Real Estate Investment Accounting Mgr
The Western and Southern Life Insurance Company (Cincinnati, Ohio)

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Job ID: 935

Location: Cincinnati, OH

Department: FINANCIAL MANAGEMENT

Education Required: Bachelors Degree

Experience Required: 3 - 5 Years

Position Description:
Eagle Realty Group, a division of Western & Southern Financial Group, has an immediate opportunity for a REAL ESTATE INVESTMENT ACCOUNTING MANAGER.

Eagle Realty Group brings nearly three decades of experience to every one of our customers' real estate and investment transactions. We're committed to providing outstanding real estate services that fulfill our customers' specific needs. Corporations, investors, developers and private individuals have realized exceptional performance with the assistance of our experienced real estate professionals.
Our team consists of more than 170 real estate professionals with a solid reputation for exceptional service and exceeding customer expectations. We currently provide real estate services nationwide for more than 26 million square feet of properties valued at more then $1.8 billion.

Western & Southern Financial Group, a Fortune 500 company, is a dynamic family of diversified financial services companies that provides life insurance, retirement planning and investment products and services to help millions of consumers nationwide to plan and protect their futures.

With more than 5,000 associates and more than 50,000 individuals in our selling group, Western & Southern Financial Group offers consumers and businesses the financial products and services they require to meet their insurance needs and investment goals. Having reached more than $30 billion in assets owned and under management, we are leveraging our unmatched financial strength to fuel impressive growth through strategic acquisitions, increases in our current product revenue stream and expansion into new channels and businesses.

Western and Southern Financial Group offers a host of benefits including, medical, dental, life, pension, 401K, free fitness facility, on-site cafeteria, heavily subsidized parking. W&SFG promotes a stable, fulfilling and challenging environment with an emphasis on excellence and continued career development.

The Real Estate Investment Accountant will perform the financial administration and accounting functions critical to the management of the various partnership/LLC entities used in the process of Eagle’s investment management activity (e.g., JV Developer partnership, investment management company, and holding company). This professional will work closely with Eagle’s Investment Management and Financial Management / Performance Measurement areas as well as external accounting, legal and tax services providers to coordinate the following functions:

oPartnerships cash and financial management
oPartnership/LLC accounting
The primary responsibility of this professional is to ensure that the income and expense allocations as well as the cash management aspects of Eagle’s partnership/LLC activities are properly accounted for, administered and reconciled in conjunction with the appropriate operating agreements. This role is inextricably linked to the functions performed by the Real Estate Portfolio and Performance Reporting Manager.
This individual will play an important leadership role in helping to define the roles and responsibilities related to the administration, management and accounting for all real estate investment partnerships/LLC. Such responsibilities will be performed within and between the financial management, performance measurement and reporting, and the investment management areas. For example, a process will be defined to fulfill cash management and administration activities that include the tracking and maintenance of cash waterfalls within each partnership, cash distribution planning and investment funding/distribution reviews.

•Partnership/LLC cash and financial management
oConduct extensive historical accounting forensics on existing investments
oDevelop waterfall models in collaboration with the Real Estate Portfolio and Performance Reporting Manager and Asset Managers
oMaintain and monitor capital account balances to ensure compliance with partnership agreements or operating agreements, including earned and cumulative unpaid preference, outstanding equity commitments, and balance of net equity contributions (contributions and repayments)
oMaintain compliance with waterfall structures of various real estate investments
oCoordinate and produce quarterly and annual investor capital account statements
oProvide data to calculate cash IRR and other performance calculations at all entity levels
oHandle cash management and administration for investment entities including cash flow projections, client distribution planning and monthly funding/distribution reviews
oAssist the Relationship Manager / Director of Client Relationship Management in capital call and distribution notices to investors
oPrepare various reconciliations and perform other account analysis
oLiaise heavily with investment management professionals through their investment sourcing, due diligence and investment phase to understand the investments and capital call and distribution mechanisms, including the investment waterfall structure,
•Partnership accounting
oDirectly responsible for each and every aspect of financial reporting and performance of investments in accordance with the applicable GAAP methodologies
oWork through other associates in the Financial Management area to ensure the proper recording of journal entries for the investments in the partnership accounting G/L system
oEstablish a more definite partnership status review process and oversee all controls in the areas of financial reporting along with setting up these controls
oManage relationships with external service providers (tax advisers, accountants, financial managers, etc.)
oOccasionally advise investment management professionals on the likely GAAP accounting treatment of the contemplated partnership structures
oReview management fee calculations performed by the Real Estate Portfolio and Performance Reporting Manager
oPrepare quarterly and annual financial statements for each partnership
oPrepare tax work papers and ensure quality control of tax return activities by monitoring the completion and filing of tax returns by both internal and external tax preparers
oAssist Financial Management and Asset Management with the coordination of audits of the various investment entities
oResponsible for coordinating new investment entity and client setup and transitions within Financial Management
oRemain current with key trends in the area of investment and partnership accounting as well as GAAP real estate accounting
oPerforms other duties as assigned by management

Job Duties:
• Prepare quarterly and annual financial statements for each ownership entity
• Maintain and monitor capital account balances to ensure compliance with partnership agreements and operating agreements, including earned and cumulative unpaid preferences, outstanding equity commitments, cash distributions, and net equity contribution balances
• Develop and maintain waterfall models for allocating income within ownership tiers in collaboration with Investment Managers
• Conduct extensive historical accounting forensics on existing investments
• Provide data to calculate cash yields, internal rates of return, and other performance measures at all entity levels
• Collaborate closely with investment management professionals during the investment sourcing, due diligence, and investment structuring phases to understand the investment arrangements and assist with negotiating the deal terms
• Manage relationships with external service providers (tax advisers, accountants, financial managers, etc.)
• Advise investment management professionals on the likely GAAP accounting treatment of the contemplated partnership structures
• Prepare tax work papers and ensure quality control of tax return activities by monitoring the completion and filing of tax returns by both internal and external tax preparers
• Remain current with key trends in the area of investment and partnership accounting as well as GAAP real estate accounting
•

Position Requirements:
Preferred Background – Key Competencies

The ideal candidate will have a background in real estate with experience in private equity partnership accounting and tax reporting as well as the cash management of these highly complex institutional investment structures. Working knowledge of investment management accounting standards as well as advanced modeling experience is important. The individual will likely have business experience in a medium sized public accounting firm or the private equity practice of a large accounting operation. The person should be well versed in tax (e.g., UBTI, fractions rules, taxable and non-taxable investor entities, etc.). Knowledge of GAAP for real estate and investment Company accounting issues is critical. An individual with prior experience in the institutional real estate investment management business is preferred. This is a fast-paced and team-oriented environment, where priorities can change frequently and deadlines are often under significant time pressure. Maturity, a self-starter attitude, project and time management discipline, strong communication skills, and an institutional-quality professional disposition are priorities.


• At least 3 5 years of applicable experience in real estate accounting or investment fund accounting, preferably working for a real estate or investment management company or public accounting firm in this capacity

• Familiarity with the public and private capital markets including both debt and equity is preferred

• Knowledge of real estate product structuring

• BA/BS in Accounting, Finance, or related field

• MBA and/or CPA preferred

• Familiarity with industry-practices, standards, and software

• Advanced knowledge of MS Excel and proficiency in MS Word and PowerPoint

Interested professionals should apply online at www.westernsouthern.com/careers.asp
.