What are the responsibilities and job description for the Portfolio Controller position at Corporate Office Properties Trust?
POSITION SUMMARY:
Responsible for the integrity of financial information for a portfolio of properties in compliance with generally accepted accounting principles (GAAP), company policy and contractual arrangements. Ensure strong system of internal control in support of SOX 404. Possess the most detailed knowledge of the operating properties in order to address both managerial and financial concerns. Review monthly net operating incomes (NOI), monitor leasing activity, develop budgets and quarterly estimates, analyze variances and interface with property and asset managers to resolve NOI and accounts receivable (AR) issues, balance sheet reviews, bad debt reviews, adjustment billings, audit work paper preparation, question responses, change in billing rates and miscellaneous special projects as assigned. Provide guidance and supervision of at least 1 Project Accountant. (Portfolio size approximately 25 -35 buildings and/or 100 Leases.)
ESSENTIAL FUNCTIONS:
SECONDARY RESPONSIBILITIES:
Responsible for the integrity of financial information for a portfolio of properties in compliance with generally accepted accounting principles (GAAP), company policy and contractual arrangements. Ensure strong system of internal control in support of SOX 404. Possess the most detailed knowledge of the operating properties in order to address both managerial and financial concerns. Review monthly net operating incomes (NOI), monitor leasing activity, develop budgets and quarterly estimates, analyze variances and interface with property and asset managers to resolve NOI and accounts receivable (AR) issues, balance sheet reviews, bad debt reviews, adjustment billings, audit work paper preparation, question responses, change in billing rates and miscellaneous special projects as assigned. Provide guidance and supervision of at least 1 Project Accountant. (Portfolio size approximately 25 -35 buildings and/or 100 Leases.)
ESSENTIAL FUNCTIONS:
- Maintain complete historical books and records for a portfolio of properties in compliance with reporting requirements. Ensure effective Internal controls are in place to identify discrepancies. Monitor property performance against expectations and correct financials as necessary. Provide decision support for property and asset management and serve as primary point of contact. Prepare management reporting of key operational statistics. Provide explanations for significant variances against budget, forecast or prior years’ results as required. Prepare audit work papers as assigned.
- Review lease requests, executed documents and lease abstracts to identify accounting issues and resolution; review credit and tenant improvement (TI) obligations. Review calculations of straight line rent. Review revenues and operating expense adjustments for reasonableness and collectability based on a working knowledge of leases and tenants within your portfolio. Interpret leases for documentation of accounting position. Propose adjustments for bad debt review. Participate in Annual Expense true-up process to ensure accurate billings or refunds to tenants in accordance with the lease requirements.
- Responsible for the preparation and monitoring of budgeting and re-forecasting activities for all components of NOI and regular capital expenditures. Meet regularly with Property Management to go through financial results and make updates to the 24 month rolling Forecast. Provide variance analysis of Forecasts to Budget and Budget to Prior year results or forecast as required.
- Monitor receivables, obligations and risks for properties. Ensure that balance sheet accounts are regularly reviewed, evaluated for propriety and reconciled to supporting documentation. Coordinate with other departments for understanding of and resolution for items reflected in the financial statements but not handled by operations.
SECONDARY RESPONSIBILITIES:
- People Management. In partnership and working closely with one up manager in collaboration of managerial responsibilities may be, responsible for staff management including recruiting/hiring, supervision, recognition, salary administration, and performance appraisals. Trains staff to ensure high skill levels and technical competence. Partners with Human Resources on employee development and planning initiatives. Responsible for the continued awareness of the COPT core values (ISITE).
- Participate in the due diligence process for acquisitions, dispositions or financings which requires an intense effort in a compressed timeframe.
- Understand and maintain the internal controls and policies of COPT. Communicate any deficiencies in controls to Supervisor.
- Support the Corporate Accounting team with respect to lender reporting and the JV Accounting team with respect to partner reporting. Demonstrate a working knowledge of all related agreements.
- Perform other job-related duties as assigned.
QUALIFICATIONS:
Education - Bachelor Degree in Accounting or related discipline required.
Further Training - CPA is preferred. May consider a CPA candidate who will successfully complete the certification in 18 months or less.
Professional Experience - Four to six years of related accounting experience required, with at least 2 years property accounting experience preferred.
Computer Skills -
- PC proficiency using Microsoft Office applications (Word, Excel, Outlook, etc.) and ability to learn company specific software.
- Ability to adapt to new or changing software programs.
- Familiarity with accounting systems such as Yardi required.
Mobility - Occasional travel to portfolio locations
Other Requirements -
- Strong analytical, technical, interpersonal and communication skills required.
- Demonstrated ability to comprehend multiple and complex business transactions and documents.
- Some experience in budgeting, forecasting and proforma preparation and analysis required.
- Must have strong problem-solving skills.
- Must possess solutions-based approach to identified areas of opportunity.
- Able to work independently.
- Working knowledge of GAAP and Sarbanes Oxley.
- Demonstrated Leadership Ability