What are the responsibilities and job description for the Vice President of Finance position at Piedmont Electric Cooperative?
About Us
Piedmont Electric Cooperative is a member-owned, not-for-profit organization serving over 35,000 electric accounts across multiple counties in North Carolina. The Cooperative is committed to community engagement, economic development, youth education, energy advocacy, and emergency preparedness. We foster an inclusive, positive culture that supports employee growth, development, and equal employment opportunities based on merit and business needs. To serve our members to the best of our ability, our culture will always remain at the forefront of the Cooperative.
Job Summary
The VP of Finance manages the operations of all financial activities within the cooperative and strategically ensures long-term financial planning and risk management for the future viability of the organization. This position is responsible for ensuring all financial systems function proficiently, while maintaining compliance with state and federal regulations, general accounting principles, organizational policies and internal controls. The VP of Finance serves as a key member on the cooperative’s executive team and oversees new and existing shared accounting services with other cooperatives.
Essential Job Functions
Job Requirements
Piedmont Electric Cooperative is a member-owned, not-for-profit organization serving over 35,000 electric accounts across multiple counties in North Carolina. The Cooperative is committed to community engagement, economic development, youth education, energy advocacy, and emergency preparedness. We foster an inclusive, positive culture that supports employee growth, development, and equal employment opportunities based on merit and business needs. To serve our members to the best of our ability, our culture will always remain at the forefront of the Cooperative.
Job Summary
The VP of Finance manages the operations of all financial activities within the cooperative and strategically ensures long-term financial planning and risk management for the future viability of the organization. This position is responsible for ensuring all financial systems function proficiently, while maintaining compliance with state and federal regulations, general accounting principles, organizational policies and internal controls. The VP of Finance serves as a key member on the cooperative’s executive team and oversees new and existing shared accounting services with other cooperatives.
Essential Job Functions
- Ensures accuracy and oversees the preparation of financial reporting to management, the Board of Directors, lenders, and other financially interested associates.
- Oversee the daily financial activities including but not limited to: A/P, A/R, billing, disbursements, payroll, fixed asset accounting, general accounting/GL, work order processing and supply chain functions such as purchasing, materials management and inventory control.
- Manages the cooperative’s annual budgeting process and capital needs.
- Prepares annual Form 7, EIA 861, ad valorum property tax reports and other subsidiary monthly financial statements.
- Strategically resources financial funding for future grid reliability and growth.
- Works with VP of Engineering to prepare and oversee new RUS loan packages as needed.
- Develops, forecasts, and models all data sets for rate schedule analysis and manages the integration of rates and charges in compatibility with financial forecasts and budgets.
- Oversee grant applications for FEMA reimbursement. Evaluate and recommend changes in processes and procedures to ensure compliance with FEMA rules and regulations.
- Daily, monthly and long-term planning of cash flow, debt to equity ratio, debt covenants, RUS debt availability, as well as strategically planning debt consolidation, refinancing and diversification to reduce exposure to interest volatility.
- Provide financial consultative expertise to GM and Board of Directors on debt refinancing, RUS loan draws, special projects for power supply, cost summarization, power-related billings and other financial projects and strategies.
- Research and implement accounting and tax planning for cooperative and not-for-profit organization classifications by staying up to date on current legislation and legal precedents affecting financial operations.
- Execute appropriate internal control procedures compliant with audit requirements, to eliminate opportunities and gaps for theft and embezzlement of cooperative funds.
- Oversee work order system to ensure compliance with RUS Uniform System Accounts.
- Oversees accounting team that provides shared services for other cooperatives.
- Perform other duties as required or assigned, which are reasonably within the scope of duties in this job classification.
Job Requirements
- Bachelor’s degree in accounting, finance, business administration, or similar area of study required; Master’s degree strongly preferred.
- Ten years of experience in a senior-level accounting role with a minimum of five years’ supervisory experience required.
- Certified Public Accountant (CPA) license strongly preferred.
- Must have overall advanced knowledge of financial analysis, budgeting, forecasting, financial modeling and accounting principles.
- Specified knowledge of RUS accounting and finance, preferably within the utility industry.
- Overall knowledge of multi-state accounting and payroll law strongly preferred.
- Advanced experience with Microsoft Excel and Power BI. Proficient experience with all other Microsoft Office applications, such as Outlook, Word, PowerPoint, etc.
- Excellent presentation, written, and verbal communication skills and abilities are required.
- In-person office requirement; remote/hybrid schedule is not optional.
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