New Hampshire Electric Cooperative
Published
November 14, 2022
Location
579 Tenney Mountain Highway, Plymouth, NH
Job Type

Description

THE POSITION:

Reporting to the President/CEO, the Chief Financial Officer (CFO) provides leadership to the following departments: Accounting & Financial Reporting, Finance, Consumer Accounting (Credit & Billing), Financial Planning & Analysis, Rates, and Treasury. In this role the successful candidate will oversee the critical functions listed and will protect the financial interests of the cooperative. This position interfaces with lenders, rating agencies, financial statement auditors, and various outside consultants.

JOB RESPONSIBILITIES:

Reports to the President & Chief Executive Officer. Supervises the following: Controller, Broadband Controller, Budget Executive, Manager of Rates and Financial Planning, Manager of Finance, Consumer Accounting Supervisor, and Administrative Assistant – Finance.

Accounting/Budgeting/Finance

  • Establishes the financial strategy and direction, in partnership with the President & CEO to align with the Cooperative's strategic goals.
  • Ensures NHEC maintains an investment grade rating by effectively managing NHEC’s finances; adhering to policies and best practices; staying informed of latest financial market strategies and opportunities and establishing ongoing communications with the rating agency(ies).
  • Assists in monitoring financial needs and rate requirements needed to maintain desired key ratios and financial stability by developing ten-year financial forecasts and coordinating, reviewing and summarizing the annual budget.
  • Ensures financial stability and the ability to meet the construction work plan and power supply needs by recommending and preparing applications for short and long-term loans.
  • Maximizes NHEC’s investment income and minimizes NHEC’s interest expense by analyzing market conditions and needs of the cooperative.
  • Develops and recommends an equity management plan and leads capital planning.
  • Ensures legal and regulatory compliance by reporting and accounting including taxation, annual reports and accounts.
  • Ensures proper accounting treatment of subsidiary activities to avoid subsidization across entities.
  • Ensures proper reporting of consolidated financial statements for external audit and borrowing purposes.
  • Oversees annual budgets and work plans. Implements approved budget and monitors performance.
  • Develops teamwork, commitment alignment and employee motivation by involving, empowering and creating a positive work environment.
  • Participates in activities of State and National industry organizations to promote the NHEC’s interests; promotes a favorable image and keeps abreast of all pending and current industry issues impacting NHEC.
  • Provides advice and assistance to the Board of Directors and related board committees on matters concerning industry changes, strategic planning, business objectives and policy needs to support NHEC’s mission.
  • Assures NHEC's compliance with federal, state, and local regulations in areas of responsibility by reviewing current practices, reporting and recommending changes as appropriate.
  • Ensures adequate insurance coverage of NHEC’s assets by reviewing potential risks and analyzing and recommending appropriate insurance coverage.

Consumer Accounting

  • To provide timely and accurate billing to members while maintaining uncollectible balances within acceptable limits.
  • Coordinates NHEC's credit and collections functions; establishes requirements for and control of member deposits, credit applications and collection activity in compliance with regulatory requirements.
  • Ensures NHEC’s legal position on matters pertaining to payment/collection by pursuing collection, court action for reimbursement, as necessary.

Enterprise Risk Management/Rates/Financial Planning and Analysis

  • Provides financial analysis of results for use by external stakeholders and board members.
  • Provides an enterprise risk management report annually and monitors mitigation activities and ongoing assessments of risk throughout NHEC.
  • Directs the proposals for rates changes; directs all changes to the official terms and conditions and/or tariff.
  • Develops strategy for evolution of rate design to align with industry changes and guiding rate principles.

 

EDUCATION:
A Bachelor of Science or Bachelor of Arts Degree is required. A master’s degree in finance or Business is preferred.
EXPERIENCE:
A minimum of ten years’ experience in a progressively responsible financial and accounting position desired. Five years of utility experience desired.  Experience in rural electric accounting and financing desired.
ABILITIES AND SKILLS:
Should be skilled in the areas of leading, organizing, planning, directing, and controlling the operation and supervision of division functions and employees.  Should possess an in-depth conceptual and working knowledge of utility regulations as required by the state and federal agencies.  Must be capable of meeting established NHEC goals through development and implementation of policies, practices, and procedures. Must be able to effectively communicate verbally and in writing, information on rates, rate making, financial and consumer accounting and employee relations programs.
Must possess, and exhibit, effective leadership skills. Must be able to analyze complex financial data and develop detailed financial plans and forecasts.  Must be able to testify on rates, loan applications, and other financial data before the board of directors or regulatory commissions.
JOB KNOWLEDGE:
Must have a working knowledge of generally accepted accounting principles including those promulgated by the Financial Accounting Standards Board (FASB).  Exposure to the Federal Energy Regulatory Commission uniform system of accounts required. Should be thoroughly familiar with the principles of budgeting, controls, and utility plant accounting.  Knowledge of rates and cost of service, risk management coverages, and sources of utility financing are required.  Knowledge of personnel administration including organizational and compensation planning and employee development desirable.
WORKING CONDITIONS:
Normal office conditions, additional hours may be required.  Occasional travel in the performance of work responsibilities and representing NHEC at various professional and association meetings.
Assistance with power restoration efforts is required of all employees.  It may be required during regular business hours that employees will be assigned functions to support power restoration and for some employees that may be different from their normal duties.  In addition, such assistance may require working nights, weekends and holidays which may involve considerable extra hours.  All employees are required to provide a personal phone number where they may be reached after hours.  This number will only be used for internal purposes.

 

 

 

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