Senior Accountant
UMASS Foundation
Job Description
Senior Accountant
The Foundation is a non-profit corporation established in 1950 to support University of Massachusetts fundraising programs and oversee initiatives that span the five UMass campuses. The Foundation also oversees the investment management of the endowment assets of the five UMass campuses, which are pooled together for investment purposes. Valued at approx. $2 billion and consisting of more than 3000 individual funds, the endowment sponsors students, faculty, and academic programs at all five campuses.
Finance Department Overview: The finance team handles the endowment administration functions, including the onboarding of new endowment funds, processing of receipts, allocation of monthly investment returns, and disbursement of annual spending rate payouts. Additionally, the team supports the investment activities managed by the Foundation, including instructing trades and wires to our custodian bank. The finance team is responsible for maintaining the books and records of the Foundation, including the preparation of the annual operating budget, audited financial statements, and federal and state tax returns.
Essential Functions
Endowment Fund Administration:
• Set up new endowment funds into endowment accounting system, complete new account request forms and send back to campuses timely.
• Actively participate in monthly close of endowment accounting system. Research all cash received timely, initiate transfers of cash between bank accounts to ensure cash reaches to the final destination, and post them accurately and timely. Reconcile GL balance sheet accounts assigned.
• Responsible for transaction entry into the ERP system for spending distributions and reinvestment of unspent funds at fiscal year-end.
• Administer Annual Spending Rate Payouts to Endowment Accounts
o Prepare detailed estimates for distribution to campuses.
o Separately handle exception payouts for funds that do not follow the Foundation’s 4% spending policy.
o Disburse payouts to University Controller annually.
o Process spending rate distributions and restriction release into endowment accounting system.
o Generate letters to Chancellors and distribute spending payout detail to campus advancement and finance personnel.
• Assist with gift processing including cash gift, pledges, security gift and digital currency gift, match gifts, etc.
• Handle exception processing in ERP system related to requests from campus advancement offices to merge endowment accounts, terminate an account, etc.
• Set up new endowment funds into endowment accounting system, complete new account request forms and send back to campuses timely.
• Actively participate in monthly close of endowment accounting system. Research all cash received timely, initiate transfers of cash between bank accounts to ensure cash reaches to the final destination, and post them accurately and timely. Reconcile GL balance sheet accounts assigned.
• Responsible for transaction entry into the ERP system for spending distributions and reinvestment of unspent funds at fiscal year-end.
• Administer Annual Spending Rate Payouts to Endowment Accounts
o Prepare detailed estimates for distribution to campuses.
o Separately handle exception payouts for funds that do not follow the Foundation’s 4% spending policy.
o Disburse payouts to University Controller annually.
o Process spending rate distributions and restriction release into endowment accounting system.
o Generate letters to Chancellors and distribute spending payout detail to campus advancement and finance personnel.
• Assist with gift processing including cash gift, pledges, security gift and digital currency gift, match gifts, etc.
• Handle exception processing in ERP system related to requests from campus advancement offices to merge endowment accounts, terminate an account, etc.
Periodic Reporting to University:
• Responsible for monthly or quarterly reporting to University.
• Prepare quarterly balance sheets and income statements by campus for all agency accounts. These reports are submitted to the University Controller and used by each campus Controller to prepare quarterly financial statements.
• Responsible for monthly or quarterly reporting to University.
• Prepare quarterly balance sheets and income statements by campus for all agency accounts. These reports are submitted to the University Controller and used by each campus Controller to prepare quarterly financial statements.
Administer Matching Funds:
• Oversee awarding of matching funds and post entries in the ERP system.
• Track and report unmatched funds for each award year by campus.
• Oversee awarding of matching funds and post entries in the ERP system.
• Track and report unmatched funds for each award year by campus.
Pledges and Bequests Receivable:
• Request Pledges and Bequests Receivable reports from each Campus after each quarter end.
• Reconcile cash receipts for Pledges and Bequests payments and work with each campus to resolve discrepancies.
• Record and reconcile Pledges and Bequests Receivable at quarter end.
• Prepare annual discount and bad debt reserve.
• Request Pledges and Bequests Receivable reports from each Campus after each quarter end.
• Reconcile cash receipts for Pledges and Bequests payments and work with each campus to resolve discrepancies.
• Record and reconcile Pledges and Bequests Receivable at quarter end.
• Prepare annual discount and bad debt reserve.
Annual tax return responsibilities:
• Prepare Form 990 related schedules and disclosures.
• Prepare Form 990 related schedules and disclosures.
Annual audit responsibilities:
• Responsible for preparation of all audit schedules related to:
o Endowment Accounts, including detailed roll-forward of all accounts by net asset restriction.
o Providing necessary documentation and assistance on auditor’s selections.
o Spending Rate Payouts.
o Pledge and Bequests receivable footnote and workpaper.
o Draft endowment footnote disclosures.
• Responsible for preparation of all audit schedules related to:
o Endowment Accounts, including detailed roll-forward of all accounts by net asset restriction.
o Providing necessary documentation and assistance on auditor’s selections.
o Spending Rate Payouts.
o Pledge and Bequests receivable footnote and workpaper.
o Draft endowment footnote disclosures.
Grant Management responsibilities:
• Work closely with legal department for grant management activities to ensure grants are recorded correctly in the general ledger, with timely and accurate communication with campuses.
• Work closely with legal department for grant management activities to ensure grants are recorded correctly in the general ledger, with timely and accurate communication with campuses.
Other Assigned Projects:
• Undertaking additional projects or tasks as assigned by the Controller or other senior finance staff, which
may include processes improvements, system implementations, or special analyses.
• Undertaking additional projects or tasks as assigned by the Controller or other senior finance staff, which
may include processes improvements, system implementations, or special analyses.
Minimum Qualifications (Knowledge, Skills, Abilities, Education, Experience)
- Bachelor’s degree in accounting, Finance, Business Administration, or relevant field of
- 5-10 years demonstrated experience in higher education, Fund accounting, portfolio accounting or mutual fund accounting
- Proven knowledge of accounting principles, practices, standards, laws and
- Experience with integrated ERP supporting account processing, asset management and endowment/investment accounting.
- Strong spreadsheet skills, particularly
- Aptitude for working with numbers and reconciling
- Prior experience with financial recordkeeping systems with integrated general
- Strong attention to detail and good problem-solving
- Excellent oral and written communication Ability to communicate effectively with all levels of management.
- Strong analytical
- Good time management skills and can prioritize tasks and meet all deadlines.
- Demonstrated Ability to work on multiple projects simultaneously.
- Ability to work as part of a team.
- Demonstrated ability to work effectively with diverse groups including University constituents, custodian bank, external consultants and system vendors. Maintain highest standards of confidentiality and discretion.