The SVP, Head of Equity Fund Accounting & Reporting will ensure that property accounting and fund financial information is accurately captured, classified and recorded in the form of financial statements for assigned portfolios. This position will provide timely and accurate internal and external reporting for assigned Berkshire Funds financial and operational matters.
ESSENTIAL FUNCTIONS: (These are the main duties/tasks of the position and important to be successful)
Overseeing a team of 20+ property and fund accounting employees in the equity fund accounting and reporting group
Managing 15-20 funds and co-investment vehicles across the platform
Oversee all aspects of financial reporting for the assigned portfolios, including property and fund level month-end and quarter-end close process, and quarterly consolidated financial statements reporting and presentation in accordance with Investment Company Guide and NCREIF
Manage preparation and perform detail review of internal and external reporting packages
Manage preparation of the capital accounts, including rollforwards and the quarterly ownership recalculations and issuance of new investor interests in the open-ended fund
Participate in all capital raise initiatives for respective Funds, including assisting investor relations team, providing relevant accounting data to support investor questions and due diligence questionnaires, entity structuring and formation, participation and presentation in investor meetings, and perform ad hoc analysis as needed
Review all equity fund cash flow model and coordinate and collaborate with portfolio valuations and analytics teams, portfolio managers, acquisitions, finance and operations team on various assumptions and cash flow projections including historical performance, projected performance, acquisition, disposition and financing analysis
Responsible for the equity funds and co-investment track record and interacting with the portfolio management, investment management and other internal and external groups to ensure that the track records are accurately and timely updated and reporting to the respective groups
Fully understand capital structure of the funds and underlying joint ventures, where applicable; interpret joint venture and fund operating agreements and ensure equity allocation, carried interest, and incentive and management fees are calculated in accordance with underlying agreements
Manage the returns calculations (TWR or IRRs) and benchmarking, as applicable
Manage funds cash, including timing and amount of capital calls and distribution notices to fund investors and property distributions, for assigned portfolios
Collaborate with tax team on foreign investors tax withholdings as applicable
Manage/lead data integration projects across the platform utilizing best in class technology, identify technology solutions and participate in and drive technology initiatives
Participate in budget meetings and business plans presentations for assets and Funds in collaboration with portfolio management
Oversee preparation of debt covenant compliance and debt service requirements of investor loans
Coordinate quarterly mortgage loan valuations with an appraiser; participate in internal quarterly valuations of real estate investments; discuss and review valuation with respective portfolio managers
As applicable, review and comment on legal agreements, including LPAs, PSAs, JVAs, loan/LOC agreements, etc.
Manage numerous investor requests and data submissions to investors in their prescribed format
Where applicable, manage ILPA, NCREIF, MSCI and INREV submissions
Manage issuance of preferred shareholders interests and oversee the quarterly REIT compliance testing
Lead and coordinate accounting's role in acquisitions and dispositions; collaborate with various departments (acquisitions, legal, finance/debt, investor relations, tax) on active and potential transactions
Where applicable, work with a 1031 exchange intermediary, tax team and legal counsel on 1031 exchange transactions
Manage third party relationships with joint venture partners or fee managed property owners, as applicable
Participate in corporate budget process, analyze existing and future resources needs to effectively service portfolio, mentor and develop fund/property reporting accounting staff to assume higher level responsibilities
Manage effectiveness and efficiency of internal controls surrounding financial reporting disclosure and compliance, and enhance internal controls as needed
Monitor accounting and reporting compliance with fund partnership agreements and investor side letters as well as compliance with RIA requirements
Oversee external audit process for assigned portfolio
Perform other ad hoc accounting duties as required
JOB QUALIFICATION REQUIREMENTS
Minimum of fifteen (15) years of experience, including real estate or private equity fund structures including investor closes and complex fee structures (management fees and carried interest)
Yardi Experience is Required. Specifically in Voyager, Investment Manager and Elevate Modules
Open End Fund/Fair value financial reporting experience preferred
Ability to successfully manage and motivate people, provide direction and support
Internal controls - Registered Investment Adviser/Sarbanes Oxley experience preferred
Experience with historical and fair value GAAP financial statements preparation required, IFRS a plus
Strong analytical skills with attention to details
Strong communication and interpersonal skills
Ability to work independently and multi-task in a fast-paced environment, prioritizing and managing sensitive deadlines and variable workloads
Technical/ Educational Requirements:
Bachelor's degree in accounting required
Strong computer skills and ability to adapt to technology changes
CPA license and public accounting experience preferred
Physical Requirements: (amount of standing, walking, sitting, typing, lifting etc.)
Stand and walk or sit alternatively depending on specific needs of the day
Have occasional need to perform the following physical activities:
Bend/Stoop/Squat: Frequent need
Climb Stairs: Rare need
Push or Pull Reach Above Shoulder: Frequent need
Constant need to perform the following physical activities:
Lifting/Carrying (paperwork, deliveries, files, computers, miscellaneous):
20 lbs. - 25lbs.: Rare need
Less than 20 lbs.: Frequent need
Under 10 lbs.: Constant need
Vision Requirements: (Visual needs for the position - color, small details, inspections etc.)
Constant need to complete forms, read and review reports and a wide variety of
correspondence, view the computer screen. Frequent need to see small detail.
Hearing Requirements: (Hearing needs for the position -telephone, meetings, etc.)
Constant need to communicate over the telephone and in-person with corporate-level employees.
Speaking Requirements: (Clarity, customer interaction, presentations, etc.)
Constant need to communicate over the telephone and in person.
Must be comfortable speaking to senior management.
Travel Requirements: (Travel needs for the position - from property to property, travel, etc.)
10% to corporate events and conferences from time-to-time.
Reasoning Development: (Low, Medium, High - for ability to apply logical thinking to defined problem solving)
HIGH. Must be able to apply principles of logical thinking to define problems, collect pertinent data, establish facts, draw valid conclusions and initiate an appropriate course of action. Must effectively convey ideas, images, and goals to a diverse group of personalities.
Working Environment: (Indoors, Outdoors, special things to know about job)
Indoors in office environment
The Company may revise this job description from time to time as business needs require. It is not intended to be an exhaustive listing of all the functions of the job, nor is to limit the Company right to assign other functions to an employee in this position. This job description does not constitute a written or implied contract of employment.
Berkshire is proud to be an Equal Opportunity Employer. We do not discriminate on the basis of race, color, ancestry, national origin, religion or religious creed, mental or physical disability, genetic information, sex (including pregnancy, childbirth and related medical conditions), sexual orientation, gender identity, gender expression, age, marital status, military or veteran status, citizenship, or other characteristics protected by state or federal law or local ordinance We strive to create a workplace where everyone feels empowered to bring their full, authentic selves to work every day. Berkshire's Equal Employment Opportunity Policy encourages the commitment of every Supervisor. All employees are expected to participate in and actively support these efforts.
15 year(s): Fifteen (15) years of experience, including real estate or private equity fund structures including investor closes and complex fee structures (management fees and carried interest)
Bachelors or better in Accounting
Licenses & Certifications
Certified Public Acctnt