Develop Detroit is a dynamic nonprofit real estate and housing developer working at scale to address challenges around affordable housing, neighborhood stability and access to jobs. Currently operating in key Detroit neighborhoods, our primary focus is on creating affordable, mixed-income and mixed-use developments that help stabilize and transform neighborhoods. Develop Detroit builds high-quality housing and developments that provide all Detroiters – no matter their income – the ability to afford active lifestyles and to have improved access to economic opportunity. Our team is predominately composed of experienced real estate developers and project managers. In the past three years, we have created a 700 unit / $250M real estate portfolio that includes multiple operating rental apartment buildings, several hundred units of apartment homes under development, a portfolio of single-family rental and for-sale homes, an internally-managed equity investment fund and real estate-adjacent business subsidiaries. As we have expanded over the past three years, Develop Detroit has utilized an outside financial services provider to meet our growing back- and middle-office needs. We are in growth mode and our future development activities rely on predictable access to capital, sophisticated liquidity management, strong financial planning and the establishment of comprehensive internal financial management capabilities. It is imperative that we find a highly motived leader who can manage these elements of our rapidly growing business.
The Director of Finance will work in conjunction with the Chief Executive Officer (CEO) to manage key Develop Detroit’s financial functions, including accounting, budget, credit, insurance, tax and treasury. The Director of Finance is a senior finance position in our organization and will report directly to the Chief Financial Officer. We are looking for a leader who can help the organization build internal financial systems and processes from scratch, while also taking a strategic role in our ongoing performance.
We operate in a start-up environment, so strong candidates will have demonstrated ability to operate in very fluid, fast-moving and lean organizations and a willingness to grow into new challenges and roles. The strongest candidates will have a mix of real estate and nonprofit experiences and will understand the unique needs of double-bottom line social enterprises.
Major Responsibilities & Duties
- Oversee financial-related activities of the company, including responsibility for accounting, forecasting, fund management, strategic planning, partnership compliance and institutional financing.
- Maintain internal financial management systems that support the onboarding of accounts payable, debt compliance, vendor management, and financial reporting for both corporate and project accounting; create supporting policies and procedures.
- Supervise accounting staff on day-to-day operations that includes, but is not limited to, month/year-end close, accounts receivable and payable, financial reports, payroll, cash receipts and disbursements.
- Drive the preparation of the annual consolidated corporate audit and tax returns; coordinate external audit, and prepare the annual corporate consolidated financial statements.
- Manage and oversee real estate development project accounting activities, for both LIHTC/affordable and market-rate projects, including predevelopment expense tracking, construction lending requisitions, producing cost certifications at construction completion, and preparing project financial statements.
- Contribute to the review of key legal agreements, including mortgages, loan documents, subordination agreement and guarantees as part of a financing and construction loan closing that may involve Low Income Housing Tax Credits, Historic Tax Credits, New Markets Tax Credits, bond financing, public subsidies and contracts, and/or private debt/equity.
- Assist asset management staff with evaluating monthly financial reports and annual operating budgets for owned real estate.
- Participate in the annual strategic business planning in collaboration with the CEO and Vice President of Real Estate to formulate the operational strategic annual plan; design and implement operational strategies, plans and procedures in line with the firm’s growth through its funds and new acquisitions.
- Manage and monitor cash flow operational capital needs; proactively manage cash flows in a leveraged environment; effectively manage existing loans and investor/lender-related obligations, including information requests from lenders and investors.
- Drive the annual budget process and the monthly reporting for all firm assets and business lines; make periodic presentations on such to the Develop Detroit Board of Directors.
- Ensure timely and accurate production and analysis of budgets, financial statements, reports and forecasts; manage and support the preparation of the annual consolidated corporate and operating subsidiary audit and tax returns.
- Provide executive management with advice on the financial implications of business activities and ways to strategically enhance financial performance and business opportunities; evaluate and advise on the impact of long range planning, introduction of new programs/ strategies and regulatory action.
- Establish and maintain effective internal controls and ensure compliance with GAAP and applicable federal, state and local regulatory laws and rules for financial and tax reporting; documents and recommends improvements to internal financial policies and procedures.
- Bachelor’s degree in Accounting or Finance; MBA and/or CPA highly desirable.
- 7-10 years in progressively responsible financial leadership roles, preferably in real estate development, affordable housing, asset and/or property management, and/ or construction industry.
- Knowledge and proficiency of nonprofit accounting principles and practices preferred.
- Attention to detail and accuracy.
- Strong interpersonal skills, ability to communicate and manage well at all levels of the organization and with staff at remote locations.
- Excellent negotiation skills and comfort dealing with legal advisors and documentation.
- Mathematical aptitude and analytical ability, superior problem solving and creative skills and the ability to exercise sound judgment and make decisions based on accurate and timely analyses.
- High level of integrity and dependability with a strong sense of urgency and results-orientation.
Position based in Detroit, MI - open to relocation for the ideal candidate.
Interested candidates should apply here.