Development Accountant

SmartCentres - Vaughan, ON (6 months ago)

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These are exciting times for SmartCentres Real Estate Investment Trust (SmartCentres), one of the fastest growing fully integrated real estate organizations in Canada. SmartCentres offers consumers over 34 million square feet of high quality, open format retail shopping centres from coast to coast. We are positioned for growth and are dedicated to continuing to provide Canadian consumers with the value-based shopping experience that they demand.

As a SmartCentres Associate, you will be working alongside some of the top real estate professionals in the industry in an exciting entrepreneurial environment that allows you to take ownership of your work and see projects through from concept to delivery. Our Associates exhibit the personal drive to challenge how we can make our success today even better tomorrow!

If you are ready to maximize your full potential, we are ready to ensure it happens.

We offer:
  • Career training and development opportunities
  • Competitive compensation and incentive plans
  • Comprehensive benefits package
  • An engaging entrepreneurial people-focused culture
Title: Development Accountant

Reports to: Assistant Director, Development Accounting

Department: Accounting

Position Summary

Address any changes and/or improvements that present themselves on a day-to-day basis and strive to not only improve the accounting and administrative process, but also ensure that appropriate respect and attention is given by each member of his/her team to the other functional areas of the company, our unit holders, our partners/co-owners, our auditors, our tenants, and outside vendors with which they must coordinate to accomplish their mission.

Academic/Education Requirements:
  • University Degree or College Diploma in Accounting;
  • CPA in progress or equivalent
  • Designation and/or certification an asset
Qualifications and Required skills/Experience:
  • Minimum four (4) or five (5) years real estate accounting experience;
  • Good knowledge of accounting practices as applied to real estate development, property management, cash flow forecasting and financial and management reporting;
  • Good understanding of documents and agreements such as co-owners agreements, development agreements, property management and leasing agreements, and other similar real estate agreements;
  • Good oral and written communication skills with the ability to effectively communicate across all levels within the organization and with outside partners and Financial Institutions;
  • Intermediate to Advanced Excel skills.
Responsibilities and Expectations:
The specific duties and responsibilities for this position include but are not limited to the following:
  • Preparation of “Development Status Reports” (DSR) (summary of actual development costs compared to contracts and proformas) for a portfolio of projects;
  • Preparation and submission of monthly draws part of DSR to various lending institutions in conjunction with loan facilities arranged for each development property;
  • Prepare cash calls, distributions, to partners/co-owners for properties in your portfolio;
  • Prepare bank reconciliations for the purpose of DSR;
  • Prepare month end journal entries;
  • Review and reconcile monthly progress billings from General Contractors/Sub-Trades for all properties;
  • Ensure that Holdback accounts are properly managed and maintained in accordance with the various Lien Acts and released only when due with proper funding;
  • Calculation and invoicing of development, leasing, management, disposition and acquisition fees; as permitted under various partner/lender agreements for each property;
  • Ensure outside agent leasing commissions are paid in accordance with approved commission agreements;
  • Ensure Tenant Allowances are paid as per approved Lease;
  • Recommend and prepare inter-company bank transfers and cheque requisitions as necessary;
  • Analyze cash balances and monitor the release of payments;
  • Prepare, review and analyze cash flows, cost variances, equity requirements, and fee payments;
  • Review and assist coding Accounts Payable invoices, Cheque requisitions and budgets as required;
  • Prepare cost analysis in accordance with agreements and business unit requirements;
  • Prepare and deliver monthly/quarterly development reporting to partners;
  • Review monthly/quarterly development reports and cheques packages from partners;
  • For all development projects, review, summarize and ensure compliance with all financial aspects of agreements with partners and lenders;
  • Review and prepare construction chargeback invoicing;
  • Ensure that all accounting records related to all properties are kept up to date within guidelines established by generally accepted accounting principles and by the company and / or its partners/ co-owners;
  • Record all property acquisitions, parcel sales and property dispositions on a timely basis and participate in the due diligence and statement of adjustment phases, as required;
  • Preparation of all necessary reports to complete an Earn-out as per respective agreements, prepare Statement of Adjustments if required;
  • Prepare and reconcile monthly loan interest calculations;
  • Preparation of year end working papers to submit to internal and external auditors;
  • Assist with all audit requirements, including the company’s audit firm and all partner / co-owners audit firms, as well as government audits when required;
  • Continually liaise with all departments to achieve information sharing;
  • Close out sold and completed projects within the Yardi system;
  • Administrative duties such as, archiving, filing and scanning of documents;
  • Other responsibilities and participation in special projects as the need may arise;
  • Continually monitor and review accounting processes and procedures and recommend changes as appropriate to improve internal controls and / or efficiencies;

The Development Accountant must be client focused, advocate and communicate a positive image of the company, both internally and externally. The Development Accountant shall take accountability for decisions made and conduct oneself in a respectful and ethical manner in representing the company’s interests. The Development Accountant shall demonstrate entrepreneurialism and behave like an “owner” in carrying out daily tasks and responsibilities; demonstrating creativity and resourcefulness in achieving desired results. The Development Accountant is expected to be a team player and work effectively with colleagues and associates in terms of input, sharing of ideas and working to achieve common goal.

We are an equal opportunity employer committed to an inclusive and accessible recruitment and selection process. If you are contacted about an employment opportunity, please advise if you require accommodation.