Sr. Manager - Financial Processing

POSITION SUMMARY:

This Senior Manager – Financial Processing is responsible for creating, improving, and maintaining financial and internal controls and required financial record keeping of the USDS Loan Portfolio. Responsibilities include ensuring all daily tasks related to borrower payments and account adjustments are performed as requested or required to ensure compliance and are completed in a timely manner. Works closely with the U.S. Department of Education, Office of Federal Student Aid (FSA) financial managers and staff in support of ensuring proper servicing and financial reporting are in place. A strong understanding of FSA’s financial requirements, servicing system activity and transactions, general ledger accounting and reporting requirements, and loan servicing flows is imperative.  This position also requires federal financial audit participation and federal controls audit participation. 

 

This position is responsible for the daily function, management, and oversight of the MOHELA General Ledger System (SAGE 500).  The position is responsible for compliance with the USDS federal financial technical requirements and federal A-123 control regulations and requirements. 

 

This position will interact with the U.S. Department of Education financial management, MOHELA Management and other USDS federal loan servicers.  A high degree of interpersonal communication is required, and excellent written communication skills are required.  

 

Essential Duties and Responsibilities:

 

1. Financial Account and Transaction Management, Processing, and Reporting – Manage the financial accounts and transactions including but not limited to borrower payments, financial payment lockbox management and monitoring, third party payment services, financial refunds, financial reallocations, payment suspense account research and application, financial write off/up transactions, payment research and resolutions, payment cancellations, ACH/Auto Debit payments, ACH/Auto Debit borrower application processing, and multiple financial payment, transaction, and activity queues. Manage the USDS Financial Reporting and Reconciliation processes, activities, transaction posting, reporting, and reconciliation activities.  Responsible for complying with and meeting the financial reporting requirements and reporting deadlines as defined in the USDS Financial Technical Requirements.  Responsible for the financial data file generation, transmission, and receipt by the U.S. Department of Education, Financial Management System (FMS). Responsible for processing financial and non-financial transactions and the resulting reporting to FMS.
2. Supervision of Staff Training and Development – Provide direction to and supervise financial processing management and staff to include assignment of work to managers and supervisors, assignment of tasks by managers and supervisors to financial staff, monitoring quantity and quality of work performed, and coordination of financial activities and processes with other MOHELA USDS operational departments and Senior Managers. Establish performance and productivity standards.  Conduct performance reviews, counsel staff, and maintain appropriate documentation regarding employee performance.  Knowledge of management functions, policies and procedures is required as they relate to the operation of the USDS contract and federal loan program.  Supervise staff carrying out fiscal functions.  Manages and coordinates the activities of personnel engaged in the maintenance and control of accounts.  Manages, monitors, and direct resources to meet Service Level Agreement (SLA) performance metrics.
3. Audit Responsibilities and Participation – Provide support to operational departments with internal audits, external audits, and developing required corrective action plans.  Prepare responses to audit questions and findings and implement appropriate changes.  Review and submit the monthly and period-term activation PBC Audit Download reconciliation.  Resolve variances and adjust the appropriate PBC files, as necessary.  Actively participate in the review and approval of financial activity procedures, financial process flow charts, risk matrices, and any other documentation required to be submitted to FSA or external audit firms.
4. General Ledger Maintenance – Ability to maintain and meet financial reporting requirements and schedules for General Ledger accounts and transactions for the Direct Loan portfolio. Ensure compliance with USDS Financial Technical Requirements. You must also understand how cash and non-cash transactions affect the Gene