Chief Financial Officer

Job Type
Full-time
Description
Wright-Hennepin Cooperative Electric Association is a member-owned, not-for-profit electric utility that provides power to rural Wright County and western Hennepin County. The cooperative has been a corporate citizen to the area since 1937 and currently serves more than 50,000 electric accounts.
The Chief Financial Officer advises and assists the CEO in meeting or exceeding the overall financial and strategic objectives of Wright-Hennepin and its subsidiary businesses (hereinafter referred to as WH). This includes tracking and reporting monthly and annual financial statements, developing and implementing budgets, building and executing long-range capital and debt management plans and recommending and securing funds for WH Holding activities. The CFO also serves as the organization's Chief Risk Manager and Treasurer. More broadly, the CFO provides financial insights, counsel and advice to help the organization make prudent business decisions. This role also recruits, develops and leads a team of employees, consultants and partners to achieve the desired financial performance of WH in both the short and long-term. The CFO is also responsible for making both monthly financial reports and for providing long-term financial forecasts to the WH Board of Directors.
In addition, the CFO oversees the organization's Information Technology department, including management of its Enterprise Resource Planning System (ERP), its Automated Metering Infrastructure (AMI) system, and implementation of a wide range of demand management and distribution system control technologies. In this capacity, the CFO is responsible for ensuring the execution of the annual IT workplan, the achievement of IT performance targets, the development and maintenance of a long-range technology plan and the supervision and development of a team of IT professionals.
The CFO oversees a team of 18 with 3 direct reports across the financial planning, accounting, accounts receivable/collections, and field services departments. This role is also responsible for recruiting, developing and leading a team of employees, consultants and partners that will achieve the desired financial performance of WH in both the short and long-term.
This will be a full-time in-office position located at WH Headquarters in Rockford, MN. Rockford is located on Hwy. 55, 15 minutes west of I-494.
Key Responsibilities:
Achieve Wright-Hennepin's Financial Objectives

• Establish, maintain, and review a system of internal controls, reports and processes that regularly, accurately and materially reflect the financial condition of WH.
• Regularly communicate the financial condition of WH to the CEO and HSS President.
• Identify and recommend to the WH CEO and HSS President options and actions necessary to address financial opportunities or challenges.
• Develop and communicate short and long-term financial management plans which fund operational and capital needs while meeting both internal financial measurement goals and external debt covenant requirements.

Direct Financial Activities of Wright-Hennepin

• Planning: Prepare long range financial and growth forecasts, rate and pricing studies, analyze and recommend optimal capital credit retirements, stay abreast of changing regulatory requirements and business methods.
• Budgeting: Lead the effort in the planning and preparation of the annual budget. Monitor and take timely action to ensure that budgets and financial plans of WH stay within approved levels.
• Accounting: Ensure that accounting of revenues and expenses are performed in an accurate, efficient and timely manner in conformity with the Rural Utilities Service (RUS) uniform system of accounts, IRS, and GAAP.
• Billing: Ensure metering and billing of all customer accounts are done in an accurate, efficient, and timely manner. This includes leading the Advanced Metering Infrastructure (AMI) and Demand Management Receiver (DMR) replacement projects and reporting to the Board of Directors.
• Collecting: Ensure that strong policies and procedures are in place for the collection of delinquent accounts using the Minnesota Public Utilities Commission (MPUC) Customer Service Rules as a guideline and keeping losses no higher than industry standards.
• Reporting: Oversee state and federal reporting requirements related to Financial Services are prepared in an accurate and timely manner.
• Cash Management and Investments: Ensure cash flow statements are prepared monthly, manage the daily cash balance and invest excess funds to achieve the most lucrative rates consistent with board policy.
• Financing: Plan for future financing requirements and stability of WH by preparing and recommending loan applications for approved work programs and/or diversification efforts. Regularly review debt portfolios to ensure optimal rates.
• Consulting: Serve as the lead financial consultant by assisting in the preparation of business plans and financial forecasting for other ventures being considered by WH. Work with the Board's auditors and other consultants to carry out the financial responsibilities of WH and its subsidiary businesses.
• Private Equity: Analyze, collaborate and recommend strategies for WH Holding's equity investments.
• Tax Strategies: Analyze short and long-term tax strategies for WH Holding to maximize return on investment and make recommendations to leadership and the Board of Directors.

Financial Services Team Leadership

• Acquire and develop the team to carry out the work of the department. Hire, develop, and provide the skills and competencies necessary to carry out the core duties of the department in a cost-effective manner.
• Supplement department with outside contractors, consultants and partners as needed.
• Build and improve department efficiency and effectiveness via regular performance evaluations and training.
• Generate and maintain team engagement through recognition of accomplishments, coaching, counseling, and offering development opportunities.
• Measure, report and improve results and performance of the department.

Information Technology Department Leadership

• Lead efforts to ensure the smooth operation and systematic improvement of the organization's Enterprise Resource Planning system. Ensure the software meets current and future needs for the Cooperative. Partner with vendor on on-going system updates and ensure accountability to address and overcome challenges.
• Provide strategic direction on the implementation of technology capabilities, operations, and platforms required to achieve the cooperative's business objectives.
• Oversee evaluation and implementation of the technology infrastructure and application software needed to meet the organization's business objectives.
• Advise the CEO, Board of Directors and other departments on the present and future technological needs of the Cooperative.
• Lead the Technology Committee review of new technologies, prioritize IT projects, and ensure timely, effective implementation of the annual IT plan.

Other Responsibilities including Support, Communicate and Contributing to the Vision of WH

• IT: Ensure the smooth and effective running of the ERP system and evaluate, select and implement other technology platforms as required. Provide leadership to explore and implement a wide range of business efficiencies through effective application of technology.
• Risk Management: Lead property, casualty and liability insurance management, including analyzing and recommending appropriate new coverages and overseeing the annual insurance renewal processes for all businesses. Help review, evaluate and make recommendations on various insurance coverages for employees.
• Construction Work Plan: Collaborate with Engineering and Operations departments to finance critical projects while ensuring seamless service to the membership and the achievement of key financial ratios.
• Power Supply: Work closely with the VP of Power Supply to determine budgets and risk management strategies to recommend to the CEO and Board.
• Heartland Security Services: Lead and direct financial activities of the organization, including audit, budget, financial statements, dividend calculations, risk management and tax returns. Present results and findings quarterly to the Board of Governors.
• Boards, Commissions and Governance: Participate in Benefits and Retirement Committee, Technology Committee, WH Holding Board meetings, etc.
• Participate as a member of the CEO's executive staff.
• Assist in developing policy recommendations to the CEO and Board of Directors.
• Provide proactive and timely advice, insights, and research to the CEO and HSS President in all matters regarding strategic and operational decisions of WH and HSS.
• Champion the CEO's decisions, direction, and vision during communications with employees, customers, community, or other audiences.

Requirements
Education and Experience

• Bachelor's degree in Accounting, Finance, Management, Economics, or similar field
• 10+ years of experience in a senior accounting and financial management leadership role
• 5+ years of electric utility experience strongly preferred
• RUS accounting training or exposure strongly preferred

Knowledge, Skills and Abilities:

• Excellent written and verbal communication skills
• Delegation skills
• Full understanding of accounting principles
• Demonstrates ability to develop a thorough knowledge of WH and associated businesses and products
• Commitment to a team environment
• Ability to work without close supervision

Please, no 3rd party recruiters or agency inquiries.
Salary Description
225,000-275,000