Construction Project Accountant

1 month ago

Menlo Park, United States Omega Point Management Services LLC Full time
Job DescriptionJob Description

Construction Project Accountant

Job Location: Menlo Park, CA

BACKGROUND:

Menlo Equities is a private equity, fully integrated commercial real estate firm with a history of holdings and operations in major US innovation hub markets. These markets include Seattle, San Francisco/Silicon Valley, Los Angeles/Orange County, San Diego, Phoenix, Denver, Austin, Dallas, Atlanta, Raleigh-Durham, Nashville, Northern VA (DC metro), Minneapolis, and Boston. Established in 1994, we currently manage and operate entities holding approximately $3.5 billion in commercial real estate. We focus on the office, data center, life sciences/lab, in-fill logistics and specialized R&D asset classes. We are the landlord to many large corporations including Apple, Amazon Web Services (AWS), Disney, Equinix, Target, Southern Company, San Diego Gas & Electric, LG, Wells Fargo, BAE systems and Samsung just to name a few.

Our 25+ year successful track record is built upon three distinct investment strategies: (i) targeted value add (buy, reposition/lease up and exit), (ii) core plus (properties leased long-term to high credit tenants characterized by a significant portion of the return derived from operating cash flow) and (iii) opportunistic, ground-up development projects that include entitling a site, building construction and economic stabilization through proactive leasing. Properties are held in various partnership structures that include closed-end funds, an open-end perpetual fund, syndications, institutional separate accounts, and joint ventures.

Our mission is to be a trusted partner to our investors, tenants, creditors, employees, and communities while delivering top tier, risk-adjusted returns, and outperforming industry benchmarks. Culturally, we value intellectual curiosity, rigorous analysis, creative problem-solving, a collaborative spirit and a willingness to be accountable and to take initiative.

DESCRIPTION:

We are currently seeking a Construction Project Accountant to join our accounting team in Menlo Park. The role will primarily be responsible for preparing financials statements and management information for current and prospective development projects. The role will be responsible for preparing financial statements, monitoring costs and budgets, and working with Development project managers to ensure that all aspects of reporting and project financial controls are met. The position will report to our Vice President, Controller. This is a dynamic position offering career development as our portfolio continues to grow and our investment offerings evolve.

A successful candidate will be a team player that is comfortable working in a challenging, fast-paced environment.

PRIMARY RESPONSIBILITIES:

- All facets of accounting related to construction projects including:

1. Management of loan draw budgets and associated reporting which includes review of contractor pay applications, bank financing forms and lien waivers.

2. Assistance in the preparation of loan draw requests.

3. Review contractor invoices for accuracy and completeness.

4. Research and resolve invoice and billing disputes with contractors.

5. Assigning invoices and accrued project expenses to specific WBS categories within the construction project accounting system.

6. Closing the books and completing month end accounting and reporting (including the preparation of financial statements) for all entities associated with an assigned development project.

- Develop a strong comprehension of an assigned construction project business plan such that the accountant can coordinate and collaborate with team members providing relevant parties timely updates to project forecasts (including adjusted ETCs) thereby ensuring material variances to project and loan budgets are analyzed and appropriately reported.

- Review and analyze all construction project forms, contracts and other documentation to ensure relevant terms are well understood resulting in accurate accounting and cost tracking.

- Assist in preparing all required reports for internal and external partners.

- Prepare journal entries, perform account reconciliation and analysis, and schedules for internal and external reporting.

- Work with team members to ensure timely and accurate billing of reimbursable capital projects costs and/or the review and calculation of affiliated development fees.

- Investigate any unbilled project costs.

- Organize and maintain, in conjunction with the Development team, financial project files.

- Ensure monthly books are reconciled and closed on an accurate and timely basis.

- Prepare monthly bank account reconciliations.

- Assist in interim, quarter, and year-end audit or review process, including providing requisite PBCs to Menlo’s external auditors and tax preparers.

ADDITIONAL RESPONSIBILITIES:

- Assist in the review of tax workpapers and K-1s prior to issuance.

- Assist in the preparation of internal and external financial reporting.

- Close monthly GAAP and tax basis accounting for assigned commercial real estate and management/fund entities.

- Provide support and assistance to the Treasury and Accounts Payable group(s) on an occasional basis.

REQUIRED EDUCATION:

- Bachelor’s degree in accounting, Finance, or other relevant business discipline

 

REQUIRED EXPERIENCE/QUALIFICATIONS:

- 2-5 years of real estate or financial accounting experience or general ledger responsibilities for partnership entities in a private equity/investment firm is preferred.

- Minimum of 2 years’ experience working as a project construction accountant demonstrating a familiarity with an established construction accounting system (e.g. Sage, Timberline, Yardi, etc.)

- Excellent knowledge of construction cost accounting and related financial procedures

- Strong analytical skills

- Knowledge of US GAAP

- Experience with Yardi Voyager enterprise accounting system preferred.

- Strong MS computer skills (Excel, Word, and PowerPoint) required.

- Must be a detail-oriented, self-starter with good oral and written communication and strong time management skills.

- Must be a team player willing to support and assist others when called upon.

All offers of employment are contingent upon satisfactory results of a comprehensive pre-hire background check including criminal, education, and employment verification.

Salary Range: $85,000 to $110,000 annually depending on experience.

This position is also eligible for a semi-annual bonus and other forms of incentive compensation based on the successful completion of defined performance objectives.

We offer a comprehensive benefits package which includes medical and dental insurance, VSP, and a firm sponsored 401K plan with a safe harbor matching component.

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