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DIRECTOR OF FINANCIAL OPERATIONS

(Position 8040 Revised)

Description: (please provide a brief summary of the functions of the position)

The Director provides leadership and management for the financial operations and services for college wide accounts receivable, accounting operations to include general ledger accounting; cash management including collections; bank reconciliations; monthly and year end closings; annual college audit coordination; and various internal reports and external financial reporting for the MHEC, MACC, and IPEDS. This position reports directly to the Dean of Financial and Administrative Services.

Principle duties and responsibilities:  prioritize tasks and responsibilities and summarize them below.

• Management responsibility for the fiscal and administrative functions of the Bursars Office, the General Ledger accounting operations, cash management, bank reconciliations and the college annual audit coordination.

• Supervises the professional staff of the Bursar, the General Ledger Fiscal Coordinator, and the Accounts Receivable/Collections Analyst.

• Responsible planning, developing and monitoring annual budgets for two cost centers.

• Oversight responsibility for the consistent day-to-day fiscal operations of accounts receivable, cash management, posting of account transactions to the general ledger, accounting for financial aid transactions to include Federal, State, Institutional and external scholarships and grants.

• Management oversight of statistical financial reporting for the state education associations of MHEC and MACC, and the Integrated Postsecondary Education Data System (IPEDS).

• Oversight of the timely month and year end financial account closing activities.  This assumes cross-training for essential positions, developing and maintaining adequate back-up systems, etc. 

• Coordination with the college auditors and various college unit staff responsible for cash collection and accounting activities for all financial and/or compliance audits for the college and the foundation.  The process includes preparation of financial schedules and general ledger reconciliations.

• Maintains positive relationships with the college community and external financial reporting agencies.

·         Oversight of college collection processes; including conducting all account receivable dispute resolution discussions and meetings with vendors, employers, parents and students. Participation in the college student grievance committee reviewing grievances relating to scheduling, grades, outstanding amounts owed, etc.

• Oversight of the timely and accurate deposit of all college funds.

• Oversight of the timely mailing of appropriate billing according to college schedules.

• Oversight of development activities related to the class schedule to ensure correct information as related to college billing, FACTS payment, etc.

• Oversight of the integrity of the Datatel Financial System operations, security, updates and new versions.

• Establishes and maintains written accounting policies, procedures, and forms necessary to maintain compliance with generally accepted accounting principles, county/state/federal requirements, and internal control requirements.

• Assists in ensuring the college internal controls are maintained in order to safeguard college assets and to assure the reliability of financial reporting.

• Assists in the establishment and maintenance of internal systems and processes necessary within reporting departments necessary to implement and monitor Governmental Accounting Standards Board (GASB) 34, 35, and 39, 41 & 43. 

• Provides quarterly informational staff meetings for all accounts receivable and cash management staff from all college campuses and centers.

• Oversight of college staff training provided for the Colleague financial management system as it relates to general ledger activities

• Establishes fiscal operating standards and reviews accounting and reporting processes to ascertain whether financial results are consistent with established goals or objectives pertaining to accuracy, accountability, timeliness and quality customer service.

• Responsible for ensuring that all supervised staff are provided appropriate and specific training to successfully execute their responsibilities.

• Maintains current knowledge and expertise in accounting and financial management operations through participation in professional organizations.

• Responsible for performing special studies, investigations, or other services as directed by the Dean of Financial and Administrative Services.

Education/Knowledge/Skills Required:  Specify required degrees, experience, special skills, and abilities necessary for satisfactory performance.

• BA/BS in Accounting, Finance, or Business Administration
• Minimum of five (5) years supervisory experience of general ledger accounting operations.
• Demonstrated ability to lead and supervise a diverse group of professionals.
• Comprehensive knowledge of generally accepted accounting practices.
• Demonstrated ability to handle multiple projects.
• Experience with an integrated financial data system, preferably one year with Colleague
• Demonstrated ability to communicate and interact effectively at all levels of the organization.

Supervision:  List all position titles reporting directly to this position, full-time or part-time.  Include student assistants and part-time faculty supervised in a typical semester.

• Bursar
• General Ledger Fiscal Coordinator
• Accounts Receivable/Collections Analyst

Contacts:  Identify contacts required within and outside the college, and purpose of contacts.  (Example:  Contacts vendors for supplies and materials; or meets with tri-county public and private employers to determine training needs).

• External auditors (schedules for annual financial statements)
• Management-level personnel from college departments
• Executive-level personnel from within the college
• Foundation personnel (financial reporting and scholarship accounting)
• External regulatory and reporting agencies relating to accounts receivable, cash management, financial accounting, and financial aid reporting
• Vendors, employers, students, parents (related to billing disputes)

Guidelines/Procedures/Regulations:  Identify guidelines, procedures, instructions, regulations, and laws within which the position functions.  Be specific.

• Federal, State, and County financial accounting and financial records management laws and regulations.
• College policies and procedures
• Governmental Accounting Standards (GASB) requirements for financial statement preparation
• AICPA Industry Audit Guide for College and Universities
• Generally accepted auditing standards (GAAS)
• AICPA Industry Audit Guide for College and Universities
• Internal financial control procedures
• Divisional/departmental procedures
• Divisional/departmental annual business calendar(s)

Fiscal Responsibility:  Describe the fiscal responsibility.  Include total dollars that the position directly controls.

• Oversees college revenue and expense recording (in excess of $45 million)
• Responsible for development and accountability for cost center budgets (in excess of $850,000.)

Physical Working Environment:  Describe the physical working environment and list any hazardous and toxic substances used in the performance of duties.

• Comfortable office setting with no known exposure to hazardous substances.  Work environment is stressful.

Date:  5-30-07

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