Chief Financial Officer - Andrews & Cole

About True Ground

True Ground Housing Partners (formerly APAH) was founded in 1989 by four families motivated to address affordable housing in Arlington, VA. Thirty-five years later, we have grown into one of the country’s leading non-profit affordable housing developers. Our rental communities provide safe, attractive housing to more than 5,000 people in the DC Metro region, offering a mix of mid- and high-rise multifamily apartments for neighbors earning between 30% and 80% of the Area Median Income (AMI). True Ground exists to provide quality affordable housing and resident-centered programming to help our residents make the most of their home. True Ground is a mission driven, community minded and resident focused organization guided by seven core values: compassion, integrity, collaboration, innovation, excellence, impact and racial equity.

Summary Description

True Ground’s Chief Financial Officer is responsible for financial oversight of True Ground’s real estate portfolio and non-profit operations. The CFO manages all accounting functions, including overseeing financial statements for the True Ground parent entity and consolidated statements from our affiliates; managing compliance and reporting to investors and funders; the execution of the audits and tax returns with our auditors; and supporting financial reporting and controls during multi-million dollar real estate projects.

Key Responsibilities

Financial Management and Strategy (50%)

1. Oversee preparation of the annual budgeting process for the True Ground parent consolidated budget for the portfolio.
2. Manage True Ground cash and liquidity resources and prepare multi-year forecasts for development cash needs, fee collection and expenses.
3. Oversee all accounting, budgeting, financial reporting and cash flow management. Evaluate financial performance regularly.
4. Preparation and reporting of the quarterly finance packages to the finance committee and project development lenders/investors.
5. Maintain line of credit facility, letter of credit carve outs. Update and monitor contingent liabilities and REO (Real Estate Owned) schedules.
6. Manage relationships with financial institutions, auditors and other external stakeholders.
7. Understand complex accounting issues and apply to True Ground projects, providing guidance to the real estate development team during deal structuring through stabilization.
8. Understand tax return complexities with Low Income Housing Tax Credit program.

Real Estate (20%)

1. Review equity and debt documents ahead of new project closings.
2. Review and approve construction ledgers for property development projects and related party receivable/payable accounts with subsidiaries.
3. Review and approve equity and loan draw requests and development budgets prepared by the Real Estate Development team.
4. Review mortgage financing transactions and submit related accounting entries to property management firm.
5. Review and approve work papers for cost certifications and rental achievement reporting. Knowledgeable in eligible basis rules under the low income housing tax credit program.
6. Oversee developer fee installments received from development projects to True Ground.
7. Monitor project capital accounts annually and coordinate with Asset Management on Year 15 exits of limited partners.

Risk Management and Compliance (20%)

1. Identify financial risks and develop strategies to mitigate them effectively.
2. Monitor compliance with internal policies and procedures, including managing signer approval process and approving contracts.
3. Ensure compliance with regulatory requirements, investor requirements and reporting standards for non-profit organizations.

Leadership (10%)

1. Serve as part of the leadership team for True Ground and participate in strategic planning, staff and board development activities. Liaison to Finance and Operations Committee of the Board of Directors.
2. Lead the finance and accounting team.
3. Collaborate with other departments to align financial management with True Ground priorities and initiatives. Specifically, explore innovative financing options in partnership with the Real Estate department (eg: equity funds, 501c3 bonds, etc.)

Supervisory Responsibility

Supervision of Controller(s) and other team members as needed.

Qualifications

1. Bachelor’s degree in accounting, finance or similar field required plus 10+ years experience in accounting operations including payables, cash receipts, payroll, general ledger and financial statement preparation.
2. Prefer 5 years experience in financial management of a non-profit, 501(c)3 organization. Prefer relevant work experience within the real estate industry.
3. Experience with Low Income Housing Tax Credits and affordable housing required.
4. CPA preferred. Public accounting background a plus.
5. Proficiency in working with accounting software for above functions as well as spreadsheet and word processing applications.
6. Working knowledge of financial analysis, budgeting, risk management, and strategic planning.
7. Strong analytic, problem-solving and organizational skills, attention to detail and ability to balance a variety of tasks in a multi-organization environment. Strong sense of responsibility and commitment to thorough and accurate work.
8. Ability to work independently and efficiently, meet deadlines, set priorities and plan ahead. Able to communicate effectively with True Ground staff, auditors and property management personnel.
9. Good sense of humor. Commitment to mission.

Expected Hours of Work

This is a full-time, exempt position. Typical workdays are Monday through Friday, with a total of 40 hours worked a week between the hours of 8 a.m. and 6:30 p.m. Occasional evening or weekend hours for community/board meetings related to projects and/or special events; additional work hours as required.

Working Conditions/Physical Requirements

This job operates in a professional office environment. On occasion this position may work off-site at events. This role routinely uses standard office equipment such as computers, phones, photocopiers, and filing cabinets.

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.

The employee is frequently required to operate a computer and other office equipment, communicate information and ideas so others will understand, observe details at close range, and will occasionally move items weighing up to 30 pounds.

Reasonable Accommodations Statement

To accomplish this job successfully, an individual must be able to perform, with or without reasonable accommodation, each essential function satisfactorily. Reasonable accommodations may be made to help enable qualified individuals with disabilities to perform the essential functions.

Disclaimer

This job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities that are required of the employee. Duties, responsibilities, and activities may change, or new ones may be assigned, at any time with or without notice.

Salary and Benefits

Commensurate with experience. True Ground has a competitive benefits package that includes medical, dental and vision insurance, long and short-term disability insurance, life insurance, commuter benefits, 401k and paid leave. This position has flexibility to work remotely up to 50% of the time, typically 2-3 days per week. Our corporate office in Ballston features free parking.

Equal Opportunity Employment

True Ground offers equal employment opportunities (EEO) to employees and applicants for employment and prohibits unlawful discrimination and unlawful harassment on the basis of race, color, religion, national origin, gender, age, disability, gender identity or expression, veteran status, marital status, sexual orientation or any other protected classes or categories as defined by federal, state or local laws. This policy applies to all terms and conditions of employment including, but not limited to recruitment, selection, promotion, termination, layoff, recall, transfer, leave of absence, training program participation, compensation and all other terms, conditions and privileges of employment.

True Ground is an E-verify employer and will provide the federal government with Form I-9 information to confirm authorization to work in the US. True Ground will only use E-Verify once a job offer is accepted, following submission of the Form I-9.