counterparts to ensure accurate, efficient, and effective communication around draws, closings, financial statement preparation, and all other accounting -related functions.
  • Oversee the corporate travel and expense report process, including billbacks for project-level expenses.
  • Responsible for monthly development accruals and providing accurate cost information for development valuations.
  • Coordinate the development and implementation of policies and procedures for development projects.
  • Plan, prioritize and coordinate tasks to ensure completion of multiple assignments or projects within prescribed timelines.
  • Interact with internal and external customers, other accounting team members, asset managers, property managers and all necessary departments to ensure prompt resolution of issues and achieve maximum efficiency of operations.
  • Perform or coordinate analysis, consider alternatives and make recommendations on complex real estate transactions.
  • Serve as a consultant to management.
• Perform other duties as assigned.

Position Requirements

• Bachelor’s Degree in Accounting of Finance
• CPA license or eligible preferred
• 5-7 years of accounting experience, preferably in the real estate industry with solid fundamental accounting skills
• Prior management experience preferred
• Experience using real estate accounting software such as RealPage or Yardi
• Excellent written and oral communication skills
• Highly organized with a strong ability to multitask
• Ability to work cross-functionally in a fast-paced environment
• Ability to follow through on tasks until completed
• Detail-oriented mindset and able to meet deadlines
• Experience with construction pay applications
• Experience with general ledger functions and the month-end/year-end close process, managing closings
• Strong ability to reconcile accounts, expenses, perform various analyses, and monthly/quarterly reports, with excellent attention to detail
• Strict confidentiality required.
• Proficient in Microsoft Office