Associate Vice President, Development Accounting

Position Summary

The Assistant Vice President (AVP), Development Accounting, reports directly to the Chief Financial Officer and is responsible for the strategic leadership, management, and oversight of all development/construction accounting functions across the organization's development, construction, and pre-development activities. This position ensures the accuracy and integrity of development-related financial reporting, budget management, draw administration, audit compliance, cash flow forecasting, and team development while supporting operational efficiency and organizational growth.

The AVP serves as a key business partner to Development, Finance, Asset Management, Operations, and Executive Leadership teams to ensure accurate financial management throughout the lifecycle of each project.

Leadership and Department Management

• Provide leadership and oversight for the Development Accounting Department, including Development Staff Accountants, Accounts Payable Clerks, Billing Analysts, and related personnel.
• Develop, mentor, and evaluate team members to promote professional growth, accountability, and high performance.
• Assign and balance workloads across the department based on project complexity, staff capabilities, and development needs.
• Establish annual departmental goals, performance expectations, and development plans for team members.
• Foster a collaborative, service-oriented culture focused on continuous improvement and operational excellence.
• Partner with executive leadership to identify opportunities for process improvements, increased efficiencies, and cost reductions.

Construction Accounting Operations

• Direct all aspects of construction accounting activities for development, pre-development, and construction projects.
• Oversee construction draw processes, reimbursement requests, and funding administration.
• Ensure the timely and accurate preparation of financial workbooks, draw packages, cost certifications, and funding documentation.
• Manage accounting activities related to pre-development costs, construction-in-progress (CIP) accounts, placed-in-service assets, permanent loan conversions, and project closeouts.
• Review and approve construction-related journal entries, reconciliations, and supporting documentation.
• Ensure compliance with company policies, accounting standards, lender requirements, investor agreements, and regulatory guidelines.
• Monitor construction budgets and actual project expenditures in partnership with Development and teams to ensure accurate cost reporting.
• Maintain strong internal controls, audit trails, and documentation supporting all construction accounting transactions.

Financial Planning, Analysis, and Reporting

• Prepare and manage the annual Development Accounting departmental budget and periodic forecasts.
• Develop and maintain revenue projections related to developer fees
• Monitor and report on departmental and project-related profit centers.
• Prepare and present executive-level reporting, including:
  • Work-in-Progress (WIP) Reports
  • Developer Fee Reports
  • Cash Flow Forecasts and Projections
  • Open Draw Reports
  • Capital Funding and Loan Activity Reports
• Develop and maintain project cash flow forecasts, including funding requirements, investor capital contributions, intercompany financing, and reimbursement schedules.
• Monitor collections and funding activities to ensure adequate project liquidity throughout development and construction phases.

Systems and Process Improvement

• Evaluate, implement, and optimize development/construction accounting technologies and software solutions to improve efficiency, accuracy, reporting, and scalability.
• Lead system integration initiatives incorporating the use of artificial intelligence
• Continuously assess departmental processes and recommend enhancements to strengthen controls and improve overall performance. Implement AI as appropriate

Audit, Compliance, and Tax Support

• Oversee preparation and review of Final Cost Certifications (FCCs) for completed developments.
• Review and approve Placed-in-Service (PIS) and Permanent Conversion journal entries upon project completion and stabilization.
• Assist with preparation and submission of project cost certifications, 8609 applications, and other tax-credit-related compliance documentation.
• Serve as the primary liaison between the company and external auditors, CPA firms, lenders, investors, and regulatory agencies on development/construction accounting matters.
• Coordinate annual audit activities and ensure timely completion of audit requests, schedules, supporting documentation, and reconciliations.
• Provide information and financial analysis required for project cost certifications, audits, and tax reporting.

Cross-Functional Collaboration

• Partner closely with Development, Finance, Operations, Asset Management, and Property Accounting teams to resolve accounting matters and support project objectives.
• Ensure efficient transition of projects from construction to operations, including preparation and transfer of accounting and financial records.
• Support executive leadership with special projects, analyses, and strategic initiatives as required.

Required Skills and Competencies

• Strong leadership, team development, and organizational management skills.
• Extensive knowledge of development accounting principles, job costing, and project financing.
• Strong understanding of construction draws, lender funding requirements, cost certifications, and tax credit compliance.
• Advanced financial analysis, budgeting, forecasting, and reporting capabilities.
• Exceptional analytical, organizational, and problem-solving skills.
• Excellent verbal and written communication abilities.
• Ability to manage multiple priorities and deadlines in a fast-paced environment.
• Demonstrated ability to build effective partnerships across departments and levels of the organization.
• Advanced proficiency in Microsoft Excel, Word, Outlook, and MRI

Education and Experience

• Bachelor's degree in Accounting, Finance, Business Administration, or related field required.
• CPA designation preferred.
• Minimum of 10 years of progressive construction accounting experience, including leadership responsibilities.
• Minimum of 10 years of experience managing and developing accounting professionals and support staff.
• Experience with affordable housing, multifamily development, tax credit projects, and construction financing preferred.

Physical Requirements and Work Environment

• Ability to operate a computer and standard office equipment.
• Remote work model.
• Primarily sedentary work performed in an office environment.
• Occasional travel and attendance at company-sponsored meetings, conferences, training events, and team-building functions may be required, including overnight travel.