Senior Manager, Development Accounting

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Date Posted: 4/28/2022

Location: Toronto - 20 Queen Office, ON, CAN

Reference No.: 2022-9522

Department: Finance & Accounting

Position Type: Full Time

Job Grade: H

Role Impact:

 

The Senior Manager, Development Accounting will be responsible for the accounting and financial reporting, and provide financial analysis for the land under development entities, and other development assets entities.

The role will be responsible for the accounting aspect of the execution of the development closing transactions related to the acquisition, disposition, new joint ventures by analyzing development project related agreement and legal structures and by collaborating with various internal and external stakeholders (development project owner, tax, treasury, corporate, external or internal legal counsel, third party partners). This role will support the Development Group to ensure the development practices and procedures align to broader Cadillac Fairview financial standards and controls, for the development projects managed by CF and managed by the JV (residential, office, commercial, hotel, industrial, infrastructure).  This role will hire, train and onboard the new development accounting team members, will produce reporting of development project KPI’s progress and support the Senior Director Development Finance by analyzing current business processes and leading the implementation of best practices for the development finance team during the overall CF’s Finance Transformation activities.

 

What you will deliver: 

 

I.   Supervisory Responsibilities:

 

  • Through the provision of regular feedback in the form of status meetings, objective setting sessions, performance appraisals, coaching and counseling, and formal presentations:
    • Hire, train, onboard new team members and provide technical & financial guidance and leadership
    • Manages, reviews and approve the activities of direct reports to ensure the timely and accurate completion of reports in accordance with deadlines
    • provides regular evaluation of staff development needs with respect to technical requirements of their functions
    • manages the internal and external auditors through the audit process of the development projects to ensure their requests are dealt with effectively and efficiently

 

II.   Functional Responsibilities:

 

  • Responsible for the accounting and financial reporting, and provide financial analysis for the assigned Balance Sheet, Income Statement for land under development entities, and other development assets entities for submission to the Corporate Accounting
  • Responsible for the timely and accurate preparation of periodic Balance Sheet / Income Statement schedules and reconciliations for submissions to the Corporate Accounting
  • Responsible to execute accounting for the development related transactions such as acquisitions, dispositions, by documenting, identifying and journalizing the accounting impact in the general ledger and collaborate with the Corporate Accounting team to ensure compliance
  • Responsible for other development related accounting functions such as recording and reconciliation of Cash Call, Management Fee, Development Fee, Letters of Credit Fee
  • Review and Approve the monthly development project draws
  • Review and Approve the monthly & quarterly cash calls
  • Produce Monthly and Quarterly report to the JV partners for projects managed by CF and any other reporting to ensure compliance with the joint venture agreements
  • Review Third Party Reports submitted to CF, and approve the accounting recording of monthly  transaction in CF records
  • Oversee the development accounting direct reports to ensure the timely and accurate information is provided to development group to assist with decision making
  • Prepare the monthly and quarterly analysis of development projects KPI for submission to the Senior Director Development and to the EVP Development
  • Support the Senior Director Development Finance with the 3yr and 10plan forecasting
  • Support the Senior Director Development Finance by analyzing current business processes and take leadership role in the implementation of best practices processes for the development finance team during the overall CF’s Finance Transformation activities
  • Assist in special and ad hoc projects as required

 

What your strengths are:

 

  • Excellent interpersonal and communication skills
  • Strong analytical, organizational and administrative skills
  • Focused on process optimization and driving efficiency through the implementation of technology
  • Exceptional attention to detail and ability to produce high quality reports
  • Ability to work with minimal supervision and to interact at all organizational levels

 

What you need to succeed:

 

  • University degree in Business combined with CPA, CA or equivalent accreditation
  • 7 – 10 years accounting experience in Commercial Real Estate with relevant experience in the related role
  • Fully literate with real estate accounting policies and procedures
  • Working knowledge of IFRS
  • Fully computer literate, with extensive excel skills
  • Knowledge of Yardi Voyager an asset

 

Why you should join us:

At Cadillac Fairview we have been transforming communities for over 50 years.  We are so much more than our properties.  We are building leaders at all levels.  We offer the challenge of interesting work, a great organizational culture, the opportunity to collaborate with the best in the business, and support for your growth and development.  We reward values-based behavior and superior results with a competitive rewards package that includes best-in-class benefits and pension.  Imagine a place where you can make a difference!

 

At CF our everyday actions and critical business decisions are guided by our CF Values. Achieving results is naturally important for us and we achieve results through behaviours that are consistent with our CF Values.

 

Are you someone who believes in our values?

 

  • Aim Higher – we strive to exceed expectations
  • Own Your Expertise – we empower ourselves and each other
  • Collaborate Effectively – we bring the right people together to get the right results
  • Engage with Empathy – we objectively consider the needs of others
  • Embrace Change – we drive, learn from, and adapt to change

 

At CF you’ll join a diverse community and award-winning team where your talent and commitment to excellence are welcomed, valued and respected.  We’re ready to meet you there – are you?

  

CF is an equal opportunity employer and is committed to creating a diverse and inclusive environment.  If you need reasonable accommodation during the recruitment, assessment, and/or selection process, please notify your CF contact or email cfcareers@cadillacfairview.com.

 

CF currently has a vaccination policy that is a condition of employment.