What are the responsibilities and job description for the Director of Finance (00011) position at Virginia Racing Commission?
Title: Director of Finance (00011)
State Role Title: Gen Admin Manager III
Hiring Range: Up to $140,000
Pay Band: 7
Agency: Virginia Racing Commission
Location: Virginia Racing Commission
Agency Website: www.vrc.virginia.gov
Recruitment Type: General Public - G
Job Duties
The Virginia Racing Commission safeguards the integrity and transparency of the Commonwealth’s horse racing and wagering industries. The VRC’s Finance Division underpins these efforts by overseeing budgets, maintaining robust internal controls, and delivering thorough financial oversight of both the Commission’s operations and its licensees. As the Director of Finance, you will be the strategic force behind the Commission’s financial operations. You’ll drive policy development, compliance with accounting standards (including ARMICS and GASB), and continuous process improvements to ensure the VRC upholds the highest levels of fiscal integrity.
Compensation and Benefits
- Up to $140,000 (Pay Band 7) Actual salary negotiable within the posted hiring range.
- Health & Insurance: Full-time employees can participate in the state’s health insurance plan. Basic life insurance is provided at no cost, with the option to purchase additional coverage. Workers’ compensation protection is included at no charge.
- Leave Programs: Employees accrue annual leave based on their years of service; sick leave is governed by either Traditional Sick Leave or the Virginia Sickness and Disability Program (VSDP), which also offers short-term and long-term disability coverage. Eligible employees can also take advantage of FMLA, military leave, and recognition/compensatory leave.
- Retirement & Savings: Membership in the Virginia Retirement System (VRS) combines both a defined benefit and a defined contribution plan, plus options for increased contributions. Additional savings can be set aside in a 457 deferred compensation plan.
- Layoff protection and severance benefits may apply in certain situations. Reasonable accommodations are available for employees who need adjustments in the workplace. Service recognition awards and performance-based increases also acknowledge milestone achievements and high-quality service.
Essential Job Duties
- Create and maintain comprehensive financial policies covering ARMICS compliance, cash handling, and contract management.
- Ensure policies are accessible, regularly reviewed, and updated to reflect best practices and new regulations (e.g., GASB statements).
- Oversee the creation, monitoring, and adjustment of the agency’s budget.
- Collaborate with other divisions to appropriately allocate resources for new initiatives and ensure purchasing adheres to state guidelines.
- Establish and monitor internal controls to meet ARMICS requirements, especially in segregation of duties and revenue management.
- Promptly address any control gaps identified during internal or external audits.
- Supervise tax and fee collection processes, ensuring adherence to CAPP Manual guidelines for timely deposits.
- Oversee reconciliations of all revenue streams and maintain accurate financial records.
- Develop protocols for managing contracts in compliance with the APSPM (Agency Procurement and Surplus Property Manual).
- Oversee periodic physical inventory checks of capital assets and ensure GASB 87 lease accounting requirements are met.
- Lead the Continuity of Operations Plan (COOP) for financial functions, including annual testing and updates.
- Evaluate third-party service providers, obtaining SOC reports or similar reviews to mitigate risks.
Minimum Qualifications
- Extensive experience in accounting, budgeting, financial statement preparation, or closely related finance roles.
- Considerable experience of direct supervisory experience within accounting functions (e.g., overseeing staff or major projects).
- Demonstrated proficiency in governmental accounting standards (e.g., GASB) and internal control frameworks (e.g., ARMICS).
- Strong analytical and communication skills, with the ability to interpret complex financial data, craft clear reports, and present findings to diverse stakeholders.
- Excellent attention to detail and organizational abilities, capable of meeting deadlines in a fast-paced, compliance-driven environment.
- Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint, SharePoint) and the capacity to learn specialized finance software or systems.
Additional Considerations
- CPA (Certified Public Accountant) license.
- Hands-on experience implementing new accounting standards or dealing with new GASB statements (e.g., lease accounting under GASB 87).
- Familiarity with risk management techniques, such as evaluating vendor SOC reports or designing/maintaining a disaster recovery plan.
Special Instructions
You will be provided a confirmation of receipt when your application and/or résumé is submitted successfully. Please refer to “Your Application” in your account to check the status of your application for this position.
- Full-time, 40 hours per week (Monday–Friday).
Number of Positions
- One (1) vacancy is available under this announcement.
Application Process
- Apply through the Commonwealth’s Recruitment Management System (RMS).
- You may be asked to demonstrate your abilities via skills-based exercises or presentations.
- This posting will remain open for at least five (5) consecutive workdays.
Conditions of Employment
- Travel may be required for meetings, events or other job duties.
- Employment may be contingent upon passing background checks (e.g., criminal history, reference verification).
- All staff must adhere to confidentiality standards and follow strict protocols for handling sensitive information.
Equal Employment Opportunity Statement
The Virginia Racing Commission (VRC) is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, gender, national origin, age, disability, marital status, or veteran status.
Contact Information
Name: Waqas Ahmed, Executive Secretary/Agency Head
Phone: 804-966-7404
Email: waqas.ahmed@vrc.virginia.gov
In support of the Commonwealth’s commitment to inclusion, we are encouraging individuals with disabilities to apply through the Commonwealth Alternative Hiring Process. To be considered for this opportunity, applicants will need to provide their AHP Letter (formerly COD) provided by the Department for Aging & Rehabilitative Services (DARS), or the Department for the Blind & Vision Impaired (DBVI). Service-Connected Veterans are encouraged to answer Veteran status questions and submit their disability documentation, if applicable, to DARS/DBVI to get their AHP Letter. Requesting an AHP Letter can be found at AHP Letter or by calling DARS at 800-552-5019.
Note: Applicants who received a Certificate of Disability from DARS or DBVI dated between April 1, 2022- February 29, 2024, can still use that COD as applicable documentation for the Alternative Hiring Process.
Each agency within the Commonwealth of Virginia is dedicated to recruiting, supporting, and maintaining a competent and diverse work force. Equal Opportunity Employer
Salary : $140,000
