VISION STATEMENT: People in every community have an affordable place to live and opportunities to thrive.
MISSION STATEMENT: We work with partners to connect underserved communities in the northern New England region with capital and expertise to advance projects and policies that create more inclusive places to live.
The VP of Capital Management is responsible for managing the funds and other private placement structures dedicated to tax credit investing and lending activities. The VP of CM acts as a primary liaison with funders and investors regarding their investments and provides overall support for investor relations. The position ensures that equity and debt fund objectives are met including the achievement of target yield, cash flow management and compliance with requirements of funding agreements. The position oversees all equity and loan fund operations including structuring, financial modeling, cash flow management, accounting, data analytics, investor reporting and debt fund compliance. Key competencies for the position include high level skills in financial management, financial structuring, analytics, accounting, communication, and the ability to lead and manage.
Reports to: Chief Financial Officer
Supervises: Director of Capital Management
Primary Office: Portland
Fund Development: responsible for the formation of various fund structures to support the organizational goals and investor objectives.
• Collaborate with President, EVP, Community Investments, Lending and others to build and maintain relationships with funders.
• Oversee equity fund and other private placement structure formation including preparation of Private Placement Memoranda, Limited Partnership Agreements and other documents and agreements. Act as liaison with funders and third-party professionals to develop and finalize documentation and close the funds.
• Collaborate with EVP and President to meet and respond to market demands in relation to new fund formation through changes to documentation, modeling and policies.
• Model various alternative capital resources and deployment strategies to effectively manage resources for the greatest impact within an acceptable range of risk.
• Develop and maintain market data on best practices for Capital Management and knowledge of competitive practices of others in the industry.
• Facilitate interdepartmental integration and optimization of data systems and applications used in financial management.
Equity Fund Management and Accounting: responsible for the management of the invested funds to ensure that target returns, and investment obligations are documented, managed and achieved to the highest standard.
• Coordinate sources and uses and flow of funds with VP Community Investments.
• Ensure the data integrity of investment information, with focus on integration and functionality of lower tier and upper tier LIHTC financial models.
• Oversee accounting for the equity funds, monitor fund reserves, oversee quarterly investor capital installment requests.
• Responsible for coordinating equity fund milestones and monitoring and managing fund investment returns.
• Work with external consultants to oversee NMTC and CDFI Fund and investor compliance, financial reporting, and other required reporting.
• Establish and monitor bridge loan facilities.
• Oversee the review and approval of tax returns and audits and ensure that financial models are updated accordingly.
• Oversee the disposition of assets and dissolution of LIHTC funds and NMTC investments.
Loan Fund Management and Accounting: responsible for management of the loan fund to ensure that funders, treasury and CDFI requirements are met, manage capital deployment and loan fund cash flow.
• Collaborate with the VP Lending and the CFO to establish and maintain policies and procedures for loan fund management and accounting; including financial statement preparation and associated supporting schedules.
• Oversee loan fund servicing and report on loan portfolio quality, asset growth, earnings, liquidity, and sensitivity considerations for managing risks.
• Ensure timely and accurate reporting to satisfy funder requirements, CDFI certification, and rating review.
• Prepare monthly loan fund cash flow projections and capital deployment reports.
Data Collection and Reporting
• Coordinate data collection for sponsor reviews and annual due diligence requests.
• Direct and assist in creation and submission of required reports to funders for LIHTC and NMTC investments and loan funds.
• Provide miscellaneous reports for funders, Board, staff and others as needed.
Senior Leadership, Team & Culture
• Participate in senior management team strategy, promote cross departmental collaboration and organizational leadership.
• Support education and outreach internally and to external partners on matters related to funders’ concerns and market changes.
• Participate in associations and organizations to strengthen Evernorth’s industry relationships.
• Maintain high standards of confidentiality and professionalism.
• Uphold corporate principles of respect, service, value, and partnership.
• Carry out other duties as assigned.
Education, Experience, & Competencies
1. Bachelor’s degree in Accounting or Finance
2. 10 or more years of experience in progressively responsible financial leadership roles
3. Deep knowledge of audit and tax compliance and other regulatory matters
4. Proficiency in computer applications, including Office 365 and financial management systems
5. Excellent financial management, balance sheet management and financial structuring skills
6. Strong organizational skills, attention to detail, and proven success in staff management
7. CPA or Master’s degree in Business Administration, Accounting, or related field
8. 3 to 5 years of LIHTC and/or CDFI experience
This position involves extensive interaction with all members of the Executive Team, Senior Staff, Community Investments, Lending and Asset Management teams, Board members, and external parties. It requires prolonged use of computer technology within an office setting. Travel within New England and to other locations nationally for conferences and other purposes is necessary from time to time, and it may be necessary to attend meetings outside of traditional office hours.
Evernorth is an equal opportunity employer
Evernorth has a Culture Committee in place and an active goal to focus on DEI in the upcoming year as it pertains to recruiting. We are committed to the concept that diversity makes stronger teams and creates a broader perspective that can only add value to our organization and the work that we do.