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CFO Controller

Wichita Falls, TX, USA | Vault

  • Industry:
    Internet / Online Media
  • Position Type:
  • Functions:
    Finance (Internal)
  • Experience:
    3-5 years
Job Description:
87 people have viewed this job

Responsible for directing, coordinating, maintaining, and controlling an accounting system that properly reflects the financial position of the Credit Union. Responsible for safeguarding Credit Union assets. Administers the Credit Union's fiscal record keeping. Ensures the accurate internal and external recording and reporting of financial transactions. Prepares reports for Senior Management, the board of directors, external users, and government agencies. Oversees budgeting, cost accounting, general ledger, accounts payable, fixed asset, accounts receivable, statistical reporting, and accounting information systems. Serves as a resource in all aspects of accounting. Ensures that accounting activities are in accordance with established legal, regulatory, and Credit Union procedures. Ensures that the Accounting Department supports the overall goals of the Credit Union and that Accounting services are delivered professionally and efficiently.

Basic Function: The position of chief financial officer is accountable for the administrative and financial risk management operations of the organization, to include the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control systems designed to preserve company assets and report accurate financial results. At all times the CFO will safeguard the financial assets of the Credit Union using methods that comply with U.S. generally accepted accounting principles or international financial reporting standards

Principal accountabilities

1)Financial Information:

1)Oversee the issuance of financial information, including organizational revenue/expenseand balance sheet reports.

2)Oversee the accuracy of general ledger content

3)Convey financial results to the board of directors

4)Train other accounting personnel on financial goals, objectives, and procedures.

5) Provide the CEO and board of directors with an operating budget that reflects variance from the norm, extraordinary expenses, and income trends and asset fluctuations.

6) Provide the CEO and board of directors with an operating budget to comply with NCUA key ratio requirements.

7) Coordinate the preparation of the corporate annual report

Specific to WFTFCU:

a) Prepare annual budget, anticipating realistic income and limiting expenditures

b) Prepare monthly financials for board packet, using Fiserv Reporting Analytics and E-fichency

c) Prepare quarterly NCUA 5300 Call Report

d) Prepare annual Federal Reserve 2910a, Report of Deposits

e) Prepare all financial reports for annual Membership meeting

f) ALCO agenda, meeting, and resulting minutes

g) Month end general journal entries

h) General ledger balance sheet item reconciliations

i) General ledger expense items details

j) General Ledger analysis reports to determine trends and project costs

2. Funding

1. Monitor cash balances and cash forecasts; maintain banking relationships

2. Arrange for debt and equity financing, when necessary

3. Invest excess funds for optimal investment income performance

Specific to WFTFCU:

a) Using third party provider website, Rate-Watch, monitor local institutions to determine weekly time deposit rate adjustments

b) Monitor monthly fluctuations in total cost of funds

c) Using third party providers, Baker Group and Catalyst Corp, invest excess liquidity, and monitor maturities and interest payments receivable

• Initiate wire purchases of investments/incoming wires on maturities

• Deposit daily incoming checks of interest payments; identify daily incoming interest payments as posted through SW Corporate

d) Monitor weekly bank statement reconciliations for outstanding or unidentified transactions from Catalyst Corporate and American National.

3. Operations

1. Oversee the financial operations of office

2. Implement operational best practices

3. Supervise acquisition due diligence and negotiate acquisitions, (mergers, buy/sell agreements)

4. Oversee the inventory of all fixed assets, and corresponding depreciation schedules.

Specific to WFTFCU:

a) Continue assigning specific income and expenses to the branch

b) Use the Fiserv Reporting Analytics to obtain weekly lists of member overdrawn accounts and delinquent loans.

c) Act as liaison between Operations, tellering, lending, and member services to facilitate cash movement.

d) Monthly reconciliation of the general ledger capital asset accounts to Excel depreciation schedules.

4. Risk Management

1. Understand and mitigate key elements of the company's risk profile

2. Ensure that record keeping meets the requirements of auditors and government agencies

3. Conduct random cash audits

4. Report risk issues to the audit committee of the board of directors (Supervisory Committee)

5. Maintain relations with external auditors and investigate their findings and recommendations

6. Maintain appropriate insurance coverage

Specific to WFTFCU:

a) Monitor daily cash inventories

b) Quarterly random surprise teller/vault/ATM/dispenser drawer counts

c) Monitor lending concentrations

d) Monitor monthly ALLL; maintain monthly charge-offs and reconcile Fiserv GL to historical Excel worksheet for recovery purposes

e) Quarterly new loan trend reports

f) Quarterly Loan Delinquency/Net Charge-off reports by loan officer

g) NCUA, Cornerstone, and MWH Group audit preparations

h) CUNA annual on-line insurance renewal questionnaire; determine levels, deductibles, and policy discounts

i) Continual training through webinars, seminars, chapter training

j) Maintain professional relationships through CUNA CFO Council and SCMS

5. Senior Management Team

1. Participate in key decisions as a member of the executive management team

2. Maintain in-depth relations with all members of the management team

3. Assist in formulating the company's future direction and supporting tactical initiatives

4. Monitor and direct the implementation of strategic business plans; develop performance measures

5. Manage the capital requests as reflected in the budgeting process

6. Investigate cost-effective benefit plans and other fringe benefits which the organization may offer employees and potential employees with the goal of attracting and retaining qualified individuals. Assist in the design, implementation, and timely calculations of wage incentives, commissions, and salaries for the staff (human resources funding.)

Specific to WFTFCU: Annual planning session incorporates the items listed above.

The chief financial officer often assumes the role of the controller. The controller position at WFTFCU is responsible for:

6. Transactions

1. Ensure that accounts payable are paid in a timely manner

2. Ensure that all reasonable discounts are taken on accounts payable

3. Ensure that accounts receivable, if any (such as bond claims) are collected promptly

4. Ensure that weekly and monthly bank reconciliations are completed

5. Ensure that required debt payments, if any, are made on a timely basis

6. Maintain an orderly accounting filing system

7. Maintain a system of controls over accounting transactions (general ledger balance sheet reconciliations)

7. Reporting

1. Calculate variances from the budget and report significant issues to ALCO

2. Provide for a system of management cost reports

3. Provide financial analyses as needed, for capital investments, pricing decisions, contract negotiations, and marketing strategies

8. Compliance

1. Coordinate the provision of information to external auditors for the annual audit

2. Monitor debt levels and compliance with debt covenants, when occasioned

3. Comply with local, state, and federal government reporting requirements and tax filings (in the case of WFTFCU, more specifically property tax renditions)

9. Additional Accountabilities:

1. Attend Board meetings.

2. Assist in performing all tasks necessary to achieve the organization's mission and help execute staff succession and growth plans.

3. Work with the President/CEO on the strategic vision including fostering and cultivating credit union relationships on state and national levels, especially as concerns the NCUA and the Cornerstone.

4. Assist the CEO in identifying new income streams

5. Communicate effectively in both written and verbal form.

Other Specific to WFTFCU:

a) Continual training through webinars, seminars, chapter training

b) Assist with teller balancing/outages

c) Check signing for departments other than accounting

d) Other administrative assistance to the CEO

MAJOR CHALLENGES

1. Ensuring that financial statements and reports accurately represent the Credit Union’s financial position.

2. Ensuring the preservation and security of Credit Union assets.

3. Developing internal accounting policies and reporting such that costs can be effectively monitored and measured, and budgets accurately developed.

4. Effectively coordinating accounting functions with the operations and related departments.

PERFORMANCE MEASUREMENTS

1. Financial and accounting statements, records, and reports are accurate and timely. Management is provided with useful and informative reports and data. The Credit Union’s financial position is accurately conveyed.

2. Appropriate department policies and procedures are developed and updated as needed.

3. Department functions are conducted in accordance with established principles, standards, and legal requirements.

4. Credit Union assets are safeguarded and preserved.

5. Department personnel are effective and efficient.

6. Positive business relations exist with auditors, government officials, and trade professionals.

7. Good coordination and effective working relations exist with other departments. Assistance is provided as needed.

QUALIFICATIONS

EDUCATION/CERTIFICATION: Bachelor’s degree in accounting. Should have experience in partnering with an executive team. Participation in credit union industry training, such as CUES, NAFCU, or SCMS is recommended.

REQUIRED KNOWLEDGE: Thorough knowledge of generally accepted accounting principles.

Thorough knowledge of Credit Union and industry accounting practices and procedures.

Thorough knowledge of governmental regulations and reporting requirements.

Knowledge of related auditing functions.

Technical understanding of automated accounting and other industry information systems.

Understanding of Credit Union operations and information needs.

EXPERIENCE REQUIRED: Three to five years of experience within the credit union industry, preferably in a financial environment.

SKILLS/ABILITIES: Strong written and oral communication skills.

Strong organizational skills.

Excellent analytical abilities.

Able to use PC equipment, adding machine, telephone, and printers.

MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION

REASONING ABILITY: Ability to apply logical or scientific thinking to a wide range of intellectual and practical problems. Able to deal with very difficult concepts and complex variables.

MATHEMATICS ABILITY: Ability to use advanced algebra, linear equations, quadratic equations, calculus, and/or analytic geometry. Able to perform basic statistical calculations.

LANGUAGE ABILITY: Ability to read scientific and technical journals, abstracts, financial reports and legal documents. Ability to prepare articles, abstracts, editorials, journals, manuals, and critiques. Ability to prepare and make comprehensive presentations, participate in formal debate, and professionally communicate before an audience.


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