Controller

Background

The Low Income Investment Fund (LIIF) is dedicated to creating pathways of opportunity for low income people and
communities. LIIF is a steward for capital invested in housing, child care, education and other community-building
initiatives. In so doing, LIIF provides a bridge between private capital markets and low income neighborhoods.
Over the past 35 years, LIIF has established itself as a national leader among community development financial
institutions (CDFIs) that is deeply committed to increasing the supply of assets that strengthen and sustain
communities. Headquartered in San Francisco and providing support in 26 states, LIIF is primarily focused on the
East and West coasts. LIIF’s investments in affordable housing, quality schools, early care and education, and food
and health systems have totaled $2.7 billion and affected the lives of over 2.2 million people. LIIF’s Impact Areas: LIIF
has committed to driving $5 billion in investments over the next decade towards racial equity.

Everyone in the United States should benefit from living in a community of opportunity, equity and well-being. LIIF
mobilizes capital and partners to achieve this vision for people and communities.

Communities of Opportunity, Equity and Well-Being
We believe that a community of opportunity, equity and well-being provides its residents affordable housing, high quality educational opportunities, the ability to live healthy and active lives and good jobs. These communities foster a
sense of belonging, value civic engagement and promote equity and justice.

Education
Quality education is essential to ending the cycle of poverty. It is a critical factor in enhancing a person’s opportunity
for economic mobility and asset growth, and puts every child in a position to excel. Public charter schools are a
promising alternative to some traditional public schools in underserved neighborhoods, but face significant barriers to
expansion. Lack of access to facilities is cited as a primary barrier for many high-performing charter schools. LIIF
provides capital for charter schools, which often lack access to traditional public funding mechanisms. In this way,
LIIF increases the number of educational opportunities in poor neighborhoods and the life chances of the students in
those communities.

Affordable Housing
Being able to afford a safe, quality home enables parents to work, save money and invest more resources in their
children’s health and education. LIIF was founded over a quarter century ago to promote affordable housing as a
primary way to help families escape poverty. Investing in building and improving affordable homes for low income
people remains a cornerstone of LIIF’s poverty alleviation strategy. Through this program LIIF has financed tens of
thousands of homes nationwide and saved families billions in household expenses.

Early Care and Education
High-quality early care and education assures a strong start on the skills necessary for a child’s future success in
school and life. Children in stimulating early education programs are more likely to be academically successful and
less likely to need adult social services. Quality, affordable child care is an investment that enables the whole family
to succeed by permitting low income parents to work or attend school while feeling confident about their children’s
well-being. Unfortunately, demand far exceeds supply for high-quality child care, particularly for low income families.
Using capital, capacity building and public advocacy together, LIIF builds sustainable community-based systems to
support child care facility financing and development.

Anti-Racism
For decades, LIIF has worked predominantly in communities of color, yet we grapple with the fact that despite this,
people of color continue to be most acutely impacted by deep, persistent inequities. LIIF has come to understand that
these inequities persist because they are systemic and compounding. Traditional capital and financial markets which
CDFIs and LIIF rely on have been rooted in White supremacy and, both intentionally and inadvertently, limited and
continue to limit access to opportunity for communities and people of color.

To address these inequities, LIIF has adopted a new mission and vision of communities of opportunity, equity and
well-being for everyone in the United States. We have centered racial equity within our 2020-2024 Strategic Plan,
identifying lending as our primary vehicle for impact, and in turn our new impact framework. And we are committed to
driving $5 billion in investments over the next decade to advance racial equity.

More information about LIIF can be found here.

Summary

Reporting to the Chief Financial Officer (CFO) and working closely with the leadership team, the Controller is
responsible for leading overall financial accounting, reporting and accounting operations. They will manage 3 direct
reports and a total team of 10. The role will be based in one of the six cities where LIIF has an office (New York,
Washington, D.C., Los Angeles, San Francisco, Atlanta, and Columbus, OH).

Importantly, the Controller will ensure systems and procedures are in place to support effective program
implementation and successful audits. The Controller will work directly with LIIF leadership to drive technology
innovations and solutions. They will also partner with the CFO to recommend strategies to maintain and increase
LIIF’s financial sustainability. The Controller will leverage the strengths of current finance team members and work
collaboratively across the organization.

The successful candidate will be responsible for furthering a culture of transparency, collaboration, and dynamic
leadership within Finance and across LIIF. The Controller will inspire change and organizational growth by
encouraging new ideas, removing barriers, and being responsive to innovative enterprise-wide business solutions,
programs, and services. To do so, they will liaise with accounting, finance, and other teams. This role will also be
looked to as a leader in helping to drive the strategic plan and ensure LIIF reaches its programmatic and
organizational goals.

Responsibilities

In addition to responsibilities highlighted in the Position Summary section, responsibilities of the Controller position will include, but are not limited to:

Tax

• Manage the preparation and completion of all tax filings, to include Form 990, property taxes and all other
  business tax filings related to LIIF and any of its subsidiaries or related entities.
• Manage and oversee the New Market Tax Credit (NMTC) tax filings.
• Ensure tax filings are in compliance with current IRS regulations.
• Manage any tax related issues as they arise.
• Manage relationships with external tax accountants and tax attorneys.

Audit & Compliance

• Manage the overall interim and year-end audit process for the overall consolidation of LIIF and all required
  individual audits of any subsidiaries/affiliates. Manage relationships with all external and internal auditors.
• Prepare Financials with notes as per Generally Accepted Accounting Principles (GAAP) for Audits.
• Manage and coordinate NMTC Audits.
• Manage operations, accounting, and control/compliance with NMTC program requirements, including working
  with the portfolio and compliance manager to ensure timeliness of investor reporting for LIIF entities.
• Review and coordinate audit schedules, adjusting entries, and financial statements for audit and annual
  report. Lead RFP for Auditors every two years.
• Liaison with auditors, program funders, and grant administrators to ensure compliance with all agreements.
• Manage any potential audit issues and ensure they are resolved in a timely manner. Keep CFO abreast of
  any major audit issues as they arise.
• Coordinate with audit team to ensure appropriate accounting treatment for new ventures.
• Comply with covenants schedules and keep schedule/checklists for overseeing the process.
• Adjust processes and procedures in order to comply with new regulations.

Accounting, Reporting, and Budgeting

• Preparation of all internal and external corporate accounting and financial reporting on a consolidated and
  consolidating basis; analyze for reasonableness, variance fluctuations, accuracy, and compliance with
  contractual agreements including financial reporting covenants.
• Participate on the Finance-Audit-Loan Committee of LIIF’s Board, including preparation of Finance and Audit
  Committee and Board of Director materials.
• Liaise with internal peers to provide accounting insight on financial or budget related inquiries.
• Oversee the general ledger close process to ensure timely reporting to management.
• Oversee accounting and reporting processes for grants, accounts payable, NMTC, and CIP.
• Ensure all accounting & reporting is in compliance with GAAP and/or other applicable procedures.
• Preparation and/or full review of certain compliance reporting deliverables to be certified by CFO.
• Manage, along with Director of Financial Planning and Analysis, the annual budget process and ongoing
  forecasting.
• Communicate complex financial matters to non-financial audiences.
• Participate as member of Board Finance & Audit Committee to facilitate communication regarding the annual
  audit and other financial statement related information.

Policies, Procedures, and Controls

• Ensure that proper policies, procedures, and controls exist around gathering, recording, and managing of
  financial data.
• Manage the research, planning, and implementation of new and existing accounting standards that impact
  the company. Brief management and audit committee on new accounting issues/standards impacting LIIF.
• Ensure adequate and proper custody and safekeeping of LIIF’s assets.
• Assist CFO in assessing the effectiveness of infrastructure processes and the operational and accounting
  impact of new business lines.
• Lead the Accounting team and manage personnel development.
• Lead training for systems and processes as needed.
• Provide leadership to ensure the development and creation of best practices for the accounting and finance
  team to include timely review and analysis of systems capacity, staffing, financial reporting, planning and
  analysis, budgeting and forecasting, profitability, and cost control.
• Communicate to various stakeholders about change management and present to various stakeholders to
  secure approvals or buy-in.
• Support in complying with document retention policy guidelines.
• Help respond to information reporting requests from internal and external sources.
• Monitor cost control activities and provide a system of management cost reports.
• Leverage the strengths of the current finance team members, including helping to clarify roles and
  responsibilities, as well as developing and implementing training programs to maximize and attain optimal
  individual and organizational goals.

Treasury

• Assist the Treasury Department when needed and feasible.

Requirements

The Low Income Investment Fund is seeking a strategic, hands-on, collaborative and proven partner to leadership to
build on the successes of the current controllership function. This person will have previously worked at a Community
Development Financial Institution (CDFI) and bring a strong familiarity with NMTCs. Importantly, the successful
candidate will be highly detailed oriented and is someone who gains energy from strengthening processes and
systems and finding efficiencies. They will have a deep appreciation for the importance and need for accuracy.

The Controller will be a subject matter expert in all accounting, financial analysis and reporting. This person will be
detail-oriented and agile at using technology, developing process efficiencies and managing staff. In addition, s/he will
have a deep appreciation for the need for accuracy, as well as the ability to maintain confidentiality of information.

In addition to technical acumen and prior experience, the successful candidate will bring excellent interpersonal skills
and a high emotional intelligence. They will be an effective team leader, a strong listener and communicator, and will
have a reputation for building positive relationships across an organization. The successful candidate will also bring
exceptional written, oral, and presentation skills.

The successful candidate will have a minimum of 10 years of experience in progressively senior accounting positions
and at least 5 years management and/or senior leadership within CDFIs, credit unions, depository financial
institutions, public accounting firms, and/or mid-to large sized non-profits. They will have subject matter expertise
relevant to the lending business of LIIF, such as having worked in a financial institution, investor, bank, mortgage
bank, government entity, or other organization with some similar products or services similar to LIIF. Familiarity with
nonprofit community facilities, housing, health care, senior housing and care, community development, and/or charter
schools is helpful.

The Controller will be a highly motivated, collaborative, and creative individual who is comfortable with ambiguity and
fast-paced environments. They will be driven to develop their career, bring outstanding partnership skills, and
effective serving as a reliable resource and collaborator for the CFO and other members of LIIF’s leadership team.
They will have a strong commitment to LIIF’s mission and furthering the organization’s commitment to social justice
and equity. They will have demonstrated success in managing staff and a commitment to recruiting, mentoring,
training, and retaining a diverse team, including having the foresight and ability to lead and delegate accordingly.
This individual will be agile at using technology to create efficiencies. Ideally, the successful candidate will have
played a key role in implementing new systems and furthering automation across an organization. They will also have
the inclination to seek and analyze data from a variety of sources to support decisions, and able to align others with
the organization’s overall strategy. This person will have the ability to exercise sound, informed judgment, and make
decisions based on accurate and timely analyses.

The Controller will be an active CPA; a CGMA is highly desirable. A Bachelor’s degree in Business, Accounting, or
Finance is required. An advanced degree in a relevant field, such as an MBA, is preferred.

Critical experiences and competencies the successful candidate must bring include:

• Experience and familiarity with structured finance and managing on-balance and off-balance sheet lending
  programs, as well as experience working directly with off-balance sheet financial partners and the ability to
  build, grow, and maintain such relationships.
• Prior grasp of issues inherent in a financial institution’s accounting program, to be able to think creatively and
  assertively on such matters, and to manage a team in this discipline.
• Proficiency in financial institution accounting and GAAP.
• Demonstrated ability to think through operational implications and efficiencies of LIIF’s business and new
  business ideas.
• Effective using and implementing new business technologies and opportunities to utilize business technology
  innovations to build and grow the business.
• Preference for working in an organization that places priority on teamwork and collaboration.
• Maturity, professionalism, and a high level of discretion

Compensation and Benefits

LIIF invests in its employees to help them stay healthy and manage the demands of their work and personal lives. LIIF’s Life & Health Benefits, Work/Life Benefits and Financial Benefits are available to employees and their eligible dependents, including children, spouses and domestic partners. Some benefits include:

• Medical
• Dental
• Vision
• Disability
• Life and Accidental Death & Dismemberment Insurance
• Health and Dependent Care Flexible Spending Accounts
• Short-Term and Long-Term Disability
• Employee Assistance Program
• Wellness Subsidy
• Volunteer Release Time
• 401(k) Contribution
• Employee Discount Program
• Commuter Transit Savings Program

How to Apply

Russell Reynolds Associates has been exclusively retained for this search. Prospective candidates are invited to submit a letter of interest and resume to John McNaught at john.mcnaught@russellreynolds.com. All inquiries, nominations, and discussions will be considered strictly confidential.