Summary:

The FRRA Lead is responsible for day-to-day analysis of new contracts, modifications, and recognition status, as well as weekly and monthly revenue recognition processes leading to accurate and timely revenue recognition. The FRRA is also responsible to lead the preparation the Form 990 Return, researching new accounting pronouncements to lead the annual preparation of the external financial statements. This role performs a variety of financial analysis including: cost, fixed-price, fixed-priced incentive, time & material, license, and royalty.

Responsibilities:

• Serve as the subject matter expert for revenue recognition
• Ensure revenue recognition is in compliance with generally accepted accounting principles (“GAAP”) with particular attention to ASC606
• Maintain revenue recognition policies and procedures documentation
• Develop and communicate revenue status reports
• Provide revenue recognition training to cross functional teams including Programs, Contracts, Financial Planning & Analysis, Legal, as the need arises
• Review and assess new contracts with customers against ASC606 criteria, document assessment and conclusions, and work with billing department to timely establish revenue plans in the ERP system
• Monitor contract modifications, risk authorizations, authorizations to proceed, and funding levels to determine impact to revenue recognition
• Ensure the integrity, consistency, reliability, and efficiency of the processes employed in the revenue recognition function
• Analyze contract incentive- and performance-fee applicability at the appropriate stage
• Supervise the Financial Accounting Standards Board for new Accounting Standards updates, perform research on new pronouncements, and draft position papers for senior management review
• Lead the preparation of the annual GAAP financial statement audit and the external financial statements together with related footnotes
• Collect and analyze program estimates at completion (“EAC”) on fixed priced contracts for reasonableness
• Collaborate with other departments: Controller, and external tax advisors to support, review, and compile all items related to the annual 990 tax filing
• Continually identify and implement opportunities for revenue system, financial statement, tax return, and business process improvements to increase efficiencies and shorten financial closing cycles
• Develop partnerships with managers and administrators in the Contracts, Program, Business Analysis, and Financial Planning & Analysis departments, and external tax advisors and auditors

Required Skills and Experience:

• Solid understanding of Federal Acquisition Regulations and Defense Federal Acquisition Regulation Supplement(FAR/DFAR)
• Exposure to government contracts, in particular within the defense industry
• Bachelor's degree in Accounting or Finance with 7+ years of progressive accounting experiences with an emphasis on technical accounting exposure
• Ability to read contracts/agreements/accounting pronouncements and identify pertinent terms and issues to provide appropriate and practical accounting mentorship and issue resolution to Program managers
• Ability to identify key risk areas, contemplate alternatives, draw conclusions and recommend and implement changes to mitigate any risk to the organization
• Very detail oriented, goal focused, organized, and able to consistently meet or exceed deadlines
• Significant experience reviewing contracts and applying ASC606 requirements to determine appropriate revenue recognition method
• Advanced-level Microsoft Excel proficiency
• Prior solid understanding of Tier One ERP system (e.g., Oracle, PeopleSoft, SAP, Deltek)
• Strong collaboration skills
• Highly motivated self-starter capable of working independently
• Proven ability to plan, coordinate, and prioritize tasks, meet deadlines and drive initiatives to completion
• Ability to work in a fast-paced environment with a willingness to perform in critical deadline situations
• Ability to acquire a US secret clearance which requires proof of US citizenship
• CPA preferred
• Prior revenue recognition and financial statement preparation using PeopleSoft or other Tier One ERP systems preferred