SENIOR ACCOUNTANT CDFI

Job Locations US-NY-New York
ID
2020-1040
Category
Accounting/Finance
Type
Regular Full-Time

Overview

The Senior Accountant - Lending provides accounting support and financial management for two affiliate entities of AAFE known as Renaissance Economic Development Corp (“REDC”) and AAFE Community Development Fund (“CDF”).  These entities are Community Development Financial Institutions (CDFI) certified by the US Treasury to provide financial literacy and access to capital to low income small business owners and home buyers, respectively, for the purpose of economic development in distressed communities.

 

Summary:

The Senior Accountant CDFI is the staff member responsible for maintaining the financial control and integrity of the two CDFIs and their fiscal processes, controls, fiscal resources, data, and technology.  This role is responsible for enhancing the end-2-end lending cross functional process for the two lending segments REDC and CDF. This position has a dual-reporting relationship to the Managing Director of REDC and CDF for CDFI segment activities, and to the AAFE Controller for accounting, analysis, and reporting.  The Senior Accountant CDFI manages one employee, Junior Accountant CDFI.    

Responsibilities

 

  • Resource and Fiscal capabilities management - The Senior Accountant CDFI takes on a leadership role within Fiscal and the CDFI segments.
  • Provides insight and actively attends discussions and initiatives regarding processes, controls, reporting and analysis.
  • Mentor and develop the Junior Accountant CDFI and other cross-functional emerging leaders.
  • Data gathering and validation
  • Directs cross functional and other Fiscal team members to embrace continuous process improvement, provide data quality improvement suggestions, and managing data initiatives directly or through the guidance of other Fiscal or cross functional areas.
  • Assists other Fiscal personnel in expediting the timely flow of information as required.
  • System controls -Salesforce, MIP GL
  • Collaborates with the CDFI entities to streamline lending process and fiscal controls.
  • Maintains and updates chart of accounts, system access rights, system integrity and other system requirements (Online banking, ProfitStars, etc.).
  • Participates in companywide Accounting software evaluations (e.g., Salesforce, Intact, NetSuite) to facilitate data and documentation storage, process flow, security and controls and compatibility with other related systems (e.g., MIP, Portfol).
  • Provides guidance to direct reports or other cross functional resources regarding system integrity and consistent maintenance across all Fiscal processes and controls.
  • Process Controls
  • System maintenance -Timely processing of change requests (new, change, terminated GL Accounts and mappings).
  • Monthly / Quarterly / Annual closing process - Prepares preliminary analysis for journal entries, supporting documentation and justification for the entries to MIP Accounting software for the review and approval of the Managing Director of REDC and CDF, AAFE Controller, and CFO.
  • Account reconciliations – Prepares and coordinate saccount balance and activities reconciliations (e.g., cash accounts, receivables, payables, fixed assets, prepaids) for the CDFI segments, and then submit the reconciliations for review and approval.
  • Loan Receivables – reconciliation of principal and interest payments from borrowers on a monthly basis, and applying to the GL.
  • Loan Loss Reserves (LLR) – reviews LLR cash balances to ensure alignment with loan receivable requirements and maintaining the LLR cash balances.
  • Loan Write Offs – properly documents loan write offs and applying the correct LLR and credit enhancements to the proper accounts/GL to these defaulted loans.
  • Loan Portfolio: ensures loan disbursements in a timely matter, ensuring and assisting with all loan fund levels, and monthly/quarterly reports are following lending, finance and funding source covenants.
  • Create Centers of Excellence – develops CDFI accounting expertise for the Fiscal function.

 

  • Reporting and Analysis
  • Annual financial statement independent auditor review - Prepares preliminary analysis for journal entries, supporting documentation and justification for the entries to MIP for review and approval related to the annual financial close; and assists with the year-end financial statement preparation and supporting schedules and analysis in support for the independent auditors.
  • CDFI segment duties
    • Monitors segment receivables to ensure amounts due are recorded and that the payments are received timely.
    • Maintains the integrity of the accounting system and facilitate their financial reporting requirements.
    • Prepares preliminary monthly/ quarterly/ annual financial and non-financial reports and analysis (e.g., Internal, and external by Borrower / Lender).
    • Prepares quarterly report package for Finance Committee and Board of Directors, including the Quarterly Statement of Activities with Budget Variance and Analytical Review, and Statement of Financial Position.
    • Leads the organization’s annual CDFI segment budgeting process, working with program staff and senior leadership team to maintain consistent financial reporting, and to facilitate AAFE consolidation and intercompany eliminations.
    • Develops CDFI segment budget tracking and monitoring report throughout the year and integrate with the overall AAFE financial process.
    • Leads periodic reviews of the CDFI segment budgets with staff and jointly decide on necessary modification of allocation and/or adjustments of program design and delivery.
    • Liaises with CDFI segment staff to review and analyze budget management, including budget variances, payment status, and unspent funds, etc. Prepare and discuss CDFI segment proposal budgets and funder spending reports.
    • Prepares CDFI, SBA and other grant proposal budgets including assumptions as requested
    • Develops CDFI grant contract budgets, record monthly expenses and monitor expenses against budgeted amounts.
    • Manages and executes all federal, state, city & other grant reporting, billing, cost allocation plans and other governmental informational reports
    • Assists with reporting for various programs and ensure compliance with fiscal and programmatic reporting requirements to regulators and funders, including Community Development Financial Institution (CDFI) and Small Business Administration (SBA).
    • Performs ad hoc requests that arise from time to time - mostly from Fiscal, Co-ED or segment leaders.

Qualifications

AAFE employees create value by sharing common core competencies.  AAFE employees are fearless, innovative leaders who think strategically; embrace diversity, promote inclusivity and teambuilding while maintaining a strong commitment to respect and integrity.

 

  • Thorough experience and knowledge of CDFI segment non-for-profit activities, rules, and regulations.
  • A strong background with preparing monthly and quarterly grant reimbursement.
  • Experience with reviewing Financial Statements.
  • Executive leadership, and resource management experience.
  • 5+ years of experience in nonprofit accounting and filing of 990s.
  • Understanding of general ledger functions and the month-end/year-end close processes.
  • Highly detail-oriented and organized.
  • Excellent organization and administration skills.
  • Accuracy and attention to detail, thoroughness, and meeting deadlines.
  • Excellent verbal and written communication skills.
  • Proficient in MS Office (PowerPoint, Word, Excel) and Google Suites
  • Familiarity with MIP and MDS software are preferred.

Expectations

We believe that the people and the communities that we have the privilege to serve, deserve our very best every day. We are a results-driven organization that focuses on empowerment and impact.  This philosophy expands to the way we manage our employees; motivating them to put their best foot forward.  Supervisors are expected to:

 

  • Performance Management: Be consistent with meaningful communication by meeting with individual reports on a bi-weekly basis and providing feedback, mentorship and training.  Create an environment of open communication and shared ideas. Build and foster a sense of community at work.
  • Motivate: Give recognition and praise to encourage your employees to be happy at work and creating a safe space for failure and learning from mistakes.  Provide a clear vision.  This is not just about action steps or deliverables, either, but communicating a clear vision of your department and company’s future.
  • Accountability: Hold yourself and others accountable. This means adhering to the same guidelines you set for your employees and taking responsibility for both team successes and failures.  It also means ensuring you and your staff meet internal deadlines and following company policies and procedures.

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