The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.
Job Summary :
Monitors activities related to fixed assets, construction accounting and capital reporting, with a significant focus on ensuring compliance with Federal Reserve System and Bank policies, and providing recommendations and interpretations on capitalization and expense accounting issues. Coordinates Bank-wide month-end expense accruals.
Reviews departments General Ledgers to ensure accruals are appropriate; monitors the accurate processing of transactions processed through the Lawson Asset Management modules. Works independently with minimal guidance. Performs special projects, continually drawing on technical knowledge of operations and accounting to conduct complex analytical assignments; including knowledge of Federal Reserve Bank (FRB) accounting practices, procedures, and Generally Accepted Accounting Principles (GAAP). Completes Bank projects and assignments in a professional manner and assumes a leadership role as appropriate on System-level committees and workgroups.
Principal Duties and Responsibilities :
Monitors the accuracy of construction and fixed asset accounting to ensure compliance to Financial Accounting Manual (FAM).
Oversees fixed asset and capital reporting functions and related assets and liability functions including monthly depreciation processing; provides capitalization/expense interpretations, accrual reporting and coordination.
Directly oversees Bank Expense processing (capital and operational expenses) to ensure compliance with Bank policies. Ensures automation platform supports operational responsibilities and/or makes necessary modifications.
Provides guidance to departments to ensure accurate and reporting of expenses to Planning and Control System (PACS) and General Ledger. Oversees entries and reconciliation for various general ledger accounts while also ensuring compliance to GAAP.
Defines and documents new or changed accounting requirements; collects data through various methods; analyzes existing methods and systems; performs cost benefit analyses; may review accounting transactions of non-accounting areas for compliance with FAM/GAAP; develops and recommends alternatives; reviews and provides analysis during the financial reporting process.
Ensures automation platform (Lawson) supports operational responsibilitiesand/or makes necessary modifications. Ensures attention to proper cost center expense allocations.
Conducts special studies and technical analyses for financial planning/control, feasibility and cost/benefit studies; identifies problems, formulates solutions, and presents appropriate recommendations to departmental or senior management; follows plan through to implementation.
Develops work schedules, assigns responsibilities for tasks and establishes targeted completion dates. Coaches and counsels staff as necessary to ensure timely, accurate, meaningful and effective output.
Interacts at all staff, technical and management levels by attending and participating in System conference calls, senior management meetings, and planning session; provides advice and guidance to management with regard to options, alternatives, and impact of operational decisions.
Ensures compliance with financial control and accounting manuals and recommends solutions to maintain compliance.
Well versed in System and Bank policies including Delegation of Authority Policy.
Participates in the accomplishment of departmental and Bankwide quality initiatives by being a department coordinator, team leader, or team member.
Fulfills job duties and responsibilities in conformance with sound safety practices.
Performs other related duties as assigned.
Education and Experience :
Bachelor`s degree in accounting or a related field is required
Certified Public Accountant certification is preferred
Minimum of 4 years experience required
Supervisory experience is preferred
Knowledge and Skills:
Strong interpersonal, leadership, analytical, and organizational skills.
Excellent oral, written, and presentation skills.
Ability to effectively communicate with various levels of staff and management.
Strong PC skills using standard Bank word processing, presentation, and spreadsheet applications.
Demonstrated and proven management skills (preferred).
Familiarity with Bank policies and Lawson application (preferred).
The Federal Reserve Bank of Philadelphia believes that diversity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer seven employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.
Certain eligibility rules apply
Federal Reserve Bank