The Family Advisor: Management Issues for Family Foundations


Sample I

Comptroller

The Fund is currently serviced by an outside accounting/bookkeeping firm. It is seeking one person to handle all aspects of the accounting management of the Fund. One of the first tasks of the Comptroller will be to plan a fully functional, computerized, in-house accounting operation, to work closely with the service firm for an expeditious and orderly implementation, and to maintain good controls during the transition.

General Responsibilities:
The Comptroller is responsible for all accounting and bookkeeping management and procedures, and for handling all day-to-day accounting transactions, including:

• developing efficient, up-to-date accounting, payment, and record systems, with complete and appropriate documentation.
• handling of all day-to-day accounting transactions.
• A/R, A/P, account reconciliations, general ledger, etc.,
• preparing financial analyses, monthly balance sheets and income and expense statements.
• establishing and maintaining internal control systems.
• preparing of tax forms and required reports including correspondence with tax authorities.
• assisting the director and Trustees in the preparation of budgets.
• coordinating the flow and accuracy of information with investment advisor and custodian
• advising the Director and Trustees on matters relating to generally accepted accounting principles, internal control standards, and cost control measures..
• preparing reports as requested by the Director and Trustees.
• participating in professional (accounting and philanthropic) societies, keeping the Fund abreast of current accounting developments.
• maintaining your own personal and professional education.
• annual audit preparation and working with the auditors.
• as the Fund grow, determining bookkeeping needs and supervising any assistance deemed necessary.
• selective administration of payroll, benefit packages, and personnel policies; computer systems; and office leases and insurance.

This position reports to the Director of the __________ Fund.

1. Accounting Responsibilities:
   • cash receipts.
   • cash disbursements: (1) receive all invoices; check accuracy re: amounts, exclusion of sales tax, etc.; match up with purchase or delivery receipts; reconcile differences on invoices. (2) account-code checks, mark invoices paid and maintain vendor files. (3) make grant disbursements under proper authorization.
   • management of cash flow needs.
   • liaison with Bank of New York on various cash accounts.
   • complete and file all federal and state tax and compliance requirements.
2. month end responsibilities:
   • perform bank, investment securities and cash reconciliation.
   • close out month-end accounting records to general ledger.
   • post all journals (cash receipts, disbursements, securities, payroll, general journals).
   • print standard monthly financial reports including general ledger and financial statements.
   • print a variance report.
   • perform all month-end verifications to assure general ledger and supporting journals are in agreement.
3. annual responsibilities:
   • coordinate and prepare for annual audit, monitoring year-end closing timetable.
   • fulfill all tax and government reporting requirements.
   • prepare I 099s for vendors and Trustees, and W-2s.
   • evaluate and prepare responses to auditor recommendations.
4. Grant Responsibilities:
   • assist as needed with the review of financial materials submitted by applicant organizations with program staff
   • coordinate with Grants Manager records and reports re grants activities.
5. Budgeting Responsibilities:
   • assist the Director in the preparation of annual operating and grants budgets
   • provide regular reports as requested.
6. Pension Responsibilities: The Fund engages a pension plan consultant to file all government reports and to ensure that the Fund's pension plan is in compliance with all applicable regulations.
   • act as liaison with consultant on administration, policy and reporting requirements.
   • forward investment, deposit and allocation instructions to Pension Plan Investment Manager.
   • issue quarterly reports of changes in market value to employees.
   • prepare year-end pension plan summary by employee for pension consultant's report.

Comptroller: (Part-time)

Duties include:

• Oversee master custody account containing portfolio of the Foundation's six investment advisors.
• Prepare monthly summary of Foundation's assets, investment performance of investment advisors.
• Maintain charts, bar graphs and various indexes relating to Foundation's activities.
• Be responsible for:
  • Foundation's bank accounts, deposits, transfers and checkbooks
  • accounts payable including review of all invoices, preparation of checks, posting by code on Foundation's PC
  • preparation of yearly operating and grant budgets and monthly monitoring of budgets versus actual
  • full payroll functions for staff of approximately six to eight, including W-2's, 1099's, quarterly returns (942's) both Federal and State
  • Foundation's risk control program including all insurance
  • coordination with all vendors including office equipment, leases, health and life insurance carriers, etc.
  • Foundation's Money Purchase Pension Trust including functions of Plan Administrator
  • preparation of year end statements and tax returns (form 990 PF and NY State form NYCF-3)
• Work with President, Treasurer and Vice President for programs on special projects.
• Coordinate and assist in annual audit of Foundation's records by Certified Public Accounting firm.