Job Summary:
*On-site position with potential for hybrid work
*Must be analytical and have experience in reconciliation
Summary
Responsible for the preparation of monthly financial statements for St. Mary’s Health System and related entities for both individual facility and consolidated financial statements, for internal and external reporting. Also responsible for the daily monitoring, balancing and posting of cash activity for all entities, maintaining accurate property ledgers for all of the entities’ fixed assets and preparation of 990 filings. Assists with the preparation of the annual budget and compiling information for cost report filings.
Essential Duties and Responsibilities
1. Monthly, prepares entity financial statements by either uploading financial information electronically from various interfaces or through journal entries.
2. Knowledgeable about the financial activity of the entity to validate the accuracy of the financial statements and to respond to management questions. Responsible for detail review of the entity’s monthly financial statements to ensure financial statements are properly stated.
3. Responsible for utilization of the EPSi system to obtain a better understanding of the financial activity by reviewing notes relating to the budget and variance reporting.
4. Monthly prepares the consolidated financial statements for all entities, for Covenant, and for Board presentation, which includes the balance sheet, income statement, cash flows, change in fund balance, key ratios, statistics, and Consolidated Supplies & Other statements.
5. Monthly uploads financial information into the Access software, grouped by Covenant categories, and balances the data before submitting to Covenant.
6. Quarterly, prepares reports to submit to Covenant which includes Bond Disclosure, Physician Subsidy and Short-Term Investments.
7. Responsible for reviewing consolidated financial statements and all accompanying reports to ensure information is properly stated.
8. Has a thorough understanding of inter-company eliminations and assists in preparing entries for financial consolidation.
9. Knowledgeable about consolidated financial information and stats to respond to Covenant questions and requests.
1. Establishes a monthly checklist to ensure comprehensive and timely completion of financial statements for internal and external customers.
2. Responsible for recording financial activity that is not available through an interface by creating journal entries that provide a detail explanation of its purpose and ensures that documentation is available to support the entry.
3. Ensures that all journal entries have the appropriate supporting documents, explanations for the journal entries are clear, and that all journal entries are signed and for final approval.
4. Maintains monthly schedules of all pre-determined balance sheet and income statement accounts to ensure account accuracy and to identify follow-up issues. Ensures that the monthly schedules have headers identifying the entity, account name, and account number and that the schedule is in a consistent format.
5. Responsible for ensuring that all journal entries, supporting documents and schedules have been approved and are properly filed for easy retrieval by members of the Accounting Department.
6. Accountable for ensuring that electronic spreadsheets are properly maintained and properly filed for easy retrieval by members of the Accounting Department.
7. Responsible for ensuring that managers respond to budget variance reporting in EPSi monthly. Works closely with managers to assist in researching line items that will provide support for understanding variances.
8. Assists the VP of Mission Effectiveness in recording and reporting community benefits for the organization.
9. Assists in the reconciliation of the payroll to the general ledger and the payroll to the EPSi system monthly.
1. Ensures that policies for the capitalization and depreciation of assets are being followed and that assets recorded in the general ledger follow Generally Accepted Accounting Principles.
2. Works with Materials Management in assigning asset numbers for all new capital purchases.
3. Maintains a comprehensive file of all fixed asset purchases, renovations, and construction projects, which include invoices, purchase orders, general ledger schedules, and fixed asset reports.
4. Prepares necessary reporting on Certificate of Need projects for the Maine Health and Higher Education Facilities Authority.
5. Maintains a comprehensive file of all disposals, which includes authorized property removal forms, schedules, and fixed asset reports.
6. Ensures that all capital purchases are properly recorded in the Fixed Asset system with proper description, acquisition cost and asset life and acquisition date.
7. Quarterly, works with the Manager, Supply Chain, and Project Engineer to ensure that all fixed asset information in the fixed asset system and CIP information agree with the Capital Database.
8. Coordinates a bi-annual physical inventory count of all assets system-wide with Department Managers.
9. Generates a quarterly roll-forward of the fixed assets to ensure that all assets have been accounted for in the FAS system and the general ledger.
10. Assists Department Directors in providing historical and Book Value information on assets that are traded or disposed.
11. Assists with annual insurance applications providing building and equipment cost updates.
1. Responsible for verifying activity in the consolidated checking account daily by electronically accessing the bank account and documenting all transactions.
2. The consolidated cashbook and the individual entity’s cashbook are updated daily using the information obtained electronically through the bank.
3. Updates the cashiers' direct deposit spreadsheet daily.
4. Verifies that all cash entered in the cashbook reconciles with the bank daily.
5. Monitors cash balance and assesses availability of cash for disbursement for payroll, accounts payable, benefits, taxes, and other expenses.
6. Responsible for transferring funds for benefit premiums, payroll taxes for Federal and State, and transfers between specific accounts. This requires utmost accuracy and verification that the correct amounts have been transferred to the correct organization.
7. Identifies the location for all activity in the consolidated cash and posts the activity to the proper entity and accounts in Meditech.
8. Monitors any suspect items that are presented for payment at the bank and notifies the bank of how to proceed with the suspect item.
9. Reconciles the consolidated bank statement, which consists of payroll and accounts payable checks, monthly. Also responsible for reconciliation of any specific checking accounts maintained by specific entities. Addresses reconciling items during the reconciliation process.
10. Responsible for monitoring stale dated checks and sending out letters to the payee to either reissue the payment or submit it to Abandoned Property.
11. Responsible for logging all cash/checks that are received in Finance and identifying the purpose and account where funds are to be posted.
12. Responsible for making deposits at least 3 times per week of cash and checks that are received in the Finance Department.
1. Responsible for gathering month-end stats from specific areas of the organization and compiling the information for Board presentation.
2. Updates stat workbooks ensuring that the current, budget and YTD information is being reported accurately.
3. Posts monthly stat information in Meditech.
1. Works with the Development Office in tracking donations and expenses associated with Temporarily Restricted funds and Grants.
2. Prepares the journal entries associated with Restricted Fund activity for the month and posts all activity to the general ledger ensuring that all intercompany transactions are in balance.
3. Updates all fund workbooks for all entities.
4. Provide reports on specific funds as requested.
5. Ensure that all receipts, expenses, and pledges are reconciled at month-end and year-end.
1. Prepares Form 990 for all entities on an annual basis.
2. Assists the organization in proper identification of unrelated business income, threats to tax exemption, and proper accounting and treatment of sales tax, use, tax, etc.
3. Coordinates within the Finance Department financial data reporting to external parties including surveys, MHA quarterly data, and other financial information.
4. Coordinates the reporting of abandoned property to the State of Maine for all Accounts Payable and Payroll returned checks and small credit balance write-offs in Accounts Receivable.
5. Works with department managers to fulfill the Statutes of the State of Maine, Title 36 Section 706 MRSA in providing a comprehensive list of all estates not by law exempt from taxation.
6. Responsible for completion of Form 800 and 801 to apply for Business Equipment Property Tax Relief (BETR) and the Business Equipment Tax Exemption (BETE).
7. Works with Director, of Financial Compliance in completing Maine State Housing Authority budget submissions, requests for funds from the Tax and Insurance and Replacement Reserve Escrow funds, and in completing specific year-end audit reports.
1. Develops forms and instructions for use in the preparation of company and departmental budgets.
2. Assists management in analyzing historical trends and forecasting of statistical information during the development of their annual budget.
3. Assists Directors and Division leaders with the preparation of their budgets which include: (1) statistics, (2) full-time equivalents, (3) salaries and wages and (4) non-salaried expenses. Discusses discrepancies and potential errors with department managers and division leaders.
4. Assists with training Managers on the budget preparation process and in completing variance reporting in the EPSi system.
5. Responsible for the review of all Provider contracts to develop a comprehensive compensation spreadsheet to calculate salary & benefits information for the new budget year.
6. Works with Managers to ensure that the budget line items are spread appropriately by the month prior to transferring expenses and revenue budget to all financial reporting/general ledger systems.
7. Responsible for verification of all intercompany activity to ensure that revenue and expenses are eliminated on a consolidated basis.
1. Collects and compiles statistical information to complete the Medical Center’s and Nursing Home’s cost reports being sensitive to methods and data which optimize reimbursement.
2. Works closely with the CPA firm in answering questions and providing necessary information for the cost reports.
1. Participates in the year-end audit by preparing specific schedules as requested by the auditors
2. Provides fluctuation explanations when comparing year-to-date actual to prior year actual and when comparing year-to-date actual to year-to-date budget.
1. Evaluate existing procedures and propose modified systems to provide more efficient methods of presenting accounting and statistical information.
2. Accesses privileged and confidential information.
3. Maintains a record retention and filing system for General Ledger information and ensures that proper documentation is always maintained.
4. Exercises a high degree of judgment and initiative in interactions with related
Companies and the leadership group to provide accurate and timely information
and assistance to promote harmonious and cooperative relations.
5. Participates in activities that promote self-professional growth and development; attends seminars, workshops, conventions, and training sessions to ensure current knowledge of the professional field.
6. Participates in the conceptualization, development and implementation of fiscal services plans and controls.
7. Provides an understanding to all users of operating systems to effectively interact with the variety and complexity of systems and companies.
8. Regularly assesses, interprets, and recommends courses of action to follow when exceptions present themselves. Consult with the Supervisor for the purpose of clarification only.
9. Works with the Directors of departments and subsidiary companies to ensure
appropriate cutoffs are done for cash, inventories, statistics, and revenue.
Job Requirements
Job Knowledge and Skills
Education and Experience
An equivalent combination of education and experience which provides proficiency in the areas of responsibility listed above may be substituted for the above education and experience requirements.
Working Conditions/Physical Demands
Must possess the physical and mental abilities to perform the tasks normally associated with this position that involve a combination of prolonged sitting, standing, walking, bending, stooping, twisting, and reaching. Lifting/carrying frequently up to 10 pounds. Some stress is related to a high level of responsibility for quality care. The ability to speak, read, write, and understand written instructions in English is required.
Americans with Disabilities Statement
Must be able to perform all essential functions of this position with reasonable accommodation if disabled.
The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities, duties, and skills required of personnel so classified. Covenant Health reserves the right to modify position duties at any time, to reflect process improvements and business necessity.
Standard of Business Conduct
Every St. Mary’s Regional Medical Center employee is required to abide by the Standards of Conduct and to report any activity that appears to violate the Standards of Conduct.
Covenant Health Mission Statement
We are a Catholic health ministry, providing healing and care for the whole person, in service to all in our communities.
Our Core Values:
•Compassion
We show respect, caring and sensitivity towards all, honoring the dignity of each person, especially the poor, vulnerable and suffering.
•Integrity
We promote justice and ethical behavior, and responsibly steward our human, financial and environmental resources.
•Collaboration
We work in partnership, dialogue and shared purpose to create healthy communities.
•Excellence
We deliver all services with the highest level of quality, while seeking creative innovation.
Applicants, employees and former employees are protected from employment discrimination based on race, color, religion, sex (including pregnancy, sexual orientation, or gender identity), national origin, age (40 or older), disability, and genetic information (including family medical history).
Comp Range:
$51,890.05 - $71,460.69Rate of pay displayed reflects the beginning of the pay scale. At the time of an offer, determination of your offer will reflect your skills and experience as it relates to the position.