Federated Energy Services Cooperative (FESCO) is seeking an experienced, ethical leader to join the organization as Chief Financial Officer. The preferred start date is August 2023 or sooner.
FESCO has engaged GreatCo-Ops (www.greatcoops.com) to assist with this search.
FESCO’s CFO must be a strong, people-focused, visible leader within the organization who possesses substantial experience in electric cooperative finance and accounting. The CFO must be a strong communicator with a strategic mindset.
An unwavering commitment to transparency, ethical conduct, and accountability are a must, as are the team orientation and self-awareness that are hallmarks of good leadership.
About Federated Energy Services Cooperative
FESCO, a shared services and management cooperative, was formed in 1998 to share cooperative management staff, accounting, billing, engineering, information technology, communications, community and member relations, marketing departments, and other services with North Central Electric Cooperative and Lorain-Medina Rural Electric Cooperative.
North Central Electric Cooperative, Inc. is an electric distribution cooperative serving the needs of about 9,600 members in Crawford, Hancock, Huron, Richland, Sandusky, Seneca, Wood, and Wyandot counties in north central Ohio. The co-op maintains about 1,800 miles of underground and overhead lines, as well as 11 substations.
Lorain-Medina REC is an electric distribution cooperative serving the needs of about 16,000 consumers in Ashland, Huron, Lorain, Medina, and Wayne counties in northeast Ohio. The co-op maintains about 1,500 miles of underground and overhead lines, as well as 15 substations.
The two cooperatives’ headquarters are approximately 45 miles apart.
Combined, the two distribution systems have approximately 80 employees. The boards of North Central and Lorain-Medina meet jointly eleven times per year and one time per year separately.
Fast Facts about North Central Electric Cooperative
Approximately 9,600 members
Annual operating revenue of approximately $28 million
Situated just north of the heart of Ohio, FESCO member co-ops Lorain-Medina Rural Electric (LMRE) and North Central Electric (NCE) enjoy some of the best living that rural America has to offer. From our easternmost co-op, LMRE, people enjoy everything a big city provides, including Cleveland’s art installations, museums, and nightlife, as well as the serene beauty of Lake Erie. On the west side of the territory, NCE, residents enjoy Cedar Point, explore one of the largest underground caverns registered as a natural landmark at the Seneca Caverns, pick their own apples, and enjoy the Amish culture. From either co-op, it is an easy trip to the state capital of Columbus (just over a 90-minute drive). Whether you’re looking for a fast-paced city atmosphere or rural peace and quiet, the electric co-ops of FESCO have it all to choose from.
Qualifications
Required
Applications from those who do not meet the required qualifications will not be considered.
Verifiable, successful experience in electric cooperative finance and accounting at the Vice President/CFO level; or experience in a finance and/or accounting position within an electric co-op reporting directly to the VP of Finance/CFO; or extensive experience in electric co-op auditing, finance, or accounting as a service provider to electric cooperatives
A deep understanding of electric utility finance and accounting
A bachelor’s degree from an accredited university
Demonstrated success in leading individuals and teams
Excellent communication skills
A demonstrated ability to work collaboratively with boards of directors, executive teams, and support staff
Preferred
A minimum of 5 years of finance and accounting experience at the Vice President level within an electric cooperative
CPA designation
Experience working with NRUCFC, RUS, and CoBank
Familiarity with relevant regulatory matters
An understanding of electric co-op rate design
A bachelor’s degree in finance or accounting from an AACSB-accredited business school
An advanced degree in an area relevant to being a senior leader in finance and accounting at an electric cooperative
Duties, Responsibilities, and Pay Range
The CFO is a key member of FESCO’s senior leadership team and is responsible for all aspects of the two cooperatives’ finance, accounting, billing, and budgeting activities. The CFO will have an office at both co-ops and lead a team of approximately 12-14 people.
The duties and responsibilities of the CFO include:
Ensure a high level of integrity, transparency, professionalism, and employee engagement within the Finance Department
Provide excellent leadership and subject matter expertise in short- and long-range financial planning, forecasting, debt financing, cash strategy, working capital strategy, investments, treasury, internal audit, internal and external financial reporting, financial analysis, accounting, accounts payable, accounts receivable, tax matters, and other activities related to the finance and accounting functions for both cooperatives
Ensure proper internal controls and compliance with accounting standards, regulations, and co-op policies
Develop and assure attainment of financial goals
Maintain effective working relationships with NRUCFC, CoBank, RUS, and other key organizations
Provide financial expertise and advice to senior leadership and the boards
Collaborate on development of budgets and workplans
Participate in monthly board meetings and prepare monthly financial board reports for both cooperatives
Represent the two cooperatives with the local community as requested
Track emerging economic, legislative, regulatory, and industry trends, and make recommendations to management related to those trends and their effects on the two cooperatives
Testify on behalf of the cooperatives in legal, regulatory, and other matters as needed
Perform other duties as assigned
The salary range for this position is $161,000 to $202,000.
Application Process and Deadline
Interested individuals who meet the required qualifications must email a cover letter and resume to Monica Beavers, Director of Client Services at GreatCo-Ops, at mbeavers@greatcoops.com. In addition to discussing the applicant’s fit for the role, the cover letter must also include the individual’s perspectives on one significant finance-related challenge or opportunity for electric cooperatives and how that trend might affect FESCO and/or the two co-ops it serves.
References will be requested at a later time for applicants who progress through the process. Finalists must be willing to undergo a comprehensive background check.
Applications are preferred by May 31, 2023 at 5:00 pm Eastern. However, applications will be reviewed until the position is filled.
FESCO, North Central, and Lorain-Medina are equal opportunity employers.
GreatCo-Ops is a professional services firm focused exclusively on creating higher performing electric cooperatives. We help co-op leaders thrive in their roles and create organizations with healthy cultures that deliver unsurpassed member satisfaction. We work hard to earn the trust and respect of our clients by combining a strategic mindset, decades of experience, an obsession for unrivaled service, and an unwavering commitment to ethical conduct.
Our seasoned team leverages experience-tested, data-driven techniques and tools to give our clients powerful new insights they can use to solve their cooperatives’ greatest challenges. Our services include strategy consulting, risk management advisory, governance assessments, leadership development programs, executive coaching, executive search, employee surveys, member experience consulting, data analytics, and related offerings.
