Director of Financial Accounting and Reporting - 501781

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SUMMARY:

The Director of Financial Accounting and Reporting will oversee the day-to-day operations of the Accounting Office and Treasury Services as well as the University's external financial reporting. The primary responsibilities are to ensure timely and accurate financial reporting for the University and its affiliated entities through the proper application of accounting principle

RESPONSIBILITIES:

Financial reporting responsibilities:
  • Evaluate new accounting pronouncements, document the impact to the University and affiliated entities' financial statements for audit purposes, and work with various departments and individuals to implement changes necessary to comply with new guidance.
  • Prepare quarterly and annual financial statements for the University along with the related analyses. Coordinate completion of required disclosures included in the University's audited financial statements with various departments.
  • Handle consolidation of affiliated entities, including preparation of consolidation entries and preparation of consolidating schedules, to be included in audited financial statements.
  • Coordinate the University's annual financial statement audit with the external auditors and internal staff.
  • Take lead role in the development of appropriate policies and procedures related to the University's financial reporting process, in coordination with the Office of Planning and Budget for those items impacting the University's operating statement.
  • Prepare the annual financial statements for the University's 403(b) retirement plan and coordinate the related audit activities.

Accounting related responsibilities:
  • Oversee and direct the University's accounting functions, ensuring that campus-wide financial transactions are recorded accurately, consistently and in a timely manner.
  • Evaluate and, if necessary, enhance the internal control structures around key University accounting activities/processes to ensure accurate reporting.
  • Serve as the key point of coordination regarding user security permissions in Banner Finance for access to Banner screens and forms. Coordinate Banner upgrade testing for the Finance module with other responsible areas (e.g., Office of Planning and Budget).

Treasury related responsibilities:
  • Oversee and direct the University's treasury and banking functions, ensuring that banking transactions are recorded accurately, consistently and in a timely manner.
  • Ensures policies and procedures meet the University's objectives, needs, and regulatory body requirements.
  • Oversee University PCI Compliance program including facilitating an annual review and update of all PCI related policies, be the prior point of contact for PCI compliance, and report on PCI compliance status.

Endowment responsibilities:
  • Prepare endowment trial balance and quarterly claim on cash reconciliation, and prepare necessary transfers between the University and SMC/Richmond Fund. Coordinate the timing and delivery of these reports with SMC's investment operations team.
  • Review the Rate of Return Agreement true-up calculation prepared by Spider Management, record accruals in the University's general ledger and process associated payments.
  • Prepare and post quarterly market value adjustments for over 200 investment funds.
  • In collaboration with the Manager of Financial and Endowment Accounting and the Provost's Office (where appropriate), serve as a resource to schools, units, and departments with responsibility for endowed funds to ensure the proper use of funds in accordance with donor restrictions and legal requirements, and develop procedures to ensure the responsible areas have the appropriate tools to use these funds properly and effectively.

Managerial responsibilities:
  • Coach, mentor and develop staff of 5 by building knowledge of industry best practices, generally accepted accounting principles, and University policies and procedures as they relate to financial matters while fostering a customer-centric approach to providing service to campus users.
  • Assess and ensure the effective and efficient operation of the Accounting area and recommend changes/improvements to processes in Banner, ROADS and related systems/tools, as well as recommending and developing appropriate institutional policies and procedures.

Outside responsibilities:
  • Record financial transactions for Richmond Fund Management Company in the University's general ledger.
  • Special projects as needed.

QUALIFICATIONS:
  • Comprehensive understanding of US GAAP including extensive knowledge of FASB's and other accounting guidance, investment accounting, not-for-profit accounting, LLC and partnership accounting and accounting for retirement plans
  • Significant experience reviewing legal documents to evaluate the proper accounting for new transactions and legal structures
  • Significant experience with technical accounting research
  • Significant experience preparing financial statements and footnote disclosures
  • Knowledge of IRS and other tax rules
  • Comprehensive knowledge of financial systems and financial reporting processes (Banner preferred)
  • Proficiency with Microsoft Office suite of products
  • Excellent written and oral communication skills
  • Strategic thinking
  • Analytical thinking and problem solving skills
  • Project management skills
  • Presentation skills
  • Interpersonal skills

EDUCATION & EXPERIENCE:

Bachelors degree in accounting or finance and 5-7 years of experience in accounting and financial reporting, preferably for not-for-profit entities. Licensed Certified Public Accountant preferred. Prior project management and supervisory experience preferred.

WORK HOURS:
  • Full-time, exempt position
  • Monday – Friday, 8:30 a.m. - 5:00 p.m.; 7.75 hrs./day; 38.75 hrs./week

SALARY STRUCTURE:
Pay Grade 10 (Hiring Range $85,000 to $100,000 annually)

ABOUT UR:

At the University of Richmond, we're creative, inclusive, and determined. We're Spiders, and our mission is to create positive change in the UR community and beyond. Located minutes from downtown Richmond, Virginia, the University of Richmond ( www.richmond.edu ) blends the intimacy of a small college with exceptional academic, research, and cultural opportunities usually found only at large institutions. There's only one place like Richmond.

UR is committed to developing a diverse faculty, staff and student body, and to modeling an inclusive campus community which values the expression of differences in ways that promote excellence in teaching, learning, personal development and institutional success. In keeping with this commitment, our academic community welcomes candidates from diverse backgrounds and candidates who support diversity. EOE