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

About this role

Job Description

• What is the Opportunity?

RBC Capital Markets – Community Investments (www.rbccm.com/cvest), 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. . What will you do?

• Investor Relations focus: • Develops business rapport with Investor client staff that supports long-term business relationships by providing both financial expertise and market-relevant reporting. • Collaborates with Syndications team to provide the highest quality customer service to Investors. • Initiates communication with RBC Investors, with an emphasis on: • responding to inquiries as they pertain to property operations/performance and Fund-level tax returns and audits, and • soliciting feedback on reporting requirements and presentation preferences to create and develop reporting that adds value to relationships.

• Leads preparation and presentation of portfolio reporting/pitch books in collaboration with syndication team. •

• Accounting/Technical focus: • Exceeds Investor expectations/requirements as it pertains to the timely and accurate delivery of all reports, audits, tax returns and K-1’s. • Manages an Investor portfolio that provides an analysis on the current performance and future projections of individual properties. • Provides financial analysis assistance to the Asset Management team as it pertains to property operations and overall performance. • Develop and strengthen knowledge of GAAP accounting, partnership taxation and Section 42 LIHTC program to maximize value to the Company as well as Investors. •

• Fund Level (Upper Tier) Audit and Tax Return Delivery to Investor: • Preparation of and review of work papers that roll the lower tier tax return data into a Fund Level tax return. • Manage the completion and delivery of Fund level audits and tax returns to Investors through communication with external auditors. • Discussion with Asset Management/General Partners on issues affecting accurate reporting of tax returns and audits, usually as it relates to tax credits and losses. • Fund Level Quarterly Investor Benefit Report: • Review of quarterly Investor report detailing the loss (upper & lower tier) and credit benefits projected to be delivered to the Investor on an annual basis.  Report data/documentation is derived from compilation of property level quarterly financial reports, property narrative and/or watch list reports provided by Asset Management. •

• Investor Portfolio Review: • Bring original fund summary model up-to-date through the insertion of final/draft tax return and audit data into the final model for all previous years of operation. • Analysis of current property operations as they relate to historical trends, and as a result, develop analysis of projected future property operations. • Determine the current Internal Rate of Return (IRR) on the Investor’s investment at Fund level, which is derived from the tax credit and loss benefit analysis, and a result of: • Preparation of Federal, Historic and/or State tax credit benefit analysis, and • Preparation of Net Operating Income/Loss benefit analysis.

• Preparation of the portfolio book detailing Investor benefit analysis through use of data, charts/graphs and text. • Extracting data that is critical for the compilation of property capital account analysis, actual/projected Investor benefits (losses and credits), and overall Fund performance summaries. •

• Accounting Functions: • Analysis of Capital Account as it relates to capital account balance, minimum gain recognition and the potential for reallocation of loss resulting from capital account depletion. • Provide assistance and knowledge as it relates to methods by which Funds can maintain capital through reallocation of loss with the objective of preserving tax credits and/or losses for the Investor. • Review of monthly Fund level general ledger for purposes of the accuracy in general ledger entries, as well as for updating of the Fund level capital contribution schedule, which is a component of the quarterly Investor report. • Review and approval of capital contribution funding requests in a timely manner and coordination with accounting to ensure compliance with Investor requirements, while also meeting expectations of developers. • Execution of wire transfers in response to the capital funding requests made by the Lower Tier properties. • Calculation/Review of lower tier ‘adjuster’ calculations which have direct effect on capital funding at both the Investor and property levels. • Review and approval of accounts payable invoicing for payment to outside vendors for services related to the administration of the lower tier properties. • Updating the model to include the most current financial/tax return data, impacting the preparation of the Investor portfolio review and periodic events of property re-syndication. • Oversee all functions performed by the Fund Analysts/Associates. • Proactively identify operational risks/ control deficiencies in the business • Review and comply with Firm Policies applicable to your business activities • Escalate operational risk loss events, control deficiencies and risks that you identify to your line manager and the relevant risk and control functions promptly.  •

What do you need to succeed?

Candidate must possess a Bachelors of Business Administration in Finance or Accounting.  Position requires two to four years 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 can also include 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-Of

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