Fund Controller

As Fund Controller, there are key roles and responsibilities that are required to meet and exceed expectations that will be used to evaluate performance. These areas are outlined below. The Controller will supervise a team of 3-4 employees or a 3rd Party Fund Administrator and will report directly to the Investment Accounting Managing Director.

In addition to the below responsibilities, the individual in this role will need to be a self-starter, independent thinker, and able to collaborate with multiple departments. Experience with fund accounting, specifically ASC 946, as well as extensive experience reviewing fund formation documents is required.

JOB DESCRIPTION

Financial Reporting

The financial reporting process is an integral part of Investment Accounting. The fund reports financials in accordance with US GAAP.  The Controller’s responsibilities include; perform final review of the monthly, quarterly, and annual financial statements.  The monthly, quarterly and annual financial statement review process should include reviewing the monthly reporting work-papers and reconciling accounts, performing a budget to actual variance analysis of the property financials, reviewing and verifying the quarterly waterfall calculations, reviewing the referenced and tied out consolidated financials, reviewing the tables and charts that will be included within the management discussion and analysis (“MD&A”), reviewing the MD&A supplied by the Portfolio Manager, and reviewing the compilation of the Greystar Limited Partners’ equity income pick-up to the Corporate Accounting team. 

In addition, the Controller has ultimate responsibility for ensuring that he or she has reviewed the fund limited partnership agreement (LPA) and is well versed on the mechanics dictated by the LPA which impact, among other things, reporting, fee calculations, taxes, compliance, capital calls and distributions, and subsequent closings. In addition to the LPA, the Controller will be responsible for reviewing all Limited Partner side letter agreements for their impact on the above stated items. The Controller will be responsible for ensuring that every calculation or review completed by the team is in compliance with all agreements.

Investor Reporting

Through side letter agreements or ad hoc requests, investors may request reporting in addition to the quarterly financial statements and partner capital statements. This reporting is specifically tailored to the partner’s needs and is crucial in ensuring that we exude the highest standard of quality reporting in the eyes of our stakeholders. These requests may be a requirement of the agreement and ongoing requests or may come in the form of ad hoc requests from the investor. It is the Controller’s responsibility to work with the team to prepare and review these deliverables prior to being sent. 

Cash Management

It is the Controller’s responsibility to work with the Portfolio Management team to analyze the cash position of the portfolios and use this knowledge to facilitate discussions with the Portfolio Manager where necessary. The Controller should also collaborate with the staff in their daily cash management functions to manage cash needs of the fund, as well as review the sources and uses files weekly and use this as a tool to perform the cash analysis. 

Capital Transactions

The Controller will be responsible for ensuring that capital calls and distributions are planned appropriately to meet the needs of the fund and its investors.  The Controller should review and approve contribution and distribution packets prepared by the team and ensure final notices have been sent to investors.  

Investment Acquisitions

Investment acquisitions are a very sensitive and complicated process within the Investment Accounting group. During the closing, it is the Controller’s responsibility to be involved in reviewing the Purchase and Sale Agreement (PSA), settlement statement, and any other closing documents, allocating the closing/completion payment across entities when necessary, working with the team to prepare and deliver the closing capital call, and reviewing the opening entries for the property accounting team. During the closing process, it may be necessary to have meetings between Asset Management, Portfolio Management, and Investment Accounting.  It is the Controller’s responsibility to keep the team informed as to timeline and deal specific information. It will also be important the Controller works with the team to document and support each step of this process in order to help facilitate with the audits.

Investment Dispositions

It is the Controller’s responsibility to review and reference the PSA, settlement statement, and other closing documents, manage the wind down expenses, manage the disposition distribution to LPs (working alongside portfolio management as well as the tax department), manage the disposition true-up, and manage the entity shut down and preparation of all closing entries.  It is the Controller’s responsibility to communicate with property accounting, portfolio management and tax to make sure all teams are on the same page as to treatment of the disposition proceeds.   It will also be important the Controller works with the team to document and support each step of this process in order to help facilitate with the audits.

Fund Structure

With regards to both Investment Acquisitions and Dispositions as well as additional investor commitments, the Controller will be responsible for ensuring that he or she has reviewed and understands any impact on structuring and flow of funds as required. In addition, tax implications may result in new structuring which will be critical to the economics of the fund. The Controller will need to work with tax and legal to understand and execute any steps required of the fund transactions.

Business Reporting and Fund Economics

As the primary point of contact for fund financial reporting, the Controller will be responsible for providing the Corporate Investment Accounting team with annual 5 year business plans and reforecasts. The Controller will need to work with the Portfolio Manager to confirm future assumptions and provide analysis for deviations from expected results. In addition, the Controller will be responsible for ensuring that the team is staffed appropriately and discuss any staffing needs with the Managing Director. The Controller will be responsible for ensuring that internal and external resources receive the information and training needed and that feedback is provided on a continual basis. 

Greystar will consider for employment qualified applicants with arrest and conviction records.