Asset Management/ Partnership Accountant

Company: Dawson Holding, Inc
Location: Novato
Posted on: May 28, 2023

Job Description:

Dawson Holdings, Inc.ASSET MANAGEMENT/PARTNERSHIP ACCOUNTANTJOB DESCRIPTIONASSET MANAGEMENTReview and understand all loans and loan documents. Set up Loan Summary schedules and amortization schedules, as necessary.Monitor compliance with loan documents. Provide directions to property management companies for payment of debt service, escrows and reserves.Perform financial analyses of performance measurements to meet lender obligations (breakeven analysis, debt service ratio, maturing loans).Review and understand all partnership documents. Monitor compliance with partnership agreements. Review and understand organizational structures.Perform financial analyses of performance measurements to meet partnership and obligations (debt service ratio, stabilization requirements, etc).Arrange for payment of partnership fees and distribution of cash flow per terms of partnership agreements.Insurance: arrange for property, liability and other insurance renewals and premium payments for properties. Assure distribution of certificates of insurance to all additional insureds. Supervise requests from lenders and equity investors for changes to insurance terms.Property Taxes: Arrange for and monitor payment of property taxes, whether through lender escrows, impound accounts or operations. Respond to requests for information from county tax assessors and correspond with tax collectors regarding updated information. Monitor welfare exemption (Property tax abatement) application process.Records and Reporting:Keep partnership records of properties up to date: property taxes, insurance, tax credits.Respond to all requests for property specific info from tax assessors, insurance agents, State compliance offices.Provide or supervise provision of information on properties by management companies (operating statements, financials, tax credit compliance reports, bond compliance reports).Provide annual reports to investors, lenders and bond trustees/issuers.Field specific questions and inquiries from lenders, equity investors, bond purchasers, bond issuers, bond underwriters and joint venture partners. Be able to use discretion when responding to sensitive issues regarding use of funds and operating performance.ACCOUNTING:Prepare ownership entity accounting books and Balance Sheet for each project.Review and pay all partnership invoices.Keep partnership financial records up to date: mortgage statements, property taxes, insurance, tax credit streams.Direct management companies preparation of partnership financial reporting and review all operating statements for each project. Includes setting up impound escrow schedules,Supervise establishment and monitor use of lender and investor required escrows, impound and reserve accounts.Knowledge of Quickbooks helpful or, at a minimum, double entry bookkeeping.Audits/Tax Returns:Engage outside professional accounting firms to perform audits and prepare tax returns for all ownership entities and related general partners/LLC members.Deliver to outside accountants all partnership documents and required information for year end accounting audits and preparation of tax returns.Review draft financials and tax returns. Report any non routine issues to TD.Know and understand real estate accounting standards and practices. Know when to capitalize and when to expense items and understand resulting impact on tax returns.Tax Credit/ Cost Cert Accounting:Supervise delivery of tax credits to tax credit equity investor.Set up partnership books with understanding of how costs blend into Cost Cert.Arrange for preparation of tax credit Cost Certification.Review Cost Certification prepared by Financial Auditors. Analyze effect on tax credits.Prepare and submit final Tax Credit Applications to obtain the final tax credit reservation, a critical phase of meeting partnership obligations.Pre-Acquisition Expenses:Pay predevelopment costs including escrow and other deposits.Draw down line of credit to fund predevelopment costs.Track predevelopment costs.Track line of credit activity and balances.Provide evidence of paid predevelopment costs for reimbursement from lender and investor at close of escrow.Pay down line of credit with predevelopment cost reimbursements at close of escrow/close of syndication with investor limited partner.REGULATORYMonitor compliance with tax credit and bond regulatory agreements.Know and understand all acquisition and first year lease up rules and regulations of the IRS Sec 42 Tax Credit Program. Review all tax credit compliance procedures of each management company. Review forms, compliance procedures, State reports. Follow-up on performance of duties.Perform quality control; spot checks of applications and on-site performance. In some cases, perform the daily review of applications.For properties in lease up, review and track all first qualifying tenant files.Be familiar with the individual compliance requirements (procedures, forms, standards) of State where project is located.Supervise annual reporting to State tax credit programs.Respond to tax credit agency notice and reports of non-compliance.Nonprofit/MGP Duties and requirements:Oversee nonprofit's provision of resident services. Assure project is in compliance with Regulatory requirements.Oversee welfare exemption application process. Work with nonprofit to assure applications are prepared and submitted on time. Involves understanding tax exemption process and requirements.Oversee payment of MGP and resident service fees.

Keywords: Dawson Holding, Inc, Novato , Asset Management/ Partnership Accountant, Executive , Novato, California