Low Income Investment Fund
Finance
Portfolio Accountant
Location(s): San Francisco or New York
Reports to: Portfolio Accounting Manager
Exempt classification: Non-Exempt
Status: Regular, full time
THE COMPANY:
The Low Income Investment Fund is a non-profit community development financial institution, that mobilizes capital and partners to achieve opportunity, equity and well-being for people and communities. LIIF innovates financial solutions that center racial equity to create more equitable outcomes for all by building and preserving affordable homes, quality educational opportunities from early childhood through higher education, health clinics, healthy food retail and community facilities. In this way, LIIF provides a bridge between private capital markets and communities. LIIF’s headquarters is in San Francisco and has offices in Los Angeles, New York, Atlanta, and Washington D.C. More on LIIF can be found at liifund.org
POSITION SUMMARY:
The Portfolio Accountant position is responsible, under guidance, in coordination and conjunction with the Portfolio Accounting Manager position for the daily operation of LIIF’s managed funds and its related parties or managed entities. This position provides analysis of prospective new funds and entities, loan agreements, forecasts and structures and provides key initial deliverables for the month-end closing process and year-end audits.
REPORTING RELATIONSHIP
The position reports to the Portfolio Accounting Manager as part of the Accounting department under Finance. This position interacts with the Loan Administration department, Funds Team, and ECE Department. This position also interacts with other LIIF staff and outside parties.
ESSENTIAL FUNCTIONS:
Loans Receivable
Maintain the loans receivables subsidiary ledger and database for LIIF and all its managed funds and entities-
Record interest and related fee cash receipts into the subsidiary ledger and database as assigned
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Process and record all loan advances (and other receivables) into the subsidiary ledger and database as assigned
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Prepare monthly journal entries and reconciliations
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Prepare borrower billing statements as needed
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Process payments due to/from funding partners (participations/investors)
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Track, maintain and verify balances and payments due to/from, answer inquiries and resolve disputes with funding partners
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Act as liaison for the Finance department to Lending staffs for all existing, past, or pending, loans receivable accounts
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Enter and verify all modifications, extensions, or other changes to the subsidiary ledger and loan database
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Track, monitor, and maintain contra accounts for loans on non-Accrual status
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Record changes in loans loss reserve ratings and percentages in the subsidiary ledger and loan database
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Record changes to the loan loss reserve to the general ledger
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Track, monitor, and maintain all cash deposits made to LIIF or its related or managing entities
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Prepare reconciliations of all loan’s receivable balance sheet items: Principal, Interest, Fees; Review or provide payoff demand amounts
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Prepare audit requests received from borrower
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Prepare requisite audit schedules
Cash Management
Monitors all receipts to all LIIF owned or managed bank accounts-
Transfers or causes to transfer all cash credits (incoming) to their correct accounts as specified by loan/fund agreement/grant/contract receipts/expected payments
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Monitors all non-payroll related and non-accounts payable cash debits (outgoing) from all LIIF owned or managed accounts
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Assist in establishing new escrow sub accounts as needed
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Monitor escrow accounts for all activity and ensure no tax withholding is occurring
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Prepare monthly escrow deposit notices and notify BofA of withdraws
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Prepare the monthly journal entry and reconciliations for cash accounts
New Markets Tax Credits (NMTC) Administration
Transfer or cause to transfer distributions, dividends, fee payments or reimbursements, interest payable payments, and selected borrower payments as instructed by Senior Accountant-
Assist in borrower billing statements (interest or other receivables)
General Finance
Prepares and assists with month-end journal entries and reconciliations-
Actively works with Portfolio Accounting Manager on system efficiencies and enhancements as needed
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Assist Portfolio Accounting Manager with upgrading loan database to a newer version as needed
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Provides support as a finance team member, as requested or observed, to facilitate, improve, or protect LIIF’s interests
Other Functions:
Other duties as assigned.
KNOWLEDGE, SKILLS, ABILITIES REQUIRED
The position requires (1) proficiency in General Ledger accounting software (MIP preferred), Word, Excel, Microsoft Outlook; familiarity with other databases a plus; (2) strong analytical skills; (3) accuracy, attention to detail and ability to meet deadlines; (4) excellent communication skills, verbal and written; (5) ability to work under pressure and in a fast-paced environment; (6) ability to manage multiple projects; negotiate competing priorities; and (7) at least five years of related accounting experience.
EDUCATION AND OTHER REQUIREMENTS
A bachelor's degree in accounting or equivalent experience is required.
The position is demanding and requires self-motivation, attention to detail, and a team approach to working with all Finance and Lending staff in managing the work of the department and frequent contact with funding partners and outside parties. Direct experience with loan receivables, cash receipts processing, general ledger and fund accounting is preferred. Prior experience working in a Community Development Financial Institution is a strong advantage.
Notice to Third Party Recruitment Agencies:
Please note that Low Income Investment Fund does not accept unsolicited resumes from recruiters or employment agencies. In the absence of an executed Recruitment Services Agreement, there will be no obligation to any referral compensation or recruiter fee.
In the event a recruiter or agency submits a resume or candidate without an agreement Low Income Investment Fund shall explicitly reserve the right to pursue and hire those candidate(s) without any financial obligation to the recruiter or agency. Any unsolicited resumes, including those submitted to hiring managers, shall be deemed the property of Low Income Investment Fund.
We do not accept unsolicited phone calls. Only candidates being considered for a position will be contacted.
LIIF, an EOE (Equal Opportunity Employer), believes that diversity ensures excellence. All qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender, or national origin. Candidates of diverse background and with diverse experience are strongly encouraged to apply for this position.