Background:
Spark is a 501(c)(3) nonprofit community development intermediary that brings a unique, collaborative, and community-based approach to economic development in the Omaha area. We recognize that philanthropic organizations, civic institutions, and other partners have the resources to impact change while community residents, business owners, and other stakeholders best understand the community’s needs. Spark seeks to serve as a bridge between these various parties, leveraging our expertise, relationships and funding to transform neighborhoods through a process of holistic community development. Spark Capital, also a 501(c)(3), is a new supporting organization to Spark that will serve as the real estate lending and technical assistance arm of our mission.
Position Summary:
The Finance Director is a new senior level position that will be responsible for helping:
• grow the Spark Capital loan fund,
• deploy loan fund capital and manage the loan portfolio,
• evolve and implement our real estate finance technical assistance programming,
• establish our certification and manage our compliance as a Community Development Financial Institution (CDFI),
• oversee budgets, finances, accounting, tax returns and audits, and
• cultivate key partnerships for the organization.
The Finance Director will collaborate with and receive support from a number of stakeholders to accomplish this work, including the Executive Director, Spark team members, board and advisory group members, consultants and community partners.
Responsibilities:
ESSENTIAL FUNCTIONS:
• Develop, promote, implement, evaluate, report on, and continually improve Spark’s overall strategy for lending and technical assistance services.
• Ensure Spark’s lending programs and products are mission-aligned, advance our guiding principles to meet affordable housing, commercial and community facility needs and goals, mitigate risk, and meet the specific requirements of capital providers.
• Respond to loan inquiries, vet projects for viability and mission-alignment, manage loan originations, conduct due diligence, and prepare credit memorandums.
• Present recommendations to the Spark Capital board of directors and seek formal approval or denial for loan applications.
• Work with consultants and contractors to oversee loan closing and servicing.
• Build and maintain databases to track loans and portfolio performance, and create and issue all progress and compliance reports for the Executive Director, board members, investors and donors.
• Provide real estate development, finance, and community development technical assistance services to Spark-led projects and to grow the capacity and impact of emerging developers of color, female developers, nonprofit and public-sector partners, and other key partners. Evaluate and report on outcomes and impact.
• Serve as main point of contact with the CDFI Fund by submitting reports and documentation to meet and maintain compliance with CDFI Fund Technical Assistance (TA) award requirements, complete future applications and reports for TA awards, complete the application and ongoing documentation to successfully obtain and maintain CDFI Certification, and continue to apply for and secure CDFI grants and loans to build the loan fund.
• Assist the Executive Director with ongoing capital forecasting, developing the annual budget and performance goals, and monitoring performance throughout the year.
• Serve as main point of contact with contract accountants and manage day-to-day tasks associated with operational, program and loan fund finances including payables, receivables, deposits and preparing financial statements and reports. Oversee the filing of all tax documents, including payroll tax and organizational tax return and audit.
• Liaise with and manage consulting services provided by the Impact Development Fund to build the loan fund’s infrastructure, processes and operational capacity.
• Keep loan fund and operational financial policies and procedures and other finance-related documents updated and in line with best practices.
• Manage, liaise with, and receive guidance from the Spark Capital board and advisory group members. Create agendas and facilitate meetings.
• Help secure loan fund capital and technical assistance funding by conducting research, writing proposals, creating collateral, performing outreach, giving presentations and making direct requests for investment and funding.
• Build and maintain effective relationships and partnerships with capital partners, funders, technical assistance partners and recipients, and other community development stakeholders.
COMPETENCIES
• Deep commitment to the mission and values of Spark, is tenacious about achieving organizational goals, and has a track record demonstrating ingenuity, self-direction and working independently
• Strong knowledge of the real estate development process, funding and financing options for affordable housing, commercial and community facility development
• Knowledge of complex deal structuring and underwriting, including solid financial analysis skills
• Must be quick, smart, flexible, possess a high level of analytical aptitude along with creative problem-solving skills in support of sound decision-making
• Strong interpersonal skills, able to bring out the best in others, promotes teamwork and ability to work effectively with staff, borrowers, communities/organizations seeking technical assistance, funding and financing institutions, governmental agencies, and others who contribute to Spark’s mission
• Exceptional project management skills with sound time management and organizational skills with an ability to coordinate complex activities and prioritize conflicting demands and deadlines
• Exceptional business development skills and the ability to serve as a compelling representative of the organization with a variety of stakeholders
• Effective communicator in writing and verbally
• Valid identification and ability to provide own transportation are required
Requirements:
REQUIRED EDUCATION AND EXPERIENCE
• At least 7 years of demonstrated experience in real estate development finance and/or community development finance
• At least 3 years of demonstrated experience in creating and managing operational, program and project budgets, and overseeing accounting tasks and reporting, with preference on nonprofit experience
• Experience with establishing and/or complying with CDFI Certification and/or complex federal grant programs and requirements
• Fluent speaking, writing and reading capabilities in English
Compensation:
$80,000-$85,000 annual salary
How to Apply:
Submit cover letter and resume to Jamie Berglund at jamie@sparkcdi.org
