Senior Manager - Strategic Financing Services Advisory - New Markets Tax Credits
Company: Cherry Bekaert
Location: Bethesda
Posted on: November 19, 2023
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Job Description:
Description
Cherry Bekaert's Strategic Financing Services Advisory Team (SFS)
is looking for a New Markets Tax Credits Senior Manager or Director
. We offer an opportunity to work with a team of experts with a
deep track record in New Markets Tax Credit (NMTC) allocation
applications, NMTC placement and deployment, and NMTC compliance
and asset management services.
The Director will oversee the Compliance and Asset Management
activities for Community Development Entities (CDEs) and Qualified
Active Low-Income Community Businesses (QALICBs) and assist with a
variety of services, including oversight of filing the CDFI Fund's
AMIS reports and coordinating the IRS tax compliance filings and
audits with the external accounting firm. The Director supervises
staff that provide key NMTC accounting and plays a critical role in
supervising NMTC closings for our Community Development Entity
(CDE) and Community Development Financial Institution (CDFI)
clients.
This role will be responsible for fund management and financial
reporting for the CDEs and numerous sub-CDE entities. The Director
will manage the reporting requirements, established by the
entities' governing boards and operating agreements, to several
different types of investors, including banks, private investment
groups, and non-profit organizations. This role will also oversee
all borrower reporting requirements and compliance with all
covenants in the NMTC loan documents.
The successful candidate will have a strong attention to detail and
deadlines and a mission to help make a difference in Low-Income
Communities.
About SFS: SFS has been involved in the NMTC industry since its
inception and to date has secured over $1.7 billion in NMTC
funding. SFS is proud to have structured and facilitated NMTC
investments that have created 28,077 direct jobs, served 957,153
clients through community facilities, and helped create over 10.6
million square feet of new and improved commercial and industrial
real estate. SFS's current portfolio consists of investments in
areas with poverty rates as high as 66%, median family income as
low as 14.24%, and unemployment rates as high as 31.2%.
About The Innovate Fund (TIF): TIF serves the state of Georgia,
North Carolina, South Carolina, and Tennessee. Since inception, it
has directly deployed $327 million of NMTC investments in 28
transactions that have leveraged an additional $480.1 million of
indirect capital, and created 6,460 direct jobs, while expanding
the service area's health and wellness services to 229,299 Low
Income Persons. TIF is governed by a seven-member governing board,
including representation from Cherry Bekaert and the Greenville
Local Development Corporation, with input from an advisory board of
9 LIC experts.
Essential Job Duties and Responsibilities:
Accounting, Compliance and Asset Management
Oversight of team implementing the accounting, loan servicing,
compliance and asset management activities of NMTC investments.
Review of QALICB interest and fee payments, and calculation of
investor distributions.
Review loan closing documents and reporting requirements to
incorporate into the Compliance and Asset Management calendar
system
Maintain quarterly risk ratings for assigned portfolio
Review annual CDE compliance reports that are sent to the U.S.
Treasury Department's CDFI Fund via the AMIS reporting system.
(AMIS Compliance and Performance Reporting is a web-based data
collection within AMIS that CDFIs and CDEs use to submit their
Institution Level Reports (ILRs) and Transaction Level Reports
(TLRs) to the CDFI Fund.)
Monitor CDE compliance with NMTC Program and Allocation Agreement
including analysis of Sub-All and Redemption testing
Review of QALICB certifications and community impact information,
quarterly project level financial statements and compliance reports
and review financial and compliance analysis of information
Serve as escalation point for post-closing, communication with
borrowers, lenders, and investors
Review accounting entries, financial statements, and information
for annual audits for CDEs, Sub-CDEs, and QALICBs
Provide CDE portfolio data to Application Writing team, as
needed
Loan Closing
Oversight of team managing the closings of NMTC transactions, who
ensure that the approved loan terms are accurately documented in
the final closing documents, and the transaction closes timely and
in compliance with IRS and CDFI rules and guidance---
Review allocation reservation letters, monitor the collection of
and review due diligence items from the project sponsor
Work closely with legal counsel to ensure legal documents correctly
reflect the approved terms and conditions of the loans
Review financial projections to ensure the terms from commitment
letters and financial results for all parties are accurately
documented
Review project's budget analysis that ensures all sources and uses
are verified and supported by appropriate third-party documents
Monitor the identified areas of risk, sources of mitigation
underwriting of the project
Ensure the transaction is in compliance with the CDE's Allocation
Agreement and IRS regulations.
Review community benefits agreements and plans for
implementation
Program Management
Strategic oversight of the management of all activities of The
Innovate Fund (TIF) and the management of TIF's Governing and
Advisory Boards.
Direct the team overseeing TIF's NMTC program and monitoring funded
projects, TIF's external relationships, including borrowers, CDFI
Fund, NMTC Coalition, and federal legislative representatives
Supervise the review of the viability of borrowers and projects and
direct the team guiding potential borrowers through the application
process
Supervise the review of project funding proposals to be sent to the
advisory and governing boards
Serve as escalation point for the borrower and external parties
through loan commitment terms and loan closing
Manage operations including budget, marketing, insurance and bank
accounts, etc.
What you bring to the role:
Bachelor's in Finance, Accounting, or related field.---
CPA license, JD/LLM or other field related certification
required
Minimum of 10 years of demonstrated progressive experience in
community development finance, tax credit finance, CDE/CDFI
Lending
Ability to effectively manage up, down and out, providing
exceptional client service by leveraging communication skills to
develop and maintain outstanding relationships.
Experience in working with borrowers, lenders, investors
Experience in supervising a team (including accounting and
compliance staff)
Strong research and analytical skills; ability to solve complex
issues.---
Expert knowledge of tax credit finance reporting required, with
specific experience with CDFI Fund's AMIS reporting strongly
preferred
Strong leadership, recruiting, training, and mentoring skills
Essential to have quality communication skills (verbal, written
(including technical writing), and public speaking).---
What we offer you:
Our shared values that foster inclusion and belonging including
uncompromising integrity, collaboration, trust,---and mutual
respect.---
The opportunity to innovate and do work that motivates and engages
you.---
A collaborative environment focused on enabling you to further your
career growth and continuous professional development.---
Competitive compensation and a total rewards package that focuses
on all aspects of your wellbeing.---
Flexibility to do impactful work and the time to enjoy your life
outside of work.---
Opportunities to connect and learn from professionals from
different backgrounds and with different cultures.
About Cherry Bekaert:
Cherry Bekaert, ranked among the largest assurance, tax and
advisory firms in the U.S., serves clients across industries in all
50 U.S. states and internationally. "Cherry Bekaert" is the brand
name under which Cherry Bekaert LLP and Cherry Bekaert Advisory
LLC, independently owned entities, provide professional services in
an alternative practice structure in accordance with applicable
professional standards. Cherry Bekaert LLP is a licensed CPA firm
that provides attest services, and Cherry Bekaert Advisory LLC and
its subsidiary entities provide business advisory and non-attest
services spanning the areas of transaction advisory, risk and
accounting advisory, digital solutions, cybersecurity, tax,
benefits consulting, and wealth management. For more details,
visit---cbh.com/disclosure.
Cherry Bekaert cares about our people. We offer competitive
compensation packages based on performance that recognize the value
our people bring to our clients and our Firm. The salary range for
this position is $113,900 - 277,000. Individual salaries within
this range are determined by a variety of factors including but not
limited to education, experience, knowledge, skills, and geographic
location.---In addition, we offer a comprehensive,
high-quality---benefits program---which includes annual bonus,
medical, dental, and vision care; disability and life insurance;
generous Paid Time Off; retirement plans; Paid Care Leave; and
other programs that are dedicated to enhancing your personal and
work life and providing you and your family with a measure of
financial protection.
Cherry Bekaert provides equal employment opportunities to
applicants and employees without regard to race, color, religion,
age, sex, sexual orientation, gender identity/expression, national
origin, protected veteran status, disability status, or any other
legally protected basis, in accordance with applicable
law.------
Candidates must demonstrate they are eligible to work in the United
States.---Cherry Bekaert will not provide---work---sponsorship for
this position.
Cherry Bekaert LLP and Cherry Bekaert Advisory LLC are members of
Allinial Global, an accountancy and business advisory global
association. Visit us at---cbh.com/careers---and follow us
on---LinkedIn,---Facebook,---Twitter---or---Instagram.
- 2023 Cherry Bekaert. All Rights Reserved.
#LI-MM2 #LI-Remote #LI-Hybrid
Keywords: Cherry Bekaert, Bethesda , Senior Manager - Strategic Financing Services Advisory - New Markets Tax Credits, Executive , Bethesda, Maryland
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