Job description

University Overview

The University of Pennsylvania, the largest private employer in Philadelphia, is a world-renowned leader in education, research, and innovation. This historic, Ivy League school consistently ranks among the top 10 universities in the annual U.S. News & World Report survey. Penn has 12 highly-regarded schools that provide opportunities for undergraduate, graduate and continuing education, all influenced by Penn's distinctive interdisciplinary approach to scholarship and learning. As an employer Penn has been ranked nationally on many occasions with the most recent award from Forbes who named Penn one of America's Best Employers By State in 2021.

Penn offers a unique working environment within the city of Philadelphia. The University is situated on a beautiful urban campus, with easy access to a range of educational, cultural, and recreational activities. With its historical significance and landmarks, lively cultural offerings, and wide variety of atmospheres, Philadelphia is the perfect place to call home for work and play.

The University offers a competitive benefits package that includes excellent healthcare and tuition benefits for employees and their families, generous retirement benefits, a wide variety of professional development opportunities, supportive work and family benefits, a wealth of health and wellness programs and resources, and much more.

COVID-19 vaccination is a requirement for all positions at the University of Pennsylvania. New hires are expected to be fully vaccinated before beginning work at the University. For more information about Penn's vaccine requirements, visit the Penn COVID-19 Response website for the latest information.

Posted Job Title
Associate Comptroller for Financial Reporting and Accounting Operations - Division of Finance

Job Profile Title
Associate Comptroller

Job Description Summary
The Associate Comptroller (AC) has University-Wide responsibility for GAAP Financial Reporting and Accounting Operations. The AC leads a team of nine accounting professionals that produces and analyzes the University's separate Academic and Consolidated financial statements ensuring compliance with US GAAP including certain supporting accounting operations. The AC directs and plans the monthly, quarterly and annual GAAP financial close process for all schools, resource & administrative centers, central finance functions, University subsidiaries and the University of Pennsylvania Health System (Health System) and its subsidiaries, for a total of annual revenues surpassing $14 billion. The AC has indirect responsibility for all significant accounting and reporting activities performed outside the Comptroller's department (e.g. Gifts, Tuition, Sponsored Programs, and Investments) and leads a "Shared Governance" process to direct, measure and monitor desired controls and outcomes. The AC and the team provides various analyses of business operations to Executive Leadership (e.g. Comptroller, VP and EVP) and the University's external auditors. These analyses are key to (1) ensuring the accuracy of the University financial reporting, (2) communicating the financial health and integrity of the Consolidated University to the Board of Trustees and other interested external third parties such as prospective donors, grant making agencies, debt holders, etc., (3) maintaining and improving the University credit rating, (4) ensuring proper financial stewardship/control and (5) safeguarding University assets. The AC and the team act as business partners for financial professionals in all of the schools, resource & administrative centers, central finance functions, University subsidiaries and the Health System consulting on various issues with potential impacts from changing business operations to significant and/or unusual transactions. The AC directs the benchmarking and external monitoring of peer school reporting and standard setter activities and favorably influences the related reporting standards and audits. New Accounting Standard Updates and reporting/accounting changes are directed University-wide by the AC.

In the Division of Finance, we recognize diversity and inclusion is paramount to a positive and thriving work environment; it is a business imperative. We are committed to actively fostering diversity, inclusion and cultural competency throughout our operational efforts in the Division of Finance. This role will be critical in supporting those efforts and demonstrating behaviors and competencies that reflect Penn's values.

We take pride in the myriad ways that diversity enriches our curriculum, and the cultural and social life of our campus. Penn's commitment to achieving eminence through diversity is ultimately a commitment to creating a more vibrant university so that our graduates will be both stimulated and empowered to shape a better world.

Job Description

PRINCIPAL RESPONSIBILITIES:
REPORTING

Plans and directs all aspects of Penn's external reporting and analysis process including the establishment of related internal controls and monthly closing procedures, and highly technical and complex accounting/reporting research.

Ensures reporting accuracy and transparency through detailed level review of monthly, quarterly, and annual financial statements and related disclosures including footnotes prepared by the reporting group and multiple groups in other organizations.

Directs the GAAP related reporting process of all schools, resource and administrative centers and central finance functions. Directs the consolidation process for the University's $9 billion Health System, complex real estate operations, and various subsidiaries.

Communicates required changes in the University's consolidated annual financial report to the Comptroller, senior leadership, Board of Trustees and external auditors through the annual Form and Content draft process.

Directs the preparation of other external reports such as IPEDs, Commonwealth Appropriations, numerous US Gov't Census surveys, NSF, Middle States, DCA, etc.

ANALYSIS

Directs a comprehensive financial statement analysis process which culminates with the preparation of formal analysis documents used by executive management to communicate business trends and issues to the Board of Directors and by external auditors to verify compliance with reporting controls as well as the accuracy of our statements.

Directs a comprehensive monthly horizontal line item analysis process of the financial statements designed to detect and correct significant accounting/reporting errors and identify and communicate corrective actions required to prevent their reoccurrence.

RESEARCH

Ensures compliance with GAAP through detailed review of complex accounting rules and the application of those roles to complicated and multifaceted transactions University-wide.

Reviews and/or prepares professionally documented accounting and reporting research "position papers" (following professional practices used by EITF) recommending and approving critical accounting decisions for concurrence by the external auditor.

Proactively monitors emerging accounting, reporting and internal control rules promulgated by authoritative bodies including the SEC, FASB, EITF and AlCPA.

Benchmarking peer and other entity reporting/accounting practices.

Evaluates these emerging rules and practices, communicates impact on the University, and recommends and implements appropriate actions.

SHARED GOVERNANCE

Directs the functional aspects of the closing process/schedule and partners with Finance IT and ISC on related system requirements.

Directs the implementation of a Shared Governance Model in functional departments University-wide, including assignment of object code reconciliation and analysis responsibilities, and development and implementation of a monitoring process that ensures the University's system of internal controls over financial reporting (e.g. reconciliations, agings, and analytical reviews) are effective and operating as intended.

EXTERNAL AUDIT

Plans and directs all aspects of the external audit process including:
o Scheduling and coordinating of quarterly reviews and annual audit activities
o Scheduling and coordinating of related internal activities to meet external deadlines
o Working together with other functional departments to ensure that necessary supporting information is provided timely and accurately
o Reviewing and editing of all communications from external auditors to University Board of Trustees and senior management such as:
Consolidated University Audit Plan
Consolidated University Engagement Letter
Consolidated University Quarterly Review Reports
Consolidated University Annual Audit Report
Management Letter comments and responses

HIGHER EDUCATION INDUSTRY REPRESENTATION

Proactively influence emerging accounting, reporting and internal control trends and proposals being developed by authoritative bodies such as SEC, FASB, EITF and AlCPA by representing the University on various national industry committees and working groups including:
o Active leadership and participation on the NACUBO Accounting Practitioners Council (APC)
o Active leadership and participation on the Ivy Plus Controllers Group
o Presenting to various Ivy peer groups in areas such as Research and Gifts
o Communication and cooperation with the FASB NFP Advisory Board

DEPARTMENTAL FINANCIAL MANAGEMENT

Directs the Comptroller's Office internal business processes for budgeting, forecasting, purchasing and salary management including:
o Producing and monitoring all required DOF budget and forecasting documentation for the department.
o Directing the Business Administrator's related budget and purchasing responsibilities.
o Ensuring that developed plans for extending budget ownership and tracking to the key program area managers within the department operates as intended, including improved forecast accuracy and pre-approval of any budget requirement changes.

ACCOUNTING OPERATIONS FUNCTIONS

Directs the planning and execution of the University-wide in-sourced moveable equipment inventory in accordance with the new University policy and OMB Uniform Guidance.

Directs the annual review and update of the University-wide Financial Policy Manual.

Directs the University-wide fixed asset accounting operation to: 1) ensure that centers can properly safeguard and inventory their assets, 2) ensure that centers are properly reporting and approving asset acquisitions, dispositions and relocations, and 3) ensure that depreciation expense is properly calculated and reported.

Directs the University-wide cash receipts operations and related bank reconciliations to ensure that cash transactions are properly reported in the appropriate period.

Directs the University-wide interfund and affiliate billing operation to ensure that services provided to related and affiliated parties are billed, reported and reimbursed in a timely manner.

STUDENT ACCOUNTING FUNCTIONS

Student receivables
o Directs the accounting processes and controls associated with the Student Tuition and Fees receivables toensure accurate and timely reporting of net realizable value including:

Controls over transaction level access via system or user input

Reconciliation of subsidiary ledgers to the general ledger

Controls with respect to payments against the receivable via cash, institutional aid or outside scholarship or loan

Collectability assessments and agings of receivable balances

Loan receivables
o Directs the accounting processes and controls associated with the Federal and Institutional loan funds to ensure accurate and timely reporting of net realizable value including:

Controls over the reconciliation of the Third-Party loan servicer records to the University General ledger

Controls over the posting of the monthly activity and reconciliation of cash and receivable activity associated with loan disbursement or collections

Controls over the Federal loan funds specifically to ensure compliance with Federal regulation associated with the funds

Collectability assessments and agings of receivable balances

Federal student loan advances and related repayment and reporting to cognizant federal agency

Reporting requirements
o Directs the process, procedures and controls associated with reconciliation and preparation of all Federal outside agency reporting requirements associated with Student Financial aid programs, institutional aid, outside sponsored aid and tuition and fee revenues including but not limited to:

FISAP and AOR reporting for Federal Loan programs

SEFA

Reconciliations
o Directs the processes and procedures related to the reconciliation of all accounts associated with Student Receivables and aid at the University including but not limited to:

Cash collections associated with 5 separate third party servicers, student loans agencies, Federal and state agencies and third-party sponsors for aid and tuition payments

Three bank accounts for receipt of funds

All subsidiary ledgers to the General Ledger

Penn tuition prepayment program liability accounts and activity

Penn collections office activity for payments associated with delinquent student receivable collections including outside collections agencies

Shared governance consultation with SRFS
o Directs the process for Shared Governance consultation for individual SRFS offices including:

Bursar and student accounts (substantially requires the majority man effort) for billings, receivables and collection account activity

Student Aid for oversight and reconciliations of all Title IV and Title VII aid programs, Veterans Benefits, Outside Scholarship Payments, and State grant programs.

Audit requirements
o Directs the processes and procedures associated with the University Financial Audit and Financial Aid audit as well as any third party or outside agency audit requirements to ensure correct reporting of Student Tuition andFee revenue as well as Student aid related activity.

Qualifications:
Demonstrated people leader with superior communication and financial analysis skills.

Must be able to partner with colleagues across the University to undertake a common and progressive approach to financial accounting and related business controls.

Demonstrated agent of change that is continuously improving business processes.

In addition the ideal candidate will possess:

• An active CPA license;
• A Bachelors degree in business, preferably accounting;
• A minimum of ten years of progressive managerial experience in accounting and/or financial functions;
• Experience in the operations of an accounting department including general ledger, billing, payables, payroll, fixed assets
• Demonstrated success in improving business processes and related internal controls;
• A strong understanding of generally accepted accounting principles and external financial reporting;
• Strong analytical skills and excellent judgement;
• A strong understanding of financial systems and the ability to implement system conversions and upgrades
• Demonstrated knowledge of project budgeting and fiscal management. Strong financial, analytical, and modeling skills.
• Experience with the University of Pennsylvania financial systems preferred. Advanced user skills with Excel and other Microsoft programs and computer systems.
• Excellent interpersonal, communication and presentation skills.
• Demonstrated ability to be detail-oriented and accurate.
• Able to handle multiple tasks simultaneously.
• Demonstrated organizational and prioritization skills, along with the ability to work within tight and often conflicting deadlines.
• Must be flexible, show effective judgement, discretion and have the ability to handle confidential financial matters.
• Work effectively in a highly matrixed and decentralized environment with the ability to navigate through ambiguity and demonstrate appreciation and support for diversity, inclusion and belonging in a constantly evolving academic/higher education environment.

Job Location - City, State
Philadelphia, Pennsylvania

Department / School
Division of Finance

Pay Range
$110,850.00 - $174,270.66
Salary offers are made based on the candidate's qualifications, experience, skills, and education as they directly relate to the requirements of the position, as well as internal and market factors and grade profile.

Affirmative Action Statement
Penn adheres to a policy that prohibits discrimination on the basis of race, color, sex, sexual orientation, gender identity, religion, creed, national or ethnic origin, citizenship status, age, disability, veteran status, or any other legally protected class.

Special Requirements
Background check required after a conditional job offer is made. Consideration of the background check will be tailored to the requirements of the job.

University Benefits

Health, Life, and Flexible Spending Accounts : Penn offers comprehensive medical, prescription, behavioral health, dental, vision, and life insurance benefits to protect you and your family's health and welfare. You can also use flexible spending accounts to pay for eligible health care and dependent care expenses with pre-tax dollars.

Tuition : Take advantage of Penn's exceptional tuition benefits. You, your spouse, and your dependent children can get tuition assistance here at Penn. Your dependent children are also eligible for tuition assistance at other institutions.

Retirement: Penn offers generous retirement plans to help you save for your future. Penn's Basic, Matching, and Supplemental retirement plans allow you to save for retirement on a pre-tax or Roth basis. Choose from a wide variety of investment options through TIAA and Vanguard.

Time Away from Work: Penn provides you with a substantial amount of time away from work during the course of the year. This allows you to relax, take vacations, attend to personal affairs, recover from illness or injury, spend time with family-whatever your personal needs may be.

Long-Term Care Insurance: In partnership with Genworth Financial, Penn offers faculty and staff (and your eligible family members) long-term care insurance to help you cover some of the costs of long-term care services received at home, in the community or in a nursing facility. If you apply when you're newly hired, you won't have to provide proof of good health or be subject to underwriting requirements. Eligible family members must always provide proof of good health and are subject to underwriting.

Wellness and Work-life Resources : Penn is committed to supporting our faculty and staff as they balance the competing demands of work and personal life. That's why we offer a wide variety of programs and resources to help you care for your health, your family, and your work-life balance.

Professional and Personal Development: Penn provides an array of resources to help you advance yourself personally and professionally.

University Resources: As a member of the Penn community, you have access to a wide range of University resources as well as cultural and recreational activities. Take advantage of the University's libraries and athletic facilities, or visit our arboretum and art galleries. There's always something going on at Penn, whether it's a new exhibit at the Penn Museum, the latest music or theater presentation at the Annenberg Center, or the Penn Relays at Franklin Field to name just a few examples. As a member of the Penn community, you're right in the middle of the excitement-and you and your family can enjoy many of these activities for free.

Discounts and Special Services : From arts and entertainment to transportation and mortgages, you'll find great deals for University faculty and staff. Not only do Penn arts and cultural centers and museums offer free and discounted admission and memberships to faculty and staff. You can also enjoy substantial savings on other goods and services such as new cars from Ford and General Motors, cellular phone service plans, movie tickets, and admission to theme parks.

Flexible Work Hours: Flexible work options offer creative approaches for completing work while promoting balance between work and personal commitments. These approaches involve use of non-traditional work hours, locations, and/or job structures.

Penn Home Ownership Services: Penn offers a forgivable loan for eligible employees interested in buying a home or currently residing in West Philadelphia, which can be used for closing costs or home improvements.

Adoption Assistance: Penn will reimburse eligible employees on qualified expenses in connection with the legal adoption of an eligible child, such as travel or court fees, for up to two adoptions in your household.

To learn more, please visit: https://www.hr.upenn.edu/PennHR/benefits-pay

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