What are the responsibilities and job description for the SVP/Chief Financial Officer position at Essential Credit Union?
POSITION PURPOSE:
Responsible for directing, coordinating, maintaining, and controlling all financial transactions and activities of the Credit Union in accordance with the Generally Accepted Accounting Principals and regulatory guidelines. Ensures the accounting and financial activities are carried out in accordance with established legal, regulatory and Credit Union procedures. Oversees the Asset Liability Management Reporting software and processes. Leads the Asset Liability and Funds Management Committee. Responsible for investment analysis and oversight of investment portfolio. People leader for the Accounting and Finance department.
ESSENTIAL FUNCTIONS AND BASIC DUTIES:
- Oversees all the financial activities of the Credit Union as they are recorded through the automated and manual journal entry processes.
- Works in conjunction with the Board, CEO, and senior management to prepare the annual budget and ongoing forecasts.
- Creates short- and long-term goals for the accounting department that fit within the scope and direction of the Credit Union and senior management team.
- Responsible for development, training and performance appraisals for all Accounting and Deposit Operations staff.
- Oversees the preparation of all monthly and quarterly financial statements for the Board and for regulatory reporting requirements.
- Works in conjunction with the Mortgage Department to complete loan sales to Fannie Mae.
- Prepares and monitors the accounting budgets and strategic business plans.
- Thorough knowledge of financial and accounting practices and procedures
- Knowledge of PC software, accrual accounting and asset/liability management procedures. Understanding of governmental regulations and reporting requirements.
- Prepares analysis for investment purchases and monitors outstanding investment portfolio.
- Ensures all reconciliations are completed timely and any research items are resolved within 90 days.
- Ensures the integrity and accuracy of items moving through the general ledger accounts.
- Ensures the asset liability management software is updated in a timely manner. Completes the monthly ALM analysis and twice per year ensures outside validation of the ALM model.
- Represent the credit union at external functions and attend board meetings and report on assigned areas requested by the President/CEO.
- Conducts the monthly ALCO meetings to ensure the Committee has proper information to set the direction for the Credit Union in terms of interest rate, duration, and liquidity risks.
- Hold periodic staff meetings. Identify areas for improvement, changes in procedures, new developments, or changes in services. Keep staff up to date on trends and general credit union information.
- Represents the Credit Union to various trade professionals and groups.
- Serves as a liaison between the Credit Union and regulators/auditors.
- Develops and implements audit procedures. Performs internal audit for back-office accounting and assist with front office auditing at various levels. Monitors for compliance with generally accepted accounting principles. Creates appropriate reports for management, outside auditors, and supervisory committee.
- Assist with vendor negotiation and major purchasing decisions for capital equipment or other capital asset expenditures.
- Oversees the preparation of Federal and State wage and tax reports.
- Assist in developing and fostering a “winning” culture within the Credit Union that is evident in both member and staff feedback.
- Must comply with applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.
- Other projects as may be assigned.
Major Accountabilities:
- Oversees and manages the credit union’s investment portfolio, annual budget preparation and monitoring, financial reporting and activity, accounts payable, and automated clearinghouse transactions.
- Develops, implements, and monitor policies and procedures in accordance with credit union goals and strategies.
- Responsible for effectively planning, organizing, and directing the credit union’s accounting and finance department.
- Prepares and ensures accuracy of financial statements, ALLL and CECL calculations.
- Represent and promote the credit union brand professionally.
- Serves as Chair to the ALCO committee.
- Regularly attend monthly board meetings and update directors on the financial activity of the credit union.
NOTE: THE LIST OF ESSENTIAL FUNCTIONS IS NOT EXHAUSTIVE.
MINIMUM ABILITY, SKILL, AND KNOWLEDGE REQUIREMENTS:
- Bachelor’s degree in accounting, Business or Finance required.
- CPA and MBA preferred.
- Five or more years of supervisory or management of the financial department in a Bank or Credit Union.
- Previous CFO experience preferred.
- Proven leadership skills.
- Asset liability management proficiency.
- Excellent communication and organizational skills.
- Self-directed and initiative-taking.
PHYSICAL REQUIREMENTS:
Perform primarily sedentary work with limited physical exertion and occasional lifting of up to 5 lbs. Must be capable of climbing/descending stairs in emergency. Must be able to operate routine office equipment including telephone, copier, facsimile, and calculator. Must be able to routinely perform work on computer for an average of 6-8 hours per day. Must be able to work extended hours whenever required or requested by management. Must be capable of regular, reliable, and timely attendance.
OTHER REQUIREMENTS:
Must be able to perform job functions with supervision and work effectively either on own or as part of a team. Must be able to read and carry out various instructions and follow oral instructions. Must be able to speak clearly and deliver information in a logical and understandable sequence. Must be able to perform basic mathematical calculations with extreme accuracy. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines/requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising the highest level of discretion on confidential matters.
