Vice President, Fund Manager, US Municipal Finance, Community Investments

About the role

RBC Capital Markets – Community Investments, part of the Royal Bank of Canada (RBC) family, is a leading national syndicator of State and Federal Low Income Housing Tax Credits (LIHTCs) and Historic Rehabilitation Tax Credits (HRTCs). The Fund Manager will manage a portfolio of LIHTC Investment Funds.

Responsibilities

• Investor Relations focus:
  • Develops business rapport with Investor client staff to support long-term business relationships by providing financial expertise and market-relevant reporting.
  • Collaborates with the Syndications team to provide high-quality customer service to Investors.
  • Initiates communication with RBC Investors, emphasizing:
    • Responding to inquiries about property operations/performance and Fund-level tax returns and audits.
    • Soliciting feedback on reporting requirements and presentation preferences to create and develop value-added reporting.
  • Leads preparation and presentation of portfolio reporting/pitch books in collaboration with the syndication team.
• Accounting/Technical focus:
  • Exceeds Investor expectations/requirements for timely and accurate delivery of all reports, audits, tax returns, and K-1s.
  • Manages an Investor portfolio to analyze current performance and future projections of individual properties.
  • Provides financial analysis assistance to the Asset Management team regarding property operations and overall performance.
  • Develops and strengthens knowledge of GAAP accounting, partnership taxation, and Section 42 LIHTC program to maximize value for the Company and Investors.
• Fund Level (Upper Tier) Audit and Tax Return Delivery to Investor:
  • Prepares and reviews work papers that roll lower tier tax return data into a Fund Level tax return.
  • Manages the completion and delivery of Fund level audits and tax returns to Investors through communication with external auditors.
  • Discusses with Asset Management/General Partners on issues affecting accurate reporting of tax returns and audits, particularly tax credits and losses.
• Fund Level Quarterly Investor Benefit Report:
  • Reviews quarterly Investor reports detailing loss (upper & lower tier) and credit benefits projected annually.
  • Compiles report data/documentation from property-level quarterly financial reports, property narrative, and/or watch list reports provided by Asset Management.
• Investor Portfolio Review:
  • Updates the original fund summary model with final/draft tax return and audit data for all previous years of operation.
  • Analyzes current property operations in relation to historical trends to develop projections of future property operations.
  • Determines the current Internal Rate of Return (IRR) on the Investor’s investment at the Fund level, derived from:
    • Preparation of Federal, Historic, and/or State tax credit benefit analysis.
    • Preparation of Net Operating Income/Loss benefit analysis.
  • Prepares the portfolio book detailing Investor benefit analysis using data, charts/graphs, and text.
  • Extracts critical data for compiling property capital account analysis, actual/projected Investor benefits (losses and credits), and overall Fund performance summaries.
• Accounting Functions:
  • Analyzes Capital Account concerning capital account balance, minimum gain recognition, and potential reallocation of loss due to capital account depletion.
  • Provides assistance and knowledge on methods to maintain capital through reallocation of loss to preserve tax credits and/or losses for the Investor.
  • Reviews monthly Fund level general ledger for accuracy in entries and updates the Fund level capital contribution schedule for the quarterly Investor report.
  • Reviews and approves capital contribution funding requests promptly, coordinating with accounting to ensure compliance with Investor requirements and developer expectations.
  • Executes wire transfers in response to capital funding requests from Lower Tier properties.
  • Calculates/reviews lower tier ‘adjuster’ calculations affecting capital funding at both Investor and property levels.
  • Reviews and approves accounts payable invoicing for payment to outside vendors for services related to lower tier property administration.
  • Updates the model to include the most current financial/tax return data, impacting Investor portfolio review and periodic property re-syndication events.
  • Oversees all functions performed by Fund Analysts/Associates.
  • Proactively identifies operational risks/control deficiencies in the business.
  • Reviews and complies with Firm Policies applicable to business activities.
  • Escalates operational risk loss events, control deficiencies, and risks to the line manager and relevant risk and control functions promptly.

Requirements

• Bachelor’s degree in Business Administration with a focus on Finance or Accounting.
• Two to four years of experience in a similar role or a position building relevant skill sets in principles of partnership taxation, real estate finance, property operating budgets, financial analysis, and relationship management.
• Preferred attributes include a combination of Marketing/Finance degrees, MBA, CPA, understanding of IRS Sec. 42 (LIHTC) program, and supervision of exempt-level professionals.
• Proficiency in MS-Outlook and MS-Office applications.
• Excellent written and verbal communication skills; experienced presenter.

Benefits

• Comprehensive Total Rewards Program including competitive compensation and flexible benefits.
• 401(k) program with company-matching contributions.
• Health, dental, vision, life, and disability insurance.
• Paid-time off.
• Leaders who support development through coaching and managing opportunities.
• Opportunities to make a difference and lasting impact.
• Work in a dynamic, collaborative, progressive, and high-performing team.
• Challenging work opportunities.
• Opportunities to build close relationships with clients.
• Potential to earn more through RBC’s discretionary variable compensation program based on business performance and individual goals.

Pay

The expected salary range for this position is $140,000 - $160,000, depending on experience, skills, and registration status, market conditions, and business needs.

Schedule

• Full-time position.
• 40 work hours per week.

Location: 600 Superior Avenue, Cleveland, United States of America.