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Senior Manager - Strategic Financing Services Advisory - New Markets Tax Credits

Company: Cherry Bekaert
Location: Bethesda
Posted on: November 19, 2023

Job 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,
            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 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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