Bond Compliance Associate

NJEDA•Trenton, NJ

3d•Hybrid

About The Position

EDA Overview Join the NJEDA and help lead New Jersey to sustainable economic growth, fostering equitable opportunities and vibrant communities. We offer hybrid work, a supportive culture, and robust benefits, including health insurance, retirement plans, and extensive wellness programs. Make a tangible impact and shape New Jersey's future with innovative economic development at NJEDA. Job Overview Processes, monitors, and tracks bond-related post closing matters Handles compliance efforts and inquiries on closed taxable and tax-exempt bonds to identify and control reputational and financial risk. Ideal candidates will possess excellent analytical and organizational skills, ability to learn, understand, and interpret bonds and NJ Statutory and EDA regulatory guidelines. $61,600 - $65,450 Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a manager's approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.

Requirements

Ability to review complex bond documents and NJ statutory and EDA regulatory guidelines
Ability to learn, understand, and interpret conduit bonds and state-backed bond programs
Ability to prioritize workload, must be highly organized, detail-oriented, handle various tasks simultaneously, and work independently within limited time constraints with little or no supervision
Ability to communicate effectively both verbally and in writing; proficient in grammar, spelling and editing; and foster communications with business professionals and EDA staff
Demonstrates respectful behavior and promotes teamwork and communication to encourage an interactive, cooperative, collaborative, and customer focused work environment among division, EDA staff, and external customers.
Two to five years job-related work experience
Bachelor’s Degree in business, Accounting, or related field and/or equivalent professional experience
Proficient in Excel
Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position.
Must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011, to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.
Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.
Must review the required NJ State Ethics Guidelines found on the state website.
Selected candidates must be authorized to work in the United States per the Departmentof Homeland Security, United States Citizenship and Immigration Services regulations.

Nice To Haves

Advanced degree or industry specific certification may be substituted for 1 year of experience
Experience with legal documents a plus
NJEDA utilizes Microsoft as the core application platform and proficiency in the Microsoft Office Suite is preferred.

Responsibilities

Responds to inquiries/notices from bondholders, trustees, borrowers, insurers, credit enhancers and others in connection with closed bonds, assists with OPRA requests, locates and provides requested documents to OPRA officer. Creates monitoring and compliance exception records in CRM, independently manages follow up and works with bond counsel, trustee, and/or borrower towards resolution.
Handles tax-exempt bond compliance efforts including responding to arbitrage rebate questions from conduit bond borrowers, responsible to oversee consultant contracts and rebate reports needed for State-backed bonds. Provides invoices, rebate reports and disclosures on State-backed transactions as required. Processes rebate reports from consultants, reviews to determine monies due and ensures payment by OPF and submission to the IRS with notice to trustee on respective issues.
Monitors and tracks annual compliance certificates, tax completion certificates, 8038-CP’s, 1097-BTC’s and other IRS required documents; uploads and processes all pertinent documents into EDA’s Customer Relationship Management System (CRM).
Reviews tax compliance agreements for large state-backed bonds, coordinating with bond counsel, Treasury and Schools Development Authority, and other state agencies as necessary. Helps prepare annual summary reports to the Authority's designated Tax Compliance Officer (i.e., President and COO). Identifies and attends required bond compliance training
Researches and updates status of bond borrower in CRM including mortgage discharge requests, redemption requests, and payoff verification at maturity date.
Supports Bond Compliance Officer and/or Program Manager to ensure timely and appropriate responses to IRS bond audits. Works with borrowers and DAG's office to engage counsel as needed, coordinates and oversees the preparation of responses to IRS information documentation requests, and Tax-Exempt Bond Voluntary Closing Agreement Program (VCAP) filings, monitors negotiations between the borrowers and IRS; once finalized, ensure corrective actions (redemptions, fees/interest payments, etc.) are made by borrowers as necessary.
Responsible for maintaining complete and up to date customer/project files, in EDA’s document management systems
Assists Program Manager/Bond Compliance Officer(s) in the review and update of Bond Policies and Procedures.
Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff
Develops and maintains strong relationships with stakeholders such as the Business Development Team, Underwriters, the Real Estate Division and the AG’s office.
Promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers.
Must complete annual self-assessment as required.
Performs other duties and special projects, as assigned