Assistant Controller, Financial Reporting and Compliance
Art Institute of Chicago
September 25, 2018
Full Time - Experienced
Accounting, CPA, Controller
Bachelors or equivalent
Assists the Controller in all aspects of internal and external financial and tax reporting including audited financial statements, annual form 990 information return and various state information returns. Coordinates all annual audits and acts as key liaison with auditors. Establishes, documents, and monitors procedures and internal controls necessary to identify and mitigate errors and/or irregularities which compromise the integrity of the general ledger and financial systems. Monitors the effectiveness of internal controls. Supervises the account reconciliation process of all balance sheet accounts, including, but not limited to, cash, investments, property and equipment, accounts receivables, and accounts payable and various revenue and expense accounts.
Interprets rulings (as necessary or as required) and advises the Controller regarding the Institute's responsibilities under federal, state and local tax laws and regulations, and also all other financial reporting requirements imposed by various regulatory agencies, including the Financial Accounting Standards Board.
Responsible for keeping current with technical accounting, auditing and tax law changes, including statements/regulations issued by the Internal Revenue Service and the Financial Accounting Standards Board. Responsible for the implementation of changes in standards/regulations. Assists and advises other accounting managers in development of implementation strategies.
Prepares, directs and aids in the preparation of any internal financial reports required by the Officers, Vice Presidents, Board of Trustees or other operating departments performing necessary reconciliations or analyses to ensure the accuracy of such reports.
Reviews current accounting policies and control procedures to ensure the financial reporting mechanisms are properly reporting the financial activities of the Institute. Assists in the establishment and implementation of new procedures to strengthen and enhance the Institute’s financial mechanisms and assure financial reports conform to standards including, but not limited to regulatory, Board and management directives.
Manages the day-to-day accounting for and preparation of external financial reports, including those required by those external agencies or grantors.
Prepares or directs the preparation of external financial reports in accordance with the applicable financial or statutory rules and regulations, including but not limited to the annual financial statements of the Institute and all federal, state and local income tax returns of the Institute.
Directs the preparation of all balance sheet account reconciliations and analyses to ensure that such proper review of accounting transactions occurs on a timely basis. Analytically reviews reconciliations, trial balances, and other documents for financial logic and reasonableness. Works with accounting staff to identify, analyze and resolve reconciling items on a timely basis.
Oversees the accounting for the Institute’s diversified and complex investment pool, including the recording and reconciling all related accounts to the general ledger and custodian statement. Additionally oversees the reconciliation of the Institute’s bank accounts and works with Treasury to identify any changes in the banking and account structures.
Responsible for the relationship with the investment custodian in relation to accounting and recording investments and transactions. Works with Treasury to set up new investment accounts or custodial sub-accounts on the general ledger.
Oversees the documentation, classification and investment income allocation of the restricted funds through the use of Fundriver and other means, as necessary. Assists the School and Museum Development and Financial areas with monitoring of restricted fund activity and proper classification within the accounting system to ensure proper financial statement presentation.
Works with all departments in accumulating data required by auditors. Prepares or oversees audit schedules and financial statements.
Supports the preparation of materials for Audit & Risk Committee meetings and other Board of Trustee committee meetings, as assigned.
Performs special project assignments or other duties as directed by the Controller or the Executive Vice President, Finance and Administration. Oversees and directs consultants hired for special assignments.
Bachelor degree in Accounting or Finance; CPA required. Minimum 5 years’ experience in accounting or finance required. Experience in an not-for-profit environment preferred. Must have 3 years’ experience supervising staff. Strong planning, problem solving, decision-making and troubleshooting skills. Experience using PeopleSoft a plus.
The Art Institute of Chicago is an equal opportunity, equal access employer fully committed to achieving a diverse and inclusive workplace.
About Art Institute of Chicago
The Art Institute of Chicago is a world-renowned art museum housing one of the largest permanent collections in the United States. It is encyclopedic in nature with strong holdings across all media, all traditions and all ages. The Art Institute is particularly recognized for its extraordinary Impressionist, Modern, Contemporary and American collections, among other aspects of its holdings. In addition to housing its permanent collection, it typically stages 35-40 special exhibitions a year. In 2014, it was named by TripAdvisor travelers as the number one museum in the world, a remarkable recognition that speaks not only to the quality of the collection but to the entirety of the visitor experience.
The Art Institute welcomes between 1,400,000 and 1,800,000 visitors a year and has a membership of 100,000. The museum has an annual operating budget of approximately $110 million.
Founded in 1879, the Art Institute grew with the success of Chicago and quickly attained world class stature given the strength of its collection. The Art Institute has expanded several times in its history, most recently and notably with the opening in 2009 of the 264,000 square foot Modern Wing ...designed by internationally acclaimed architect Renzo Piano. The addition has been critically important to the museum as it not only provided much needed gallery space, but also allowed the Art Institute to reorganize its galleries to present the collection in a more logical and accessible fashion. The new addition also includes one of the largest education facilities at any museum and this center has allowed the Art Institute to expand its already impressive array of offerings.