Duke University Job Descriptions

SENIOR DIR, FINANCE

Job Title: SENIOR DIR, FINANCE
Job Code: 2219
FLSA: E
Job Level: 98
Revised Date: 05/01/2022
Job Family: JF 28

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Occupational Summary

The Senior Director, Finance manages and provides overall leadership for all finance operations including financial reporting, pre award/post award financial oversight, cost accounting and revenue recognition, general ledger operations, cash management, pricing, preparation of annual budget and forecasts, implementation of internal controls, and capital asset management. Responsibilities include the development, execution and communication of the overall financial strategy to constituents. This position is accountable for monitoring the overall financial health of the institutes using industry standard metrics, directing strategic financial analysis including the development of long term financial projections and ensuring legal and regulatory compliance for all accounting and financial reporting functions.

Work Performed

Financial Management:

Oversee all financial reporting and analysis functions to ensure the timely and accurate preparation of financial reports at the organizational, project, cost center, and profit center level to support management decision making.

Ensure effective monitoring and analysis of expenses and revenue on a monthly basis and identification of variances, trends, and opportunities to improve profitability and cash positions.

Ensure that financial results are effectively communicated to all stakeholders including institute faculty, senior leadership, functional group leaders, project leaders, and School of Medicine (SOM) Administration.

Ensure effective analysis of profitability of the various activities of the institutes, including profitability by sponsor type, service line, therapeutic area, etc.

Provide recommendations regarding all major financial decisions and oversee the implementation of financial policy decisions made by senior leadership.

Oversee all general ledger operations including the timeliness and accuracy of all postings and journal entries, and the maintenance of an appropriate chart of accounts.

Ensure that all expenses and revenues are appropriately categorized in accordance with the chart of accounts.

Oversee the preparation of annual operating and capital budgets including the presentation and defense of the budget at the appropriate annual budget review meetings with SOM Administration.

Ensure that SOM Administration is kept abreast of trends in the financial position of the institutes and the clinical research industry.

Ensure the transparency of the financial activities of the institutes to SOM Administration.

The Senior Director is responsible for understanding how the institutes impact the School (and University) financial statements and ensuring that the institutes can express their financial information in the manner in which consistent financial reporting has been created within the SOM and/or University.

The Senior Director is responsible for the full participation of the institutes in the SOM's efforts to create a business community between departments and center financial and administrative personnel.

The Senior Director is responsible for reporting any difficulties in achieving the agreed upon budget and recommended action steps to achieve balance to the Vice Dean for Administration and Finance on at least a quarterly basis.

Ensure optimal cash management including timely and accurate receivables and payables functions.

Ensure effective billing and collections mechanisms for both direct and pass through revenue.

Ensure oversight and compliance in regards to policies and procedures pertaining to pre award and post award activities associated with the various federal grants and contracts awarded to the DTMI.

Ensure accurate and timely project costing and forecasting, revenue recognition, backlog analysis, and project profitability analysis.

Ensure appropriate and accurate mechanisms for internal overhead allocations.

Ensure the accurate and timely recording of all labor expenses including contract labor and the use of the time tracking systems to ensure the appropriate allocation of labor expense from functional group to project fund codes.

Ensure the timely and accurate recording and allocation of faculty, fellow, and faculty support salary expenses; reporting and monitoring of general research account funds, and provision of financial reports to the faculty.

Ensure the development and implementation of effective policies and procedures for the expenditure of funds for non labor expenses including spending approvals, employee reimbursement, and use of the Duke procurement cards, etc.

Oversee the timely and accurate completion of all activities related to the monthly and year end close including appropriate journal entries.

Oversee the development and implementation of policies, procedures, and internal control mechanisms to ensure that the expenditure of funds and recording of transactions are in compliance with SOM and University policies and procedures and GAAP.

Make sure the expenditure of funds and recording of transactions are done in manner that reflects the objectives of Business Manager metrics and/or other SOM Administration metrics.

Ensure that all institute staff are knowledgeable regarding these requirements.

Ensure that the institute adheres to all University policies and procedures regarding capital asset management including capitalization of expenditures, recording of depreciation, and maintenance of capital equipment inventories.

Conduct analyses and make recommendations regarding lease vs. buy decisions for capital expenditures.

Work with SOM Administration staff to ensure appropriate coordination of financial transactions (i.e., rent payments, transfer of indirect recovery, funds for academic endeavors, etc.)

Serve as a liaison with a variety of Duke departments including Procurement Services, Internal Audit, Plant Accounting, and Departmental Business Managers to provide appropriate coordination, consistency with SOM and University policies and procedures, and transfer of funds as needed.

Ensure that appropriate historical financial records are maintained in order to meet organizational needs and all applicable requirements.

Identify operational problems, issues, and obstacles regarding Finance services based on metrics data, internal audit reports, and input from faculty, functional group leaders, project leaders, research partners, and sponsors.

Analyze patterns and trends, prioritize opportunities for improvement, and facilitate efforts to implement enhancements to processes and systems.

Identify and make recommendations regarding opportunities for improvement in operations and processes.

Participate in and provide leadership for cross functional and organization wide improvement efforts.

Facilitate the development, communication, and evaluation of goals for the Finance group on annual basis.

Strategic Financial Analysis:

Oversee efforts to monitor and analyze financial trends in the CRO industry.

Identify effective indicators of financial performance and assess the performance of the institutes compared with industry standards.

Oversee financial modeling and forecasting functions to provide an understanding of the economics of the activities of the institutes and the CRO/research industry, prepare long term financial projections, and assess the financial impact of various operational and strategic initiatives on profitability.

Keep abreast of trends in the CRO, pharmaceutical, biotechnology, and medical device industries.

Personnel Management:

Recruit and direct a staff of Finance professionals who are technically proficient, knowledgeable about clinical research operations, customer service oriented, and demonstrate excellent interpersonal skills.

Determine appropriate staffing levels and skill mix of Finance staff in order to meet organizational needs. Determine the most appropriate reporting relationships and organizational structure within the Finance group.

Oversee the management of personnel within the Finance group including, but not limited to, recruitment and hiring, compensation, scheduling and work assignments, coaching, professional development, disciplinary action, promotions, and transfers.

Develop strategies and programs to optimize employee satisfaction and morale including employee reward and recognition programs.

Ensure that all Finance personnel have clearly defined job descriptions, responsibilities, and performance standards and expectations.

Oversee all components of the PEP System including performance plans, coaching and feedback, performance evaluations, and development plans.

Ensure that Finance personnel stay abreast of trends in the field of financial management and clinical research and are knowledgeable about the mission, vision, and goals.

Ensure the development and implementation of appropriate career paths, orientation and continuing education programs.

Promote an open environment within the Finance group, which builds trust and provides opportunities for personnel to offer suggestions, obtain clarification, and voice concerns.

Required Qualifications at this Level

Education/Training

Bachelor's degree in business administration, accounting, or finance or an equivalent combination of education and experience. Candidates with a MBA, CPA or equivalent professional qualification (i.e., Certified Management Accountant, Chartered Accountant) preferred.

Experience

Work generally requires ten years of progressively responsible experience in corporate accounting/finance, including six to eight years of management responsibility to include supervisory responsibility. Prior experience in a biomedical research setting and significant knowledge of the CRO, pharmaceutical, medical device and biotechnology industry preferred. Experience in both a university setting and the CRO industry helpful.

Skills

In depth knowledge of GAAP, job cost accounting, government contract accounting, and grants administration.

Strong ability to provide strategic level input to senior leadership while delivering a hands on approach to the operations management of all finance functions.

Personal integrity.

Strong personnel management and leadership skills.

Strong organizational, planning, prioritization, negotiation, and decision making skills.

Strong analytical capabilities, including the ability to think critically and strategically about financial and business issues and to propose and implement change.

Excellent oral and written communication and interpersonal skills and the ability to influence others at all levels of the organization.

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The intent of this job description is to provide a representative and level of the types of duties and responsibilities that will be required of positions given this title and shall not be construed as a declaration of the total of the specific duties and responsibilities of any particular position. Employees may be directed to perform job-related tasks other than those specifically presented in this description.

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Essential Physical Job Functions

Certain jobs at Duke University and Duke University Health System may include essential job functions that require specific physical and/or mental abilities. Additional information and provision for requests for reasonable accommodation will be provided by each hiring department.