The Inception Companies Background
The Inception Companies is a private opportunistic investment firm based in Los Angeles and founded in 2015 with deep experience investing across the regulated cannabis industry with a focus on U.S. operating company investments. Inception has executed investments in over a dozen leading cannabis related brands, management companies, technology platforms, cultivation & manufacturing operations, retail outlets and real estate assets. Notably, Inception takes an active and hands on approach with respect to portfolio company governance and operations, and has developed an expertise partnering with government entities at the local and state levels.
Members of Inception’s executive team have been working with legal cannabis companies since 2013 and investing in cannabis related companies since 2015. Inception’s principals have over 50 years of combined experience in investment banking, private equity and venture capital making direct investments and successfully driving value in operating companies.
RESPONSIBILITIES
Property
- Review property-level financial statements prepared by a 3rd-party accounting firm to ensure accuracy and compliance with GAAP
- Assist in property acquisitions and acquisition audits, annual property and portfolio-level budgeting
- Analyze and review tax implications of acquisitions, dispositions, and redevelopment of real estate
- Monitor property level cash flow, and lease & debt covenant compliance
REIT and Investment SPVs
- Manage books and financials for the company’s operating entities, investment vehicles, and REIT, including management of the monthly close process
- Direct the preparation of REIT SEC filings, including quarterly (unaudited) 1-U and annual (audited) 1-K forms including footnote disclosures and supporting schedules, as well as other ongoing disclosures
- Oversee REIT compliance testing conducted by a 3rd-party accounting firm including quarterly testing, annual questionnaires and year-end checklists
- Lead REIT-level quarterly NAV (share price) determination
- Prepare investor contribution and distribution/dividend notices and coordinate dissemination with REIT’s transfer agent
- Collaborate with tax advisors to prepare year-end tax forms, including 1099s, K-1s, and federal and state returns
- Establish key internal controls and accounting policies and procedures and ensure compliance and consistency throughout the company as well as identify process improvements
- Coordinate and serve as primary contact with external auditors, REIT administrators, and banks
Corporate Entities
- Manage implementation and upgrades of ERP/accounting system (Yardi and/or Oracle Fusion)
- Review of investor K-1s and related calculations prepared by a 3rd-party accounting firm
- Perform detailed technical review of the federal and state income tax returns to ensure accuracy and completeness
- Assist in overall accuracy of general ledger and financial statement GAAP compliance
- Supervise all cash management/payable functions and check runs and ensure proper invoice coding
- Supervise full cycle accounting process for consolidated financial statements including but not limited to: month end close process, bank, credit card, and other account reconciliations, journal entries, and preparing and maintaining supporting documentation
QUALIFICATIONS
- CPA and Bachelor’s degree in accounting and minimum of 5 years of accounting experience required (Big 4 experience is preferred)
- Real estate industry experience and knowledge of REITs - the preferred candidate will have REIT experience (not property accounting or fund accounting but REIT accounting for the REIT itself) as well as corporate accounting
- Prior experience in financial reporting, private equity, and/or asset management is a plus
- Strong command of partnership taxation (K-1s), REITs, and 1099s
- Solid understanding of US GAAP, general accounting processes, internal controls, financial analysis tools and techniques
Job Type: Full-time
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