Position Overview

The Controller will play a pivotal role in the strategic leadership of Turnstone Development

Corporation. The Controller will be responsible for overseeing all financial aspects of the

organization, ensuring the alignment of financial strategies with the overall mission to create and

preserve affordable housing. This role requires a seasoned financial leader who can drive financial

planning, manage risk, and ensure the sustainability of our operations.

Key Responsibilities:

1. Financial management:

a. Oversee financial management processes, including accounting, treasury, tax, payroll,

forecasting and banking relationships.

b. Implementation of strong financial reporting procedures and a firm grasp on cash

position and cash requirements at all times.

c. Debt oversight, administration, and compliance.

d. Ensure the finance and accounting, reporting procedures, and systems are scaling to

meet the needs of the growing business.

e. Review monthly balance sheets and income statements for each property.

i. Review cash transactions and document reasons for large expenditures outside

of budgeted amounts.

ii. Monitor the quantity of accounts receivable and age of receivables.

iii. Monitor the quantity of accounts payable and age of payables.

iv. Review income reports:

1. Are we charging the maximum allowable tax credit rents? If not, why?

2. Do we have excessive late fees and damage fees?

3. If applicable, are we billing tenants for water and sewer costs, and are

we collecting the fees?

v. Review expenses against budgeted amounts. Make sure that all operating

expenses have been properly accrued in the proper months.

f. Leads strategic financial planning, the budgeting process, and forecasting with the

support of the Company Partners - manages the budget accordingly.

g. Build and manage relationships with external auditors, tax advisors, banks, attorneys

and support relationships with key vendors and customers.

h. Ensure financial oversight, structuring, and controls.

i. Mentor Company accounting and finance team.

2. Operations and Asset Management

a. Provide perspective and expertise on operations and offer input on the impact of the

decisions on the financial results.

b. Work closely with the Company Partners to build and manage the active contract status

(both backlog and pipeline).

c. Actively monitor gross margins at practice level and helps drive remediation efforts

when practices are off plan.

i. Help lead deal review process to ensure new developments conform to targeted

profitability.

ii. Confirm long-term viability of new developments.

iii. Monitor contract performance and help drive improvements should margin

drop below pro-forma expectations.

d. Corporate Governance and Asset Management

i. Monitoring and monthly review of all properties owned by the Company.

ii. Work with Equity Partners, Compliance Agencies or Lenders to ensure all

funds are received and disbursed based upon the appropriate document.

e. Evaluate risk management priorities and define recommended courses of action in risk

mitigation through cost/benefit analysis of insurance coverages and process

improvement strategies.

3. Deliverables

a. Close the Company’s books within 15 days of each month-end.

b. Deliver monthly Company financial package and KPI data within 15 days of each

month-end.

c. Monthly or weekly updated Cash Flow forecasting based upon changing business

conditions and project/property updates based upon the needs of the Company.

d. Annual budgets for all limited partnerships and Company completed by November 1st,

create and manage visibility with a rolling 12-month forecast.

e. Annual financial statement audits for all limited partnerships completed within 90 days

of year-end with unqualified opinion letter.

f. Drive Tax Compliance work by partnering with tax firms to ensure filings and tax form

K-1 's are delivered timely and accurately targeting a filing date within 120 days of

year-end. Controller is responsible for review and approval of all limited partnership

and general partner entity tax returns.

g. Ongoing monitoring of Company Liquidity (cash + unused line of credit) equal to at

least two payroll cycles.

Qualifications:

• Bachelor's degree in Finance, Accounting, or a related field; MBA or CPA preferred.

• Minimum of 5 years of experience in financial leadership roles.

• Experience with accounting on Low-Income Housing Tax Credit developments.

• Strong interpersonal skills with the ability to communicate effective with both internal and

external stakeholders.

• Demonstrates a strong commitment to ethical practices, transparency, and honesty in all

financial dealings.

• Ability to navigate complex and changing environments, remaining composed under

pressure and adjusting strategies as needed.

• Proactive in identifying challenges and opportunities, with a knack for developing

innovative solutions.

• Deep alignment with Turnstone Development Corporation’s mission to create and preserve

affordable housing, demonstrating passion and dedication to social impact.

Desirables:

• Experience in real estate development, affordable housing, or non-profit sectors.

• Strong financial analysis, strategic planning, and risk management skills.

• Proficiency in financial Quickbooks system and Microsoft Office software.

• In-depth knowledge of financial regulations and compliance requirements, particularly in

LIHTC, non-profit or real estate sectors.