Investment Accounting Specialist

The Momentus Capital branded family of organizations - which includes Capital Impact Partners, CDC Small Business Finance, and Ventures Lending Technologies - is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. We are working to reinvent traditional financial systems that have failed to address systemic issues of inequality, economic empowerment, and the widening racial wealth gap by offering a continuum of financial, knowledge, and social capital to help local leaders build inclusive and equitable communities and create generational wealth. This includes a comprehensive package of loan products, impact investment opportunities, training and business advising programs, and technology services that advance locally-led solutions. Our suite of products and services, experience, and scope will foster equitable job creation, wealth building, and economic mobility.

Position Summary

Reporting to the Manager of Investment Accounting, the Investment Accounting Specialist will be primarily responsible for the operational aspects of accounting for the Investment portfolio related to a Non-profit (NFP) or Limited Partnership (LP).  This role involves detailed financial reporting, prepare audit and tax schedules, and ensuring compliance with regulatory requirements. The Specialist will:

●        Perform general accounting functions for the preferred equity and debt instruments for the NFP or LP

o   prepare monthly journal entries, (ie. monthly interest income accruals, interest expense accruals, amortization of fees, and cash entries)

o   prepare interim and annual audit schedules as well as tax schedules

o   other miscellaneous projects,

●        Prepare monthly borrower invoices for interest due to NFP or LP

●        Prepare monthly/quarterly detailed financial reporting, reconciliations and analysis for the team

●        Provide documents and review f third-party investment projects/activity

●        Ensure the timeliness, accuracy, and adherence of reporting to internal and external customers

The Specialist should have a comprehensive knowledge of month-end accrual accounting.  A basic understanding of investment fund accounting and reporting for investments and debt instruments is helpful.  The ideal candidates will exercise due diligence in completing work assignments and strive to establish processes and procedures for this newly created position which adhere to GAAP.  The Specialist will work with the Manager of Investment Accounting to redesign manual processes through automation and use of best available data sources or best practices.  The position can work from any of the Momentus offices or work remotely.

Capital Impact Partners (NFP) 

Capital Impact Partners, headquartered in Arlington, VA, operates nationally, with local offices in Detroit, MI, New York, NY, Austin, TX and Oakland, CA. For over 40 years, Capital Impact Partners has been a not-for-profit mission driven lender that has supported the development of low-income underserved communities nationwide, focusing in five key sectors - healthcare, education, healthy foods,housing andaging. Capital Impact is also supporting the redevelopment of Detroit through multiple partnerships with banks and foundations.  

Equitable Prosperity Fund (LP) 

Equitable Prosperity Fund I LP (the “Fund”) is a Limited Partnership established under the laws of Delaware.  The special purpose vehicle was created with the objective of investing in preferred equity and mezzanine investments in growth-stage small and medium sized businesses in geographic locations. 

Essential Responsibilities

Accounting, Reporting and Budgeting (NFP or LP)

Investments

·       Generate monthly/quarterly journal entries for the NFP or LP.

o   Verify and record monthly investment income and expense accrual for preferred equity and debt instruments

o   Amortization of origination fees

o   Obtain investment management fee accrual from Capital Deployment team and record in general ledger for funds and Equitable Prosperity Manager.

o   Record origination of investment from inception through the life of the investment                

·       Process monthly accounts payable (AP) invoices and quarterly tax payments through LP fund’s AP system

·       Generate monthly/quarterly cash, investee payment summary and balance sheet account reconciliations for the NFP or LP    

·       Review quarterly and annual financial statements, prepared by third party vendor, for submission to the Manager of Investment Accounting      to present to external investors.

·       Assist with the interim audit and year end audit & tax cycle

o   Participate in planning meeting;    

o   Generate audit schedules for the NFP or LP

o   Work closely with auditors to respond to inquiries and Open items. Work closely with tax experts to provide requested tax schedule and ensure steady progress through completion of return.    

·       Work with the Manager of Investment Accountant to liaise with the Finance department for all NFP or LP transactions.

·       Organizing and ensuring the accuracy of all financial and accounting reports and records

·       Provide approved budget to investors for compliance requirements

·       Generate monthly invoices for investee to reflect interest and principal payments

·       Categorization of expenses for funds and preparation of reimbursement wire from Fund to Capital Impact Partners

·       Review quarterly and annual valuation from Investments team prior to submission to Pinnacle Team

·       Review Fund distributions calculated by Pinnacle and prepare relate outgoing wire

Systems and Controls

·       Assist with the implementation and integration of Clearwater Analytics to enhance efficiency

·       Work with IT group to ensure that the Specialist has full access and understanding of Financial Edge

·       Work with the Investments group to understand the intricacies of each Investment transaction.  Use of knowledge of the transaction to identify the specific reporting requirements

·       Process activity in the l Treasury system for direct debits for borrowers or other cash transfer    

Requirements

Education

• Bachelor’s Degree in Accounting, with emphasis on Investment Fund Accounting  
• CPA Preferred 

Experience

• Minimum of ​3-​5 years of experience with increasing responsibility in a ​     ​Specialist accountant position within the Investment Fund accounting, or financial services 
• Accounts Payable experience preferred 

Professional skills

·       An understanding of​ month-end accounting transactions. ​​Helpful if candidate has some ​inherent​ knowledge of​​ investment funds accounting 

·       Detail oriented which enables ​Specialist to distinguish and report on the specifics of each transaction 

·       Strong Math skills 

·       Strategic thinker with excellent interpersonal and communication skills  

·       Resourceful and demonstrates accountability  

·       Keen, analytical problem solver who thrives ​in a fast-paced​​     ​ working environment. 

·       Ability and initiative to think through operational implications and efficiencies of CIP’s business and new business ideas. 

·       ​​Ability to foster trust, credibility, and cohesive teamwork among persons of diverse talents, backgrounds, and perspectives. Comfortable in a collaborative, consensus-based, rather than a culture of working in a “silo”​​​ 

·       ​​​Strong research skills which allow the Specialist to stay informed of regulatory requirements​​​​ 

·       Advance systems skills 

·       Use of Financial Edge by Blackbaud, Microsoft office suite, ​ ​​Clearwater Analytics, ​and Power BI, preferred 

Personal Attributes 

·       Excellent interpersonal skills 

·       Demonstrated capacity for independent judgment and sound decision making in a diverse and complex organizational environment. 

·       Highest level of integrity, honesty, and respect for others in both business and personal relationships. 

·       Sense of urgency, positive and energetic. 

·       Actively work to ensure team and organization success by focusing on meeting team goals and objectives 

·       Demonstrate strong analytical and project management skills 

·       Wholeheartedly embraces the mission of the organization 

Benefits

The salary range for this position is $64,577- $80,721 and is eligible for an annual incentive/commission plan.

This role is eligible to work remotely.

All employees must be legally authorized to work in the United States.  The Company will not sponsor applicants for work visas.

EEO: Momentus Capital is an equal opportunity employer committed to a diverse work force; and, as such, is fully committed to providing employment for qualified individuals, free from discrimination on the basis of race, color, religion, sex, age, sexual orientation, gender identity, national origin, disability, marital status, pregnancy, childbirth or related medical conditions, or any other protected characteristic established by applicable law.