Investment Staff Accountant: Job Description
The Andrew W. Mellon Foundation ("Foundation") is a not-for-profit, grantmaking organization that seeks to strengthen, promote, and, where necessary, defend the contributions of the humanities and the arts to human flourishing and to the well-being of diverse and democratic societies. It makes grants in five core program areas (higher education and scholarship in the humanities; arts and cultural heritage; diversity; scholarly communications; and international higher education and strategic projects). The Foundation seeks an Investment Staff Accountant in the Finance department.
The Investment Staff Accountant is responsible for performing a variety of activities associated with accounting and reporting on the Foundation's investment portfolio. This position reports to the Director of Investment Accounting.
- Monitor daily cash activity in the investment accounts. Enter capital call activity in Northern Trust's trade order system and in Private I. Record LP distribution transactions in Private I.
- Responsible for daily downloads from NT website to check transactions and cash in the cash reserve and limited partnership accounts. Research and resolve exceptions.
- Record daily cash activity into Limited Partnership spreadsheets including capital calls, cash and stock distributions.
- Review and compare NT daily activity against Private I data. Responsible for monitoring all other cash activity including management fees, transfers to JP Morgan checking account, funding and redemption transactions etc. Research and resolve exceptions.
- Review reports received from Limited Partnerships on a quarterly basis. Reconcile reports to LP spreadsheets and to cash activity previously entered into general ledger. Prepare journal entries related to realized gain/loss, realized income and unrealized appreciation/depreciation and reconcile cost and market value per the spreadsheet and general ledger to the partnership report.
- Prepare a summary schedule (roll-forward) of the LP activity for each quarter and at year end.
- Maintain correct accounting records for the Foundation's unfunded limited partnerships commitments. Perform ongoing research to maintain accurate records on LP spreadsheets and Private I.
- Maintain schedules of stock distributions from partnerships in sufficient detail to support preparation of financial reports and annual tax returns.
- Prepare various K-1 tax analysis spreadsheets and schedules, including but not limited to K-1 Tax Analysis, Investment Analysis, Foreign Offshore Cash Flow Analysis, Direct Foreign Investments, Capital Gain spreadsheet. Work closely with PwC to ensure timely preparation of each task.
- Responsible for setting up new accounts in Private I and the General Ledger. Instruct NT to set up new accounts and make available all necessary information to NT in this regard.
- Integrate monthly activity for all actively managed accounts into Great Plains and reconcile AWMF ledger to NT books.
- Follow up with portfolio managers to receive monthly and quarterly statements. At year end, follow up with managers to receive tax and other information.
- Assist in the preparation of special reports/projects as the need arises within the investment reporting team. This will be especially true at year end.
- Assist in testing system enhancements for various investment accounting databases. Respond to inquiries and requests from members of the investment staff promptly and accurately.
- Assist team members to resolve ongoing issues related to investment accounting.
- Bachelor's degree, preferably in accounting.
- Minimum of 5 years of related experience at a custody bank, pension fund, insurance company, or foundation.
- Strong working knowledge of investment accounting principles.
- Strong working knowledge of limited partnership investment reporting and record keeping.
- Strong working knowledge of computer software including Excel and a variety of accounting software.
- Good work ethics, teamwork, and flexibility.
The Foundation is an equal opportunity employer that offers a competitive salary and excellent working conditions.
Candidates should apply by submitting a thoughtful cover letter describing fit for the position together with a resume to: Investment Staff Accountant. The Foundation will consider each response carefully, but only contact those individuals it believes are most qualified for the position.