Accounting & Debt Administration Specialist
I. ILLINOIS FINANCE AUTHORITY (CLIMATE BANK) OVERVIEW:
Do you want to use finance to combat climate change, promote equitable economic development, and enhance the quality of life for all the people of Illinois? Do you have the motivation, work ethic, skills, and grit to join a small, growing, and talented team at the forefront of climate finance? The Illinois Finance Authority/Climate Bank (“IFA-CB”) needs motivated and hardworking professionals to maximize the impact of new federal funding and to better deliver existing financial products in Illinois. If this describes you, then apply to join the IFA-CB.
IFA-CB is a nationally recognized conduit issuer in the tax‑exempt financing market and the commercial property assessed clean energy financing market. IFA issues tax-exempt qualified private activity bonds and property assessed clean energy bonds or notes to facilitate the funding of eligible projects by borrowers that create long-term economic value in communities throughout Illinois.
The Authority is seeking an Accounting & Debt Administration Management Specialist to assist staff with accounting and debt management t matters related to its nonpublic conduit bond transactions and transition to the official Climate Bank of Illinois. IFA-CB seeks a qualified pool of candidates that reflects the diversity of Illinois. This position must provide excellent service to our borrowers by addressing inquiries and resolving issues in a professional manner and coordinating with key stakeholders. The approximate split of duties between accounting and loan management is 50/50 but will vary based on department needs throughout the year.
IFA-CB offers competitive benefits, including a 401(a) defined contribution retirement savings plan with matching contributions, comprehensive and competitive health, life, and disability insurance, and paid time off. IFA-CB employees are at-will employees and are subject to various State ethics requirements, including revolving door prohibitions, but are not subject to the State of Illinois Personnel Code. IFA-CB is an equal opportunity employer.
IFA-CB generates its own operating revenue and is not supported by State taxpayer appropriations. The IFA/CB meets publicly each month.
II. POSITION SUMMARY:
Under the direction of the Senior Vice President of Finance & Administration (“SVP-FA”) of the Authority, this operational role involves a blend of general accounting and debt administration duties and responsibilities. In the accounting department, duties will include general ledger accounting, assist with internal auditing activities, the preparation and filing of financial compliance reports, and provide back-up assistance to the SVP-FA and other members of the Finance Department. In the Debt Administration, the individual will play a crucial role in managing our debt (i.e., Authority loans and bonds, etc.) portfolio, ensuring smooth operations and delivering exceptional service to our borrowers. This includes onboarding new debt accounts into the system, managing loan/bond accounts throughout their lifecycle (including disbursing funds), assisting Authority Senior Management in providing complete and concise presentations to internal and external auditors, processing payments, and maintaining accurate records of transactions.
The following is intended to describe the general content of and requirements for the performance of this job. It is not to be construed as an exhaustive statement of duties, responsibilities, or physical requirements. Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.
III. DUTIES AND RESPONSIBILITIES:
- As requested by the SVP-FA, perform account reconciliations of all general ledger accounts.
- Maintain, examine, and reconcile general account books and records.
- Respond to requests for information from internal and external auditors.
- Assist with end of month preparation of financial reports.
- Prepare journal entries related to the operations of the Authority.
- Make daily bank deposits.
- Perform other administrative duties, including occasional copying and filing.
- Provide redundancy in administration and record keeping for Accounts Payable and Accounts Receivable.
- Perform other duties as assigned by management.
- Federal and State Financial Compliance and Reporting
- Assist with monthly, quarterly, and year-end reporting and processes; prepare quarterly reports for the State of Illinois.
- Perform grant monitoring administration, compliance, and grant accounting; prepare financial reports of awarded grants through their final closing.
- Work as necessary with respect to the stewardship and reporting of federal funds.
- Prepare and submit C-05 Forms (State mandated accounting forms), Bond Interest and Redemption Schedules.
- Process C-08 Forms, Notices of Payment of Bond Interest and/or Principal, including monitoring timely receipt of C-08 Forms (State mandated accounting forms), verifying their accuracy and maintaining complete records of C-08 Forms.
- Establish and maintain relationships with Illinois Office of the Comptroller (“IOC”), bond trustees and borrowers.
- Manage the Authority’s bond database, including entering new bond issues, bond refunding, defeasance/pay-off as well as updating existing bond records.
- Prepare monthly bond activity reports.
- Reconcile the Authority’s bond data with IOC’s bond data (i.e., bonds issued and outstanding) for the Annual Bonded Indebtedness and Long-Term Obligations Report.
- Enter C-08 Forms and C-05 Forms into IOC’s bond database system.
- Collect and upload compliance documents to the Authority’s system.
- Track and manage specialty loan programs activities to ensure they are processed efficiently and accurately in the system (i.e. SSBCI/Participation Loans, Fire Truck & Ambulance loans, Local Government loans, Guarantee loans, Beginning Farmer Bonds, & other loans federal loans/grants), including posting of all associated loan transactions.
- Regarding the SSBCI-funded IFA Climate Bank Finance Program activity, create, maintain, and provide auditable reports, as required, on the primary Allocated Funds Account, and related, but separate, sub accounts for a) Interest Earned on Dormant Allocated Funds, b) Repaid/Recycled Funds, and c) Loan Interest Earned.
- Maintain Federal reporting for both Advantage Illinois and US Treasury loan programs, as required.
- Ensure compliance with all relevant regulations, laws, and internal policies governing lending activities, working with the State Auditor General when applicable.
- Maintain accurate and organized loan files, ensuring all documentation is complete, up-to-date, and in compliance with regulatory requirements.
- Other Loan Management
- Setup new loans into the loan accounting system.
- Prepare all loan transactions in the loan accounting system (ACH, check, & returns), including interest postings transactions.
- Assist with processing loan disbursement requests for new loans.
- Process incoming mail and deposits, submitting deposits through a remote desktop system.
- Send necessary invoices/notices to customers for upcoming activity (e.g. loan maturities, loan status confirmation and payments due, etc.).
- Ensure compliance with loan agreements and regulations.
- Prepare month end loan reports.
- Coordinate with appropriate stakeholders regarding loan management activities, specifically State and local agencies, to ensure loan compliance.
- Provide support to borrowers, addressing inquiries, resolving issues, and assisting with loan-related requests in a timely and professional manner.
- Perform other duties as assigned by management.
IV. QUALIFICATIONS:
- Bachelor’s degree in Accounting or another related field, plus four or more years of accounting and/or finance experience or equivalent combination of education and experience. Experience working in a government agency is preferred but not required.
- Able to perform accounting functions in accordance with Generally Accepted Accounting Principles and Practices applicable to government.
- Ability to evaluate accounting problems of moderate difficulty and to analyze and interpret less complex accounting records and reports.
- Ability to perform detailed work involving written or numerical data and to make arithmetical calculations rapidly and accurately.
- Familiarity with Federal and State grant processes. Knowledge of or experience with State Small Business Credit Initiatives (SSBCI) and/or Revolving Loan Funds preferred.
- Experience with grants management and compliance preferred.
- Familiarity with various federal and state reporting mechanisms and processes (e.g., GATA, Grants.gov, SAMS.gov) preferred.
- Familiarity with other State government processes, including State audits, procurement, and State mandated accounting forms preferred.
- Knowledge of bond/loan accounting, reporting, and best practices.
- Excellent communication skills. Must be an active listener who conveys information in a clear and concise manner, both verbally and in writing.
- Confidence with public speaking, specifically with respect to providing authoritative reports to internal/external auditors, senior IFA staff, and other governmental entities.
- Strong working knowledge of Microsoft Dynamics GP, MS Office, including Word, Excel, PowerPoint and Outlook.
- High level of organizational, problem-solving, and analytical skills; able to manage work effectively under pressure, manage priorities and workflows and meet time sensitive deadlines.
- Demonstrated ability to establish and maintain professional working relationships with other employees, customers, auditors, and the public.
- Must be technologically adept and embrace opportunities for change, transformation and continuous learning and improvement.
Interested and qualified candidates should forward their resume and cover letter to hr@il-fa.com.