Also by Reinvestment Fund

Senior Accountant, New Market Tax Credits (NMTC) – Finance Department, Philadelphia, PA

Reinvestment Fund is a catalyst for change in low-income communities. We integrate data, policy and strategic investments to improve the quality of life in low-income neighborhoods. Using analytical and financial tools, we bring high-quality grocery stores, affordable housing, schools and health centers to communities creating anchors that attract investment over the long term and help local residents thrive.

About New Market Tax Credits (NMTC):
Reinvestment Fund’s NMTC program funds community and economic development projects in low-income areas.  Leveraging private-sector equity and loan capital investment, the NMTC program helps finance community development projects, stimulate economic growth and create jobs in areas that most need it.  The NMTC Program is managed by the Department of Treasury’s Community Development Financial Institution (CDFI) and was established by Congress in December 2000.  The program permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDE’s).  Substantially all of the taxpayer’s investment must in turn be used by the CDE to make qualified investments supporting certain business activities in low-income communities.  The credit provided to the investor totals 39 percent of the initial value of the investment and is claimed over a seven-year credit allowance period.

Reinvestment Fund has received a total of $603.4 million of NMTC allocations since 2004 including its most recent allocation of $60 million in 2020.

Job Description:
Are you a “take charge” type of person with a strong passion for excellence? Do you have attention to detail, solid organizational skills and consistently meet deadlines? Reinvestment Fund has an immediate opening for a Senior Accountant who will work as a member of a team with responsibility for financial and program compliance activities that support Reinvestment Fund’s Finance Department.  Specific accountabilities include performing general accounting; preparing financial audits; reviewing tax filings; and ensuring compliance with the NMTC program. Duties to include reading and interpreting legal documents, determining appropriate accounting treatment and reporting.

Essential Duties and Responsibilities:

  • Calculate, prepare and record partner distributions, fee accruals and payments for over 25 New Market Tax Credit (NMTC) entities.
  • Lead the monthly close process for NMTC entities by preparing schedules, account reconciliations, and journal entries.
  • Review NMTC entities’ quarterly financial statements.
  • Lead the work in the preparation of annual audits (GAAP financial statements and footnotes) for NMTC entities, including drafting annual audit reports and communicating audit results to relevant stakeholders.
  • Manage the annual partnership tax return filing process.  Communicate with taxing authorities and outside tax preparers when needed and ensure partners receive Schedule K-1 in a timely manner. Make estimated quarterly tax payments to state and federal taxing agencies as appropriate. Resolve any issues with the IRS or state and local taxing agencies as required.
  • Read and interpret legal documents, determine appropriate accounting treatment, and ensure program compliance as it relates to the NMTC Program.
  • Assist in the preparation of required NMTC Program compliance data to the CDFI Fund, IRS and Investors on a timely basis by collecting, preparing and submitting as per the legal documents all required reports, tracking the collection and submission of compliance reports and creating and maintaining compliance calculations and support.
  • Assist in new NMTC deal closings by reviewing legal documents and financial projections, learning the investor’s compliance requirements and working with the appropriate teams to open bank accounts and set up new entities, accounts, vendors and customers in general ledger.
  • Document and prepare NMTC IRS compliance for new transactions.
  • Assist in the winding up of NMTC entities by reviewing legal documents, preparing the cash exit reconciliation, recording exit journal entries and providing agreed upon unwind compliance to investor.
  • Other duties as assigned

Supervisory Responsibilities:
None at this time. However, there is the potential for guiding and training interns.

Who we are looking for:
To perform this job properly, an individual must be able to perform each essential duty successfully and timely. Working within the NMTC Program requires a high level of independent work, including the need to be accountable and proactive. This position requires multitasking several responsibilities and managing deadlines as well as maintaining strong working relationships and communication with other departments and outside of the organization.

The requirements listed below are representative of the minimum knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education, Experience, Certifications:

  • Bachelor’s degree (B.S. or B.A.) in accounting from a four-year college or university
  • 4-6 years accounting experience in Financial Services industry
  • Familiarity with the NMTC, historic or any other government tax credit program or other economic development tool is a plus

Specialized Skills:

  • Must have demonstrated proficiency in Excel and Microsoft Office applications.
  • Experience with Agresso – an ERP solution package – is a plus.
  • Ability to read, analyze, and interpret legal and tax documents.
  • Ability to define problems, collect data, establish facts, and draw valid conclusions.
  • To anticipate and stay in front of issues to ensure minimal disruption.
  • Ability to see patterns and opportunities to create efficient work processes- well organized and documented.
  •  A “take charge” individual with the desire and ability to be proactive.
  • Ownership of work and continued follow through until a task is completed or a problem solved.
  • Manages time effectively in order to meet deadlines.
  • Flexibility to shift gears as priorities change.

Compensation and Benefits:
Reinvestment Fund offers a competitive salary based on experience and skills, as well as an excellent benefits package including employer-paid health, disability and life insurance, 401(k) savings plan with employer match, flexible spending accounts (medical, dependent care and transportation), tuition reimbursement, paid time off, and EAP program.

Reinvestment Fund, Inc. uses E-Verify to validate all new hires’ ability to legally work in the United States. Reinvestment Fund is an Equal Opportunity Employer. Reinvestment Fund does not discriminate in hiring or employment practices on the basis of race, color, religion, gender-age, sexual orientation, martial or familial status, national origin, non-job related disabilities, or status as a veteran.

Reinvestment Fund, Inc. has an affiliate, RF Impact Advisers, Inc. (“RFIA”) that is a state-registered investment adviser.  In order to advance compliance with and prevent violations of federal and state securities laws and to avoid even the appearance of a conflict of interest, RFIA has adopted a Code of Ethics to govern certain conduct of its staff, including certain staff of Reinvestment Fund because Reinvestment Fund is an advisory affiliate of RFIA.   As part of this Code of Ethics, there are specific personal reporting and other requirements and disclosures of personal financial and/or securities transactions information. For certain individuals this reporting will extend to your household members. You may be subject to a background check.

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