Cash Management Specialist

Case Western Reserve University, United States

Updated: about 12 hours ago
Location: Campus, ILLINOIS
Job Type: FullTime

POSITION OBJECTIVE

Working under limited supervision the cash management specialist is responsible for the timely and accurate execution of the functions of the cash management division of the Office of Sponsored Projects Accounting in accordance with university internal controls and federal, state, local and other funder’s policies, procedures, and deadlines as well as GAAP accounting standards. The specialist utilizes disparate technical systems to prepare and perform Letter of Credit, cash drawdowns from all federal funding agencies (NIH, DOD, NSF, NASA, etc.) and from other funding agencies (state government, local government and foundations). The specialist will then independently reconcile payments received through technical systems and through direct payment to ensure they are accurately accounted for through the ERP Accounts Receivable system and to the appropriate sponsored project. Based upon analysis of the record of accounts receivables the specialist will develop and implement plans and procedures to communicate and work with funders to ensure a timely receipt of funds owed to the university. On a monthly basis the specialist will create reports to analyze sponsored projects revenues and expenses for the manager of cash management and assistant vice president for sponsored projects. The cash management division of the Office of Research Administration is responsible for the management of over $350M in revenue per year. Non-compliance in the area of management is a significant risk to the university which could lead to the inability to receive payment from sponsors, result in financial loss and effect the reputation Moody credit rating of the university.

ESSENTIAL FUNCTIONS

  • Using GAAP standards, university internal controls, and knowledge of each sponsors specific Letter of Credit policies and procedures, under limited supervision, execute all steps of the Letter of Credit cash drawdown process utilizing the specific appropriate technical system (PMS, ASAP, G5, etc.) which is required by each sponsoring agency. The letter of credit draw down process used by federal sponsors authorizes Case Western Reserve University to request the electric drawdown of revenue based upon expenditures incurred on federal sponsored projects per the terms and conditions of each award. This is a multiple-step process which varies depending upon the sponsor’s requirements. Generally, the process include: 1) Query the PeopleSoft Financial system and including other approved department methodology to determine the allowable dollar amount that should be requested to reimburse each individual sponsored project. 2) Complete an analysis and reconciliation of sponsor authorization amount and the university general ledger budget records to determine if the approved draw is within the authorization limits and adjust the draw as appropriate based upon analysis. This analysis includes conducting an analysis of the variances of the sponsor authorizations and the awards which have been received by the university. Coordination of resolving variances may include working with the federal sponsors and the appropriate Pre-Award Office to adjust internal budget authorizations within PeopleSoft Financial System. 3) Communicate the details of each project’s drawdown authorization directly to the Treasurer’s Office to allow for the allocation of funds received from drawdown. 4) Reconcile posted deposits in PeopleSoft general ledger to actual draw amounts received in the university’s commercial bank account to approved drawdowns to ensure that each funded project’s revenue is accurate and in compliance with the terms and conditions of the award. 5) Maintain detailed records of the sponsor authorization amount for each draw, supporting documentation and approvals.
  • Utilizing GAAP standards and adhering to university internal controls independently ensure the accuracy of the accounts receivable sub ledger and the general ledger in PeopleSoft based upon monthly reconciliation process, create monthly journal entries and account reconciliations. Failure to properly account for Sponsored Projects outstanding accounts receivable could result in loss of revenue for the university. Research, develop, document, and implement improvements to procedures for timely and accurate processing of transactions that adhere to university and widely accepted internal controls. (25%)
  • Ensure Sponsored Project payments are credited to the correct projects. Using GAAP standards and knowledge of internal controls research, document and implement a procedure to reduce the number of payments sent to the university which require investigation to determine where to deposit the funds. Post, monitor and track electronic funds transfers and checks to the appropriate account in PeopleSoft. For unidentified payments received, identify the purpose and determine the appropriate sponsored project for the revenue or to the unapplied cash account (send to appropriate departments that are not associated with a sponsored project). Reconcile the unapplied cash/ holding account to ensure payments are distributed appropriately to proper projects. Record deposits into PeopleSoft and ORA deposit log, coordinate deposit of checks with courier and reconcile documentation from the Cashier's Office to ORA's deposit log. Identify problems and communicate with the departments and post-award leadership when there is a question on the project's status. (25%)
  • Lead the collections function of the office utilizing knowledge of GAAP and agency specific procedures by researching, developing, documenting, and implementing best practices for collecting sponsored projects payments, reducing outstanding accounts receivable balances and the handling of specific issues. Develop a collections timeline and framework to ensure timely and continuous follow up of accounts receivables. Maintain collections database which includes the addition of new and closed collection items, recording communications with sponsors/principal investigators and/or administrative staff. Compose and send dunning (past due) letters to sponsors for specific portfolio. Professionally communicate with sponsors on payment status, handle disputes and conflicts with the with respect to payments. Communicate the status of collections with: sponsoring agencies, director/associate directors, grant accountants, office of general counsel, and principal investigators/ administrative staff. (20%)

    • NONESSENTIAL FUNCITONS

  • Perform various reconciliations on general ledger to minimize the cash deficits on Sponsored Projects. Reconciliations would include reviewing cash deficits on projects, projects with automatic payments, parent sub account distributions and projects where the departments bill directly (clinical trials). Prepare various accounts receivable and collection reports for management review. (5%)
  • Perform other duties as assigned. (<1%)

    • CONTACTS

    Department: Daily contact with Assistant Vice President for Sponsored Projects, Manager, Cash Management and other staff within the department to maintain workflow.

    University: Weekly contact with department business managers, administrators, financial specialist management center representatives, department administrators and faculty to exchange information. Occasional contact with audit services and the Office of General Counsel to exchange information. Occasional contact with Research directors to exchange information.

    External: Weekly contact with federal and non-federal sponsor agencies and peers at other universities and research institutions to exchange information. Annual contact with audit agencies to exchange information.

    Students: Occasional contact with work-study students to exchange information.

    SUPERVISORY RESPONSIBILITIES

    No direct supervisory responsibility to staff positions.

    QUALIFICATIONS

    Experience and Education: Bachelor’s degree in related field of business, finance or accounting and 1 to 3 years of related accounting experience, or an Associate's degree in a related field of business, finance or accounting and 4 or more years of related experience. Experience preferably in operational finance and/or grant management.

    REQUIRED SKILLS

  • Demonstrated knowledge of GAAP cash management regulations and procedures including the ability to research and apply accounting standards.
  • Ability to organize, prioritize and be a self-starter in a fast-paced environment with internal deadlines.
  • Demonstrated knowledge of and familiarity with internal controls over accounting, financial reporting, and research activities.
  • Demonstrated knowledge of governmental accounting and budgeting, accounting principles and practices.
  • Foundational knowledge of federal and university rules regarding management of funds.
  • Foundational knowledge and practical abilities working with the Microsoft Office suite of tools and general computer skills.
  • Foundational analytical skills to analyze accounting data, formulate and present conclusions.
  • Foundational analytical skills to analyze a variety of complex regulations, apply sound judgment, and draw logical conclusions.
  • Foundational organizational skills with attention to details and accuracy.
  • Strong written and verbal communication skills.
  • Ability to make ethical decisions and act with integrity.
  • Ability to interact and communicate professionally with others and to establish meaningful relationships with deans, faculty, administrators, and sponsors.
  • Ability to produce accurate and timely work products when working under pressure.
  • Ability to maintain confidentiality and exercise appropriate discretion with information.
  • Highly motivated with a strong service orientation.
  • Ability to work as part of a team of professionals.
  • Knowledge of PeopleSoft grants management and accounting modules preferred.
  • Ability to meet consistent attendance. 
  • Ability to interact with colleagues, supervisors, and customers face to face.

    • WORKING CONDITIONS

    General office working environment.

    This position is eligible for hybrid work arrangement up to two remote days per week at the discretion of the department. New employees may begin a hybrid schedule upon approval from the supervisor, successful completion of an orientation period and signing the remote work checklist certification form.

    This position is eligible for hybrid work arrangement up to two remote days per week at the discretion of the department. New employees may begin a hybrid schedule upon approval from the supervisor, successful completion of an orientation period and signing the remote work checklist certification form.

    In employment, as in education, Case Western Reserve University is committed to Equal Opportunity and Diversity.  Women, veterans, members of underrepresented minority groups, and individuals with disabilities are encouraged to apply.

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    Case Western Reserve University provides reasonable accommodations to applicants with disabilities.  Applicants requiring a reasonable accommodation for any part of the application and hiring process should contact the Office of Equity at 216-368-3066 to request a reasonable accommodation.  Determinations as to granting reasonable accommodations for any applicant will be made on a case-by-case basis.

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