Established in 1974, DHIC, Inc. is a nonprofit organization dedicated to strengthening neighborhoods and families in the Research Triangle area of North Carolina. We develop high-quality and attractive rental apartments and homeownership opportunities for families, seniors and other individuals with modest or very limited incomes. Our Homeownership Center offers comprehensive homebuyer education, counselling, and access to down payment assistance programs for first-time homebuyers and those who want to better manage their resources and stay in the home they have.
DHIC has constructed, acquired and/or rehabilitated over 2,700 residential units in more than 45 different locations in the Triangle area of North Carolina, and has consolidated net assets of over $210 million and net worth in excess of $80 million. In addition to numerous design, community service, and management recognitions we have received, DHIC is consistently rated as an “Exemplary” member of the NeighborWorks® America national network of non-profit community developers. DHIC is also a member of the Housing Partnership Network.
DHIC is governed by a 15-member Board of Directors, with a team consisting of 19 employees, and an operating budget of $3.2 million. The work of DHIC is funded through earned income and public and private support.
To learn more, visit DHIC’s website at www.dhic.org.
The Opportunity and Nature of Work
The Director of Finance and Accounting is a managerial position reporting directly to the Chief Financial Officer. In conjunction with the CFO, the Director will oversee the work of the Controller and the Corporate/Development Accountant.
The Director will oversee all work related to the DHIC parent (corporate) accounting, real estate development accounting for the 3-7 projects in the development/construction phase at any given time, and the financials of the 45+ subsidiaries and affiliates of DHIC (2700+ residential units) as prepared by the various third-party property management companies. The Director will also review the work of the Controller and the Corporate/Development Accountant(s), including month and quarter-end reconciliations, journal entries, and closing statement entries.
The Director will provide oversight of banking options and ensure funds are invested appropriately with FDIC insurance. The Director will prepare year-end audit schedules, communicate with external auditors, and review audit drafts of the 45+ properties.
The Director is also responsible for the broad review of income statement, balance sheet, and cash flow reports for the properties and for reviewing the quarterly reporting to our federal funder, NeighborWorks America. The Director will be responsible for overseeing insurance program for DHIC (corporate) and all subsidiaries, including obtaining estimates of builder’s risk, renewal of policies, and periodic bidding with insurance brokers. The Director will work closely with the Controller, Director of Asset Management, Asset Manager, DHIC Project Managers, and third-party property management/finance staff to ensure appropriate accounting for the projects, both completed and still in development.
The Director is expected to maintain regular hours at the DHIC administrative office in Downtown Raleigh. Periodic site visits will be expected as well as various off-site meetings. Working from home may be needed occasionally, depending on weather, health situations and critical deadlines.
The successful candidate will be a self-starting professional who is excited by DHIC’s mission. Key responsibilities of the Director of Finance & Accounting include (but may not be limited to):
Financial Management and Accounting
• Oversee the finance functions performed by the Controller and Corporate/Development Accountant
• Manage cash flow, future cash flow, and investments across the DHIC and real estate development accounts
• Maintain books of all real estate development entities, review and enter closing statements, monitor equity accounts, and monitor loan accounts and balances
• Oversee the construction/real estate development accounting books and review the monthly general ledgers and job cost reports for accounting accuracy
• Coordinate with the real estate development team on cash needs, closings, and other finance related items
• Analyze property financials and coordinate with the asset management team on collectability of developer and asset management (partner) fees
• Oversee the consolidation process with Controller
• Prepare budget and quarterly reforecast schedules
• Prepare reports for management and board review as needed
• Provide development general ledger information to the property management companies to be combined onto the operating/rental books
• Ensure the general ledger and all related accounting functions follow GAAP guidelines
• Maintain a system of controls over accounting transactions and ensure the department is following the policies & procedures of the DHIC Personnel and Operations Manuals
• Assist the CFO in managing the year-end audit planning
• Prepare and oversee audit schedules for both DHIC and the development subsidiaries
• Handle other financial analysis and special projects as assigned
• Establish banking relationships and accounts that meet the needs of the company
• Establish and maintain effective working relationships with audit and tax accountants, management company staff, lenders and investors
• Maintain reporting compliance for investors, lenders and all partners
• Respond to inquiries from investors, lenders, underwriters
• Maintain the reporting system in place for NeighborWorks America and attend the webinars for finance-related topics
• Coordinate and ensure the timeliness of all Finance department projects, tasks, and deadlines
• Work with the CFO on annual business plans
• Work with the CFO, Director of Asset Management, and VP of Resource Development on a data management plan for the organization
• Support and participate in the attainment of DHIC organizational goals and mission
• Oversee the reporting and underwriting schedules
• Apply for and manage the City of Raleigh Grant
• Prepare backup for grant applications as requested
• Maintain DHIC Liability/Property/Umbrella, D&O, Workers Comp and Fidelity Bond policies
• Maintain appropriate General Liability, Property, and Umbrella insurance for the properties
Skills, Qualifications, and Attributes of the Project Manager
The Director of Finance & Accounting must demonstrate a firm commitment to and passion for DHIC’s mission and vision. In addition, the individual should possess the following attributes, skills, and qualifications:
• Bachelor’s degree in accounting, finance, or related field with a Certified Professional Accountant (CPA) license
• Minimum of eight years of professional experience with 4-7 years of demonstrated increased responsibility in accounting manager, controller, or other related supervisory roles
• Strong understanding of, and professional experience, with:
- Accounting/GAAP principles
- Budgeting, profitability, forecasting
- Balance sheet and income statement management
- Cash flow management
- Bank services
- Capital and capital replacement
- Subsidiary consolidation accounting
- Audit & tax concepts, with direct audit experience preferred
- Document retention policies
• Experience in construction, real estate finance, property, and real estate development accounting recommended; experience in the Low-Income Housing Tax Credit field preferred
• Knowledge of the Americans with Disabilities Act and Fair Housing Laws
• Advanced Excel skills and strong Microsoft Office and general computer skills are necessary; general knowledge of hardware and software related issues beneficial but not required
• Excellent communication and writing skills with the ability to orally communicate and present in both small and large group settings
• Self-motivated and highly flexible, with a collaborative, team-oriented disposition
• Highly-organized with the ability to manage multiple tasks and priorities in a fast-paced environment
• Excellent documentation skills with a high degree of attention to detail and ability to focus
• Resourceful nature with the willingness to do research and work through complex problems
Armstrong McGuire & Associates, based in Raleigh, NC, is conducting this search in partnership with DHIC. To apply, click on the link to the position profile at ArmstrongMcGuire.com/apply. You will see instructions for uploading a cover letter, resume, salary requirements, and professional references. Please provide all requested information to be considered; failure to do so may remove you from the process. In case of any technical problems, contact email@example.com. No phone calls, please, and no applications will be accepted by email or directly from third-party posting sites.
Salary is commensurate with the requirements of the position. Benefits include medical, dental, vision, life, and long-term disability insurance; flexible spending plan/health savings account/health reimbursement account; 403(b) retirement plan; accrued vacation and sick time; 12 paid holidays; sabbatical leave (after 5 years full-time employment); and training and continuing education.
DHIC actively seeks a diverse pool of candidates. DHIC is committed to a policy of equal employment opportunity without regard to race, color, national origin, religion, disability, gender, gender identity, sexual orientation, or age.