CFO, Develop Detroit
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 Chief Financial Officer (CFO) will have overall responsibility for the finances and financial strategy of Develop Detroit and its affiliates. The CFO is the most senior finance position in our organization and will report directly to the Chief Executive Officer (CEO), while being responsible for managing and reporting on all fiscal and fiduciary affairs of the organization, including reporting to lenders and government agencies; cash and investment management; budgeting and forecasting; and managing the day to day operations of the accounting staff. In addition, the CFO is responsible for the Asset Management department that oversees all residential and commercial assets. The CFO collaborates with the Chief Executive Officer (CEO) and other senior staff to develop and implement the organization’s financial strategy and business plan in order to meet its strategic goals.
We are looking for a leader who can help the organization build internal financial systems and processes from scratch. 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
Organizational Strategy and Results:
- Together with the CEO, develop the strategy to ensure that the organization has the financial resources needed to achieve its current and future goals, while mitigating financial and operational risk.
- Serves as a key advisor to the Board of Directors, and convener of Finance & Investment committees.
- Develop and maintain effective working relationships with key financial partners including investors, partners, government agencies, consultants, and vendors.
Financial Management and Reporting:
- Manage and oversee organizational budgeting, accounting and cash management to ensure accurate reporting, interpretation and analysis of financial results in conjunction with forecasts and long range plans.
- Manage and support the preparation of the annual consolidated corporate audit and tax returns; prepare the annual corporate consolidated financial statements.
- Develop and complete timely financial statements and reports on transactions and/or information requests.
- Manage and monitor the organization’s cash flow and real estate development capital needs.
- Oversee and review property audits and property tax returns prepared by the Company’s professional services firm.
- Establish and maintain controls to safeguard assets; documents and recommends improvements to internal financial policies and procedures.
- Supervise accounting staff on day to day operations that includes, but is not limited to, month/year end close, accounts receivable & payable, financial reports, payroll, invoicing, cash receipts and disbursements.
- Maintain various liability and insurance policies.
Real Estate Development and Asset Management:
- Work collaboratively with Real Estate staff to review potential acquisitions, debt, equity and public subsidy proposals and partnership/operating agreements.
- Review 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.
- Work closely with accounting staff to prepare and issue funding requisitions for all real estate development projects in construction.
- In conjunction with the real estate development staff and auditors, ensure that equity draws, project cost certifications and other specialized reporting to investors and government agencies are completed accurately and timely.
- Supervise asset management staff who oversee the operations of +175 units of affordable rental housing, multiple commercial and residential properties and third-party property management firms.
- Work with several Low Income Tax Credit and New Markets Tax Credit investors and lenders as they monitor operating performance and compliance of the Company’s affordable housing and commercial portfolio.
Board and Committees:
- Attend all Board of Director meetings.
- Coordinate activities of the Finance/Audit and Investment committees including developing agendas and providing reports on financial, investment and organizational performance and projections and other information to committee members in a well-organized, accurate and timely fashion.
- At least 10 years of demonstrated relevant finance and accounting experience, with at least five years’ experience as a CFO or Director of Finance, with both technical and management proficiency in operations of a real estate development organization.
- BA or MBA in Finance or Accounting required, other additional relevant advanced degree and/or certification; CFA preferred.
- Knowledge and experience with real estate accounting and finance, preferably in affordable multi-family housing.
- 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.
- Use of collaborative and facilitative approach and the flexibility to work with broad range of cultures, personalities, and work styles.
- Commitment to community development, helping low income communities and strong work ethic and understanding of nonprofit business models; professional demeanor and willingness to cooperatively participate on a team in a mission-based organization.
- Entrepreneurial with the ability to demonstrate the greatest level of flexibility, in an environment with frequent changing priorities, required to meet the needs of Develop Detroit’s internal and external customers.
- Demonstrated experience with design and implementation of enhanced financial systems and procedures.
- Demonstrated ability to prepare clear, accurate, well-organized written and financial reports and to communicate verbally in an effective and concise manner.
- Proficient in Microsoft Office, accounting software programs, and network administration.
- Competitive Salary. Excellent benefits package that includes medical, dental, paid holidays, PTO & sick leave, life insurance and retirement match contribution. To apply, click here