Two Accounting Teams Highlight

Two Accounting Teams Highlight

Pedcor is continually cultivating thriving communities. With Q1 ending and expanding our apartment portfolio, we would like to highlight two hard-working accounting teams.

Pedcor Investments Accounting Teams

Pedcor Investments, LLC has an accounting team that is referred to as the real estate accounting group. Pedcor Investments, LLC is an upper tier entity primarily involved in multi-family development / real estate developers. There is Accounting and Finance which is another other entity. The teams supports Pedcor’s bank holding company which includes Accounting, Accounting and Finance (banking only), A/P, Payroll, Benefits & Admin, Treasury, and Tax

There are two accounting teams to highlight. One team is led by Shuron Agnew who is on the executive team with Pedcor Investments, LLC. She is the Senior Vice President & Deputy CFO – Pedcor Investments, LLC which leads the accounting and treasury teams. The other department to highlight is an accounting and finance team led by Stephanie Anthony who is the Vice President & Director of Accounts Payable, Payroll, and Benefits for Pedcor Companies.  Stephanie’s teams are Accounts Payable, Payroll and Benefits for all of Pedcor Companies – Pedcor Investments and Pedcor Financial, LLC.

Shuron and Stephanie joined Pedcor in 1997 within a month of each other. “For 25 years, it’s been fun because you get to see a lot and learn a lot. It gives you an opportunity to meet new people and learn new processes. With Stephanie and I being here so long, you have to be open to change because the business changed,” stated Shuron.  The team completes rigorous year end reporting, quarterly reporting, and have experienced software changes. However, along the way, they have included some relief activities including team lunches and tree decorating at the Holidays to keep it fun. Pedcor’s growth has resulted in a payroll department and AP department when formerly it was just Stephanie who handled both. Shuron was the only staff accountant at the beginning and handled all the financials. Now, Pedcor has multiple accounting departments. Shuron and Stephanie anticipate additional changes as a result of ever-changing laws, regulations, rules, and growth, especially as Pedcor becomes more intertwined with United Fidelity Bank,fsb.

Accounting and Treasury Team

Shuron’s team works with our residential entities but also works closely with the banking side because of how Pedcor has evolved over time. Currently, the team is completing a year-end audit. There are about 180 audits to be completed for year-end 2021. Year-end started Q4 of 2021 then once January 1 starts, the teams move forward with the year-end work. The year-end audit involves the accountants working 60 hours a week in January and they even work Saturdays until the goals and deadlines are met and results provided to the auditors. This year, the team worked three Saturdays in the office and worked remotely on the other Saturdays to meet the deadlines. Saturdays are a day to have fun and relax while still getting the work done. Shuron strives to create a positive environment by allowing everyone to dress casually and she buys the team lunches as well as celebrates their success. March 31st is the HUD annual audit report submission deadline and this is a huge audit report deadline for Pedcor Investment accounting which equates to 75% of year end audits being completed. Lastly, the accounting team audit season last until mid-June because after the March 31st deadline, the accounting team focus on completing commercial “Carmel City Center & Pedcor Office ”entities audits, AHP not-for-profit audits and Pedcor Upper Tier audits. Pedcor Investment, LLC is the last audit report completed which is around mid-June and that is a time to relax and smile that year end is finally over!

For each apartment community, the team produces the monthly financials and publishes them by mid-month. The accounting staff also completes additional reporting for our investors. Each apartment community has a general partner and a limited partner. A limited partner is usually an outside entity and a general partner is usually a Pedcor-related entity. As part of the partnership agreement, the accounting team has the obligation to supply financial information to the partners monthly, quarterly, and annually. Pedcor has various outside investors who also receive reports customized for their needs. Add to that the additional reporting monthly HUD reports and special projects and you can see that the team keeps busy with all the required reporting!

The treasury side is a day-to-day operation. The treasury team is moving money for the entire company every day and routinely communicates with the sites to make sure deposits are made timely. Treasury is under time constraints and constantly under deadlines of wires and internal transfers cut-off times while balancing the company’s cash goals each day. The team has to make sure the cash, or “buckets”, are in the right place at the right time to meet the required deadlines. Treasury has additional reporting to ensure bank statements are completed and reviewed monthly and complete semi-annual HUD surplus cash calculations.

Accounts Payable, Payroll, and Benefits Team

Stephanie’s team ensures checks are processed for each colleague within the Pedcor Companies and our vendor partners. The team completes the weekly vendor check run resulting in about 10,000 vendor invoices paid across the company per month. Additionally, the team completes the bi-weekly payroll; benefits administration; employee payroll onboarding; and salary allocations for Pedcor’s 800+ employees. In summary, all checks are handled through Stephanie’s team for each Pedcor employee and Pedcor vendor. Add to that, each has different financial and tax reporting requirements. The team works in conjunction with both the banking and residential accounting departments.

Stephanie’s and Shuron’s team work hand in hand and know weekly communication is key. Stephanie’s team has constant communication with treasury to ensure there is enough cash in each account to cover the checks that have been issued; identify what the AP is going to be; and make sure treasury is funded. Bank statements are a team effort as well. Shuron and Stephanie’s teams have monthly interactions as they review, reconcile and sign off on the 500+ bank statements each month. Teamwork is critical between Shuron and Stephanie’s departments. While they each have individual roles and responsibilities, they ultimately work together to make sure payroll, AP, the treasury function and financial reporting are all accurate and completed. Focused and fun gets the job done!

Pedcor Companies is a full-service development, construction, property management, banking and finance team committed to creating stable, inclusive, and quality rental housing across the nation. We are cultivating thriving communities. For more information, please visit our website.

Pedcor supports the federal fair housing act and all state and local laws prohibiting discrimination in housing with regard to race, color, religion, national origin, sex, familial status, handicap, creed, sexual orientation, gender identity, and lesbian, gay, bisexual, transgendered (LGBT+) individuals. Pedcor is an equal opportunity provider and employer.