Chief Financial Officer

Client Overview

Our client is a real estate family office focused on the investment and development of multifamily properties in the New Jersey and New York Market.  Its Founding Principals formerly ran a full-service real estate development company responsible for the construction of over 20,000 residential units focused in Northern New Jersey, New York City, greater-Boston and Virginia. Their focus now is to leverage their unique relationships and reputation for developing and operating the highest quality residential developments in New Jersey and the metropolitan New York region in order to create high barrier-to-entry development opportunities.

Job Requirements

• Must be a Certified Public Accountant and a minimum of five years in a supervisory position(s) at a major real estate company and/or family office.
• Experience managing a team of accountants and related staff, with strong leadership quality and ability to delegate work effectively.
• Familiarity with Timberline accounting system setup and management, and/or other similar systems.
• Experience managing third party vendors (e.g. construction general contractors, tax preparers, auditors), with experience at a real estate company preferred.
• Experience building banking relationships and interfacing directly with loan officers and servicers.
• Understanding of complex deal structuring, including the use of single purpose entities, benefits of multiple LLC ownerships and organizational charts with trusts as members.
• Experience with preparing or reviewing tax returns for Partnerships and LLCs is preferred.

Development Business Activities

• Manage all accounting activities related to the construction and asset management for the properties in which our client is the managing GP.
• Review and submit monthly draw request packages for construction projects
• Perform periodic budget and cost reviews for the various projects.
• Work with the principals on the negotiation of all partnership and loan documentation.
• Oversee lender compliance and financial reporting for Borrower/Guarantor for the various projects.
• Work with construction insurance consultants to purchase builders risk policies and general liability policies (including OCIP).
• Oversee asset management related activities including satisfaction of borrower and GP covenants, manage waterfall schedules, oversee basis of financial reporting for each asset, manage property tax appeals, manage transition of financial/accounting requirements from construction to third party property management.  

Family Office/Tax Activities

• Coordinate the financial and tax management and the preparation with outside accounting firm of all Federal and State tax returns (60 entity, 27 trusts, 13 individuals) including multi-generational trusts.
  • Prepare supporting workpapers for tax return preparation – trial balance/financial statement; investment account, interest/dividend reconciliations, journal entries to update general ledger
  • Review returns prior to filing; distribute K-ls to members and respond to requests for additional information from tax preparer
  • Gather and forward individual tax information – follow up with individual as required for missing information
• Tax Planning oversite, including for state and federal programs and issues, as well as guidance for each family as to new projects/investments.
• Prepare individual holdings organization charts for each family on a semi-annual basis.
• Maintain Investment Commitments and Holdback Schedules
• Calculate anticipated gain on asset sales as requested
• Review financial statements for past real estate investments quarterly, including resolution of balance sheet “roll-forward” issues, review of year-end audits and tax adjustments, and maintain equity schedules.
• Review monthly, quarterly and annual reports from third-party property managers for properties in which the partners have investments, including operational variance reports, general ledgers and cash distributions.

Corporate Activities

• Oversight of accounting department operations including daily activity and financial reporting. Assist in the transfer of account records and monthly financial statement preparation for legacy Roseland entities. Responsible for tax return preparation including projections for estimates and calculations of entity level estimated payments for out of state members.
• Manage the preparation of our client’s annual budget, including the allocation of costs, monthly billings for services and variance reports on a quarterly basis
• Review monthly bank reconciliations
• Oversee payroll activities including
  • Process semi-monthly payroll and 401K remittance.
  • Review Quarterly Tax Reports prepared by ADP
  • Provide documentation for Worker’s Comp Audit
• Purchase annual insurances working including:
  • Directors & Officers Liability Insurance
  • Commercial Liability
  • General/Professional Liability
  • Umbrella
  • Auto
  • Workers Compensation
• Manage legacy exposures and costs including:
  • Wind down of Roseland Property Company’s OCIP from previous construction projects.
• Manage Employee Benefit programs
• Representative for Service of Process and other CT Corp filing and notices.
• Preparation of dissolution/withdrawal forms and remittance for entity filing activities