ACCOUNTING MANAGER

Company: The UMass Foundation
Location: Natick
Posted on: November 11, 2024

Job Description:

The University of Massachusetts Foundation, Inc. (UMass Foundation, or the Foundation) is a non-profit corporation established in 1950 to support University of Massachusetts fundraising programs and oversee initiatives that span the five University of Massachusetts (UMass) campuses. The Foundation also oversees the investment management of the endowment assets of the five UMass campuses, which are pooled together for investment purposes. Valued at approximately $2 billion and consisting of more than 3,000 individual funds, the endowment sponsors students, faculty and academic programs at all five campuses. The Foundation finance team handles the endowment administration functions, including on-boarding of new endowment funds, processing of gifts, allocation of monthly investment return and disbursement of annual spending rate payouts. Additionally, the team supports the investment activities managed by the Foundation, including instructing trades and wires to our custodian bank. The finance team is responsible for maintaining the books and records of the Foundation, including preparation of annual operating budget, audited financial statements and federal and state tax returns. Under the direction of the Controller, the Accounting Manager supports the finance team with various responsibilities. This role is primarily responsible for overseeing the endowment administration, contributions and preparing financial reports. The Accounting Manager will also perform various daily tasks and will assist with month-end closing processes, the year-end audit and other assigned projects. III. Essential Functions Endowment administrationReview new endowment accounts established in the Fund Accounting system.Handle exception processing in the Fund Accounting system related to requests from campus advancement offices to merge endowment accounts, terminate an account, etc. Gift processing and administering matching giftsManage UMass Amherst gift processing and facilitate security gift processing.Administer matching gifts for all campuses. Month-end close and reporting Perform balance sheet accounts reconciliations, prepare financial statements, and ensure accuracy and completeness.Generate and review quarterly reports to UMass President Office and campuses. Administer spending rate distributions Prepare detailed estimates for distribution to campuses in spring each year.Process spending rate distributions and restriction release in the Fund AccountingIn June each year, work with UMass Presidents Office Finance and Treasury teams to review unspent funds, and process reinvestment of these funds at fiscal year-end. Pledge and bequest receivables Reconcile pledge payments and pledge receivable balances to campus records and work with campus to resolve discrepancies.Prepare annual discount and bad debt reserves.Post journal entries in the Fund Accounting system. Support annual financial statement audit and tax filings by preparing and reviewing documentations related to the areas responsible for. Assist in grant management: work closely with legal department for grant management activities to ensure grants are recorded correctly in the general ledger, with timely and accurate communication with campuses. Other Assigned Projects: undertake additional projects or tasks as assigned by the Controller or other senior finance staff, which may include processes improvements, system implementations, or special analyses. Supervise staff to ensure the daily and weekly tasks are performed timely and accurately. IV. Minimum Qualifications (Knowledge, Skills, Abilities, Education, Experience) Bachelors degree in Accounting, Finance, Business Administration, or relevant field of study. Minimum 5 years professional work experience. Experience in higher education, fund accounting, or portfolio accounting preferred. Minimum 1 year experience in accounting management roles preferred. Proven knowledge of accounting principles, practices, standards, laws and regulations. CPA preferred. Experience with integrated ERP supporting general ledger accounting, asset management, fund accounting, and financial statement reporting, Strong Microsoft Office skills, particularly Excel. Strong attention to details, solid analytical skills, and good problem-solving skills. Excellent oral and written communication skills. Ability to communicate effectively with all levels of management. A team player, demonstrated ability to work effectively with diverse groups including University constituents, custodian bank, external consultants, etc.

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