Understanding LIHTC Partnership Capital Accounts - Concepts and Tools for Tax Credit Project Stakeholders - OD
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TRAINING ON-DEMAND
Original webcast aired Thursday, October 22, 2019
Run time: 90 minutes
Terms: Purchase of this training entitles the registrant to unlimited viewings of the recorded original webcast for up to 14 days from date of purchase. The training video is not downloadable, but rather is viewable in MP4 format online at our GoToWebinar portal.
About this Webcast
Partnership capital accounts might be one of the more esoteric and certainly confusing topics for tax credit partnership stakeholders. Failure to track capital accounts from year to year puts the investor’s tax benefits at risk of reallocation and more. What exactly does a negative capital account mean? When are losses no longer a good thing for the investor? What are some of the potential strategies to reduce the risk of tax credit reallocation? Similarly, why do partners care about partnership agreement terms such as minimum gain, deficit restoration obligation (DRO) and Schedule K-1? If any of these questions and terms sound familiar in your daily work responsibilities, then this training is for you. Join webcast host Vinnie Viola and Eide Bailly CPA Mandy Sutton for a 90-minute introductory training that’s sure to help demystify capital accounts and provide you with the tools to evaluate and mitigate risks with tax credit capital accounts.
Training Agenda
1. Important Concepts
2. Operating Pro Forma and 704(b) Capital Account Projection
3. Capital Account Creation
4. Capital Account Analysis and Maintenance During Compliance Period
a. Information from Schedule K-1
b. Actual Account Balance -vs- Underwriting
c. How Capital Accounts Get in Trouble
i. Multifamily Real Estate Operations
ii. Depreciation Elections
iii. Interest Expenses
iv. 9% vs 4% (TEB) Project
d. Risk Ratings
5. Potential Strategies to Reduce Risk of Problem Tax Capital Accounts
6. Year-15 Disposition and Partners’ Capital Account Issues
7. Case Study
8. Industry Updates
Is This Training for Me?
The capital account training is ideal for multifamily professionals that monitor projects on behalf of partners of tax credit partnerships:
Presenters Bios
Mandy Sutton, CPA, Mandy Sutton, CPA is a Tax Senior Manager with Eide Bailly LLP. She received her B.S. in Professional Accountancy with a minor in Management Information Systems from Northern State University. Mandy currently performs tax compliance and consulting services for a diverse group of clients but focuses on those in the real estate and investment partnership industries. She helps clients find accounting solutions, conducts tax research projects, and collaborates closely with her clients to ensure they are successful in meeting their goals. Outside of work, Mandy enjoys spending time with her family, volunteering for Junior Achievement, and participating on her church’s benevolence committee.
Vinnie Viola, MPA, HCCP, is Principal and Founder of Birch Island Real Estate Consulting, LLC. His company provides asset management consulting services trainings to owners, developers, operators and investors of multifamily housing funded with LIHTC equity. With over 25 years’ experience, Vinnie has worked in for-profit, government and not-for-profit organizations that invest in, manage and regulate affordable housing. His career includes ten years in various leadership roles at Boston Financial Investment Management and Boston Capital, through which he gained expertise with asset management best practices. In these roles, Vinnie participated in hundreds of investment committee meetings for prospective tax credit investments. He proactively managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor contributed equity. Vinnie received his BA in Geography from the University of Massachusetts, Boston and MPA from the University of Texas, Dallas.
Please contact Vinnie at 617-905-6340 or Vinnie@birchislandrec.com with any questions about this training.
Content Technical Advisor: Julie Kafka, CPA, Partner, Eide Bailly
Original webcast aired Thursday, October 22, 2019
Run time: 90 minutes
Terms: Purchase of this training entitles the registrant to unlimited viewings of the recorded original webcast for up to 14 days from date of purchase. The training video is not downloadable, but rather is viewable in MP4 format online at our GoToWebinar portal.
About this Webcast
Partnership capital accounts might be one of the more esoteric and certainly confusing topics for tax credit partnership stakeholders. Failure to track capital accounts from year to year puts the investor’s tax benefits at risk of reallocation and more. What exactly does a negative capital account mean? When are losses no longer a good thing for the investor? What are some of the potential strategies to reduce the risk of tax credit reallocation? Similarly, why do partners care about partnership agreement terms such as minimum gain, deficit restoration obligation (DRO) and Schedule K-1? If any of these questions and terms sound familiar in your daily work responsibilities, then this training is for you. Join webcast host Vinnie Viola and Eide Bailly CPA Mandy Sutton for a 90-minute introductory training that’s sure to help demystify capital accounts and provide you with the tools to evaluate and mitigate risks with tax credit capital accounts.
Training Agenda
1. Important Concepts
2. Operating Pro Forma and 704(b) Capital Account Projection
3. Capital Account Creation
4. Capital Account Analysis and Maintenance During Compliance Period
a. Information from Schedule K-1
b. Actual Account Balance -vs- Underwriting
c. How Capital Accounts Get in Trouble
i. Multifamily Real Estate Operations
ii. Depreciation Elections
iii. Interest Expenses
iv. 9% vs 4% (TEB) Project
d. Risk Ratings
5. Potential Strategies to Reduce Risk of Problem Tax Capital Accounts
6. Year-15 Disposition and Partners’ Capital Account Issues
7. Case Study
8. Industry Updates
Is This Training for Me?
The capital account training is ideal for multifamily professionals that monitor projects on behalf of partners of tax credit partnerships:
- Tax Credit Asset Managers and Analysts
- Portfolio Managers
- Multifamily Underwriting Staff
- Chief Financial Officers
- General Partners and Managing Members
- Senior Property Management staff
Presenters Bios
Mandy Sutton, CPA, Mandy Sutton, CPA is a Tax Senior Manager with Eide Bailly LLP. She received her B.S. in Professional Accountancy with a minor in Management Information Systems from Northern State University. Mandy currently performs tax compliance and consulting services for a diverse group of clients but focuses on those in the real estate and investment partnership industries. She helps clients find accounting solutions, conducts tax research projects, and collaborates closely with her clients to ensure they are successful in meeting their goals. Outside of work, Mandy enjoys spending time with her family, volunteering for Junior Achievement, and participating on her church’s benevolence committee.
Vinnie Viola, MPA, HCCP, is Principal and Founder of Birch Island Real Estate Consulting, LLC. His company provides asset management consulting services trainings to owners, developers, operators and investors of multifamily housing funded with LIHTC equity. With over 25 years’ experience, Vinnie has worked in for-profit, government and not-for-profit organizations that invest in, manage and regulate affordable housing. His career includes ten years in various leadership roles at Boston Financial Investment Management and Boston Capital, through which he gained expertise with asset management best practices. In these roles, Vinnie participated in hundreds of investment committee meetings for prospective tax credit investments. He proactively managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor contributed equity. Vinnie received his BA in Geography from the University of Massachusetts, Boston and MPA from the University of Texas, Dallas.
Please contact Vinnie at 617-905-6340 or Vinnie@birchislandrec.com with any questions about this training.
Content Technical Advisor: Julie Kafka, CPA, Partner, Eide Bailly