Development Portfolio Controller (Columbia, MD)

Development Portfolio Controller

Position Summary

The Development Portfolio Controller is responsible for maintaining the accuracy and integrity of financial information for a portfolio of real estate development projects, ensuring compliance with Generally Accepted Accounting Principles (GAAP), internal policies, contractual obligations, and applicable internal control requirements, including Sarbanes-Oxley (SOX) Section 404.

This role oversees project cost accounting, financial reporting, budgeting, forecasting, and variance analysis throughout the development lifecycle. The Development Portfolio Controller partners closely with project managers and leadership to monitor financial performance, identify risks and discrepancies, and provide timely, actionable financial insights to support business decisions. Additionally, this position provides guidance to accounting staff, strengthens internal controls, and ensures accurate and complete financial records across assigned projects.

Key Responsibilities

Financial Reporting and Accounting

• Oversee monthly financial reporting activities, including labor allocation journal entries, reporting, and percentage-of-completion revenue accounting.
• Maintain complete and accurate historical financial records for assigned land and commercial real estate development projects throughout all phases of development.
• Review and maintain project cost ledgers to ensure accurate financial reporting and appropriate cost allocation.
• Ensure accounting transactions are recorded in accordance with GAAP, contractual requirements, and established accounting policies.
• Review balance sheet accounts, depreciation activities, and other assigned financial reporting items.
• Identify, investigate, and resolve accounting discrepancies, ensuring the accuracy and integrity of financial information.
• Prepare audit schedules, supporting documentation, and work papers for internal and external audits.
• Monitor financial performance against established expectations and make or coordinate necessary accounting adjustments.

Project Cost Accounting and Financial Analysis

• Review monthly project cost reports and monitor financial activity across the development portfolio.
• Analyze actual costs against approved budgets, forecasts, and project estimates to identify variances and potential financial risks.
• Investigate significant cost discrepancies and collaborate with project managers to develop corrective actions.
• Monitor vendor invoices, contracts, and change orders to ensure proper coding, timely payment, and accurate financial recording.
• Track payments against approved project expenditures and investigate inconsistencies.
• Manage project budgets, cost estimates, and forecasts within the job cost accounting system.
• Partner with project management teams to obtain updated cost estimates and evaluate the financial impact of project changes.
• Prepare and distribute timely financial reports to project managers and leadership, highlighting cost trends, budget variances, and items requiring follow-up.
• Monitor required project approvals and financial documentation to support appropriate cost authorization and reporting.

Budgeting and Forecasting

• Develop and maintain project budgets, quarterly estimates, and financial forecasts throughout the development lifecycle.
• Collaborate with project managers to evaluate projected costs, anticipated expenditures, and changes in project scope.
• Analyze financial trends and provide recommendations to improve cost management and financial performance.
• Provide financial insights and decision support to project managers and leadership to support effective planning and resource allocation.

Internal Controls and Compliance

• Maintain effective internal controls to support accurate financial reporting, compliance, and risk management.
• Ensure adherence to GAAP, internal accounting policies, contractual requirements, and applicable SOX 404 controls.
• Identify control deficiencies, recommend improvements, and communicate concerns to appropriate leadership.
• Review financial transactions and supporting documentation to verify accuracy, completeness, and appropriate authorization.
• Support internal and external audit activities by preparing documentation and addressing audit inquiries.

Team Leadership and Collaboration

• Serve as a primary financial contact for assigned project managers, providing guidance on project costs, budgets, forecasts, and financial reporting.
• Collaborate with accounting, development, and project management teams to resolve financial issues and improve reporting accuracy.
• Supervise and coordinate accounting staff workflows to ensure timely and accurate completion of assigned responsibilities.
• Mentor accounting team members, support professional development, and promote continuous improvement in accounting practices and procedures.
• Communicate financial findings, project risks, and recommendations clearly to stakeholders at various organizational levels.

Additional Responsibilities

• Participate in financial due diligence for real estate acquisitions, dispositions, and financing transactions.
• Assist with financial analysis and reporting related to proposed transactions and development opportunities.
• Support process improvements and special projects as assigned.
• Perform other job-related duties as needed.

Qualifications

Education and Certifications

• Bachelor's degree in Accounting or a related discipline required.
• Certified Public Accountant (CPA) license preferred.

Professional Experience

• Four to six years of relevant accounting experience required.
• Experience in construction accounting, real estate development accounting, or project cost accounting preferred.
• Experience with budgeting, forecasting, financial analysis, and pro forma preparation.
• Experience reviewing project costs, analyzing budget variances, and maintaining accurate financial records.
• Previous experience supervising, mentoring, or coordinating the work of accounting staff is preferred.

Technical Skills

• Strong working knowledge of GAAP and internal control principles, including Sarbanes-Oxley requirements.
• Proficiency in Microsoft Office applications, particularly Excel, Word, and Outlook.
• Experience with accounting systems, job cost accounting software, and financial reporting platforms.
• Familiarity with real estate accounting software, such as Voyager, is preferred.
• Ability to learn and adapt to new financial systems, reporting tools, and software applications.
• Ability to interpret complex financial transactions, contracts, invoices, and supporting documentation.