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Director, Receivables and Collections
Santa Ana, CA; Tampa, FL, or Toronto, ON, Canada
Opportunity Snapshot
This position represents a rare opportunity to impact a one-billion-dollar corporation's AR processes and at the same time impact the lives of thousands of students in a positive way.
Corinthian Colleges, Inc. is a young and dynamic organization that has quickly grown to become one of North America's largest post secondary education companies. CCi operates more than 100 campuses across the continent as well as a rapidly growing online education division.
CCi recently transitioned from locally based AR functions to a centralized, outsourced model, and as Director, you will manage the centralized model and optimize processes as it matures. Our AR involves collecting tuition fees from our students, and we (not surprisingly) take an educational view to helping our students plan their financial future. An interesting aspect of this role will be contributing to the design of educational programs that will help our students understand their financial obligations and plan for their future in a responsible way.
Our Requirements
To be a good fit for this opportunity you will have:
- Significant experience in AR and collections, including:
- oversight of portfolios including at least $100 million in receivables
- thorough knowledge of accounting, accounts receivable and collection practices, bankruptcy laws and related federal/state regulations
- experience negotiating new corporate relationships with vendors
- experience analyzing and interpreting financial data/reports in order to make recommendations regarding strategic planning and performance
- Ten years of experience managing staff (of 10 or more) to effectively monitor operations and meet corporate goals and objectives.
- A bachelor's degree; a master's is preferred.
- Working knowledge of financial software and systems
- Ability to travel up to 15% of the time
What's in It for You
- Opportunity to drive change -- you will partner with the Vice President of Financial Services (to whom you will report) and join an innovative team that is re-engineering our infrastructure to ensure solid support for our ongoing growth. In addition you will act as a liaison among corporate and division leadership within finance and operations, campus personnel, and third party agencies/servicers. You'll be able to impact our top and bottom lines, and your successes will be noticed.
- Entrepreneurial autonomy -- we'll look to you to assume ownership of your overall objectives, flesh out the ideas, develop the strategies, and execute on them independently. We'll provide support when you need it and "elbow room" when you don't.
- A rapid growth environment -- in fact, challenging economic times often motivate people to go back to school. Our revenue in 2008 was $1 billion, up almost 18% over 2007. We are estimating revenues of $1.2 billion for 2009. Student enrollment grew 13.2% last year, and we had 76,165 students as of December 31, 2008.
- Strong mission, dynamic environment -- throughout Financial Services we are proud to support the teams that help students build more successful lives for themselves, a mission all CCi employees find quite rewarding.
- Excellent compensation -- in addition to a competitive salary and bonus incentive program we offer an excellent benefit package including an employee stock purchase program, comprehensive healthcare program, a 401(k) plan, and more.
More About Your Role
Most likely, you will be joining CCi just a few months after our switch to the centralized model, so the timing is ideal: many of the tactical details associated with the transition are behind us, but we are only at the beginning of our journey to the best possible centralized structure.
Initially, you will need to establish relationships with our contracted vendors in all aspects of AR and collections, and this will require some travel. However, we expect that in the longer term, your travel will be limited to about 15% of your time.
With your training and orientation behind you, you will take a high level approach to analyzing each stage in our AR lifecycle. As a part of a re-engineering team, you will contribute research, analysis and ideas to the formation of new best-practices. In the same manner, you will manage our vendor relationships, including negotiating terms, establishing and monitoring service levels. The vendors may provide services in billing, collections, or debt buying, and you may engage them on an ongoing basis or for short-term projects.
More specifically, your activities will include:
- Managing the performance of Tuition Accounts Receivable portfolio and Notes Receivable portfolio for campuses throughout the United States and Canada.
- Managing US and Canada collection agencies/servicers relations, contracts and AR performance.
- Maintaining company bad debt results within established corporate goals and objectives.
- Monitoring corporate and campus collection activities of outstanding student accounts to ensure timely recovery of payments and maintain appropriate accounts receivable levels.
- Monitoring cash plans, institutional loan programs and direct bill programs for timely billing, collections and payments.
- Tracking accounts receivable levels by preparing and analyzing weekly AR reports to provide ongoing financial analysis of company performance.
- Identifying, analyzing and implementing solutions and procedural changes to increase operational efficiencies and effectiveness to the accounts receivable process while maintaining established levels of performance.
- Overseeing internal controls for cash management to ensure appropriate postings of cash receipts and agency recoveries on a daily basis.
- Preparing documentation requirements/responses to any internal/external audits related to the Accounts Receivable and Collections operations.
- Participating as an active member of the Management Team and ensuring active communication and cohesive working relationship with all other departments.
- Participating in personnel actions, to include interview, hire, performance evaluations, and termination.
- And more.
Keys to Success
ENERGY is the key to success in this role. We are looking for a leader who is excited about driving change, motivated to produce results, and ready to jump in and engage in the give-and-take dynamics of a talented and assertive team. We're looking for an individual who brings full-picture solutions, not just someone to do the next task on the list.
Also important are your abilities to:
- Leverage your influencing skills to be effective in working across functional lines.
- Employ an analytical and data-driven approach to managing AR and collections performance.
- Achieve your goals with a minimum of supervision, while keeping the VP in the loop.
- Be resourceful in a lean culture: our top people are those who make the most of what they have to make their area even better.
- Bring a sense of urgency and solid focus to manage multiple priorities in a dynamic, fast-paced organization.
If this sounds like the right mix of challenge and opportunity for you, and you meet the minimum qualifications, we want to hear from you!
Who We Are
Corinthian Colleges, Inc. (NASDAQ: COCO) is a young and dynamic organization that has quickly grown to become one of North America's largest post secondary education companies. CCi operates more than 100 campuses across the continent as well as a rapidly growing online education division.
Through its two brands, Everest and WyoTech, the company employs a unique approach to teaching and has graduated and placed more than 200,000 students in a variety of fields including careers in business, health care, criminal justice, information technology (IT), trades and transportation maintenance.
Opportunity Snapshot
This position represents a rare opportunity to impact a one-billion-dollar corporation's AR processes and at the same time impact the lives of thousands of students in a positive way.
Corinthian Colleges, Inc. is a young and dynamic organization that has quickly grown to become one of North America's largest post secondary education companies. CCi operates more than 100 campuses across the continent as well as a rapidly growing online education division.
CCi recently transitioned from locally based AR functions to a centralized, outsourced model, and as Director, you will manage the centralized model and optimize processes as it matures. Our AR involves collecting tuition fees from our students, and we (not surprisingly) take an educational view to helping our students plan their financial future. An interesting aspect of this role will be contributing to the design of educational programs that will help our students understand their financial obligations and plan for their future in a responsible way.
Our Requirements
To be a good fit for this opportunity you will have:
- Significant experience in AR and collections, including:
- oversight of portfolios including at least $100 million in receivables
- thorough knowledge of accounting, accounts receivable and collection practices, bankruptcy laws and related federal/state regulations
- experience negotiating new corporate relationships with vendors
- experience analyzing and interpreting financial data/reports in order to make recommendations regarding strategic planning and performance
- Ten years of experience managing staff (of 10 or more) to effectively monitor operations and meet corporate goals and objectives.
- A bachelor's degree; a master's is preferred.
- Working knowledge of financial software and systems
- Ability to travel up to 15% of the time
What's in It for You
- Opportunity to drive change -- you will partner with the Vice President of Financial Services (to whom you will report) and join an innovative team that is re-engineering our infrastructure to ensure solid support for our ongoing growth. In addition you will act as a liaison among corporate and division leadership within finance and operations, campus personnel, and third party agencies/servicers. You'll be able to impact our top and bottom lines, and your successes will be noticed.
- Entrepreneurial autonomy -- we'll look to you to assume ownership of your overall objectives, flesh out the ideas, develop the strategies, and execute on them independently. We'll provide support when you need it and "elbow room" when you don't.
- A rapid growth environment -- in fact, challenging economic times often motivate people to go back to school. Our revenue in 2008 was $1 billion, up almost 18% over 2007. We are estimating revenues of $1.2 billion for 2009. Student enrollment grew 13.2% last year, and we had 76,165 students as of December 31, 2008.
- Strong mission, dynamic environment -- throughout Financial Services we are proud to support the teams that help students build more successful lives for themselves, a mission all CCi employees find quite rewarding.
- Excellent compensation -- in addition to a competitive salary and bonus incentive program we offer an excellent benefit package including an employee stock purchase program, comprehensive healthcare program, a 401(k) plan, and more.
More About Your Role
Most likely, you will be joining CCi just a few months after our switch to the centralized model, so the timing is ideal: many of the tactical details associated with the transition are behind us, but we are only at the beginning of our journey to the best possible centralized structure.
Initially, you will need to establish relationships with our contracted vendors in all aspects of AR and collections, and this will require some travel. However, we expect that in the longer term, your travel will be limited to about 15% of your time.
With your training and orientation behind you, you will take a high level approach to analyzing each stage in our AR lifecycle. As a part of a re-engineering team, you will contribute research, analysis and ideas to the formation of new best-practices. In the same manner, you will manage our vendor relationships, including negotiating terms, establishing and monitoring service levels. The vendors may provide services in billing, collections, or debt buying, and you may engage them on an ongoing basis or for short-term projects.
More specifically, your activities will include:
- Managing the performance of Tuition Accounts Receivable portfolio and Notes Receivable portfolio for campuses throughout the United States and Canada.
- Managing US and Canada collection agencies/servicers relations, contracts and AR performance.
- Maintaining company bad debt results within established corporate goals and objectives.
- Monitoring corporate and campus collection activities of outstanding student accounts to ensure timely recovery of payments and maintain appropriate accounts receivable levels.
- Monitoring cash plans, institutional loan programs and direct bill programs for timely billing, collections and payments.
- Tracking accounts receivable levels by preparing and analyzing weekly AR reports to provide ongoing financial analysis of company performance.
- Identifying, analyzing and implementing solutions and procedural changes to increase operational efficiencies and effectiveness to the accounts receivable process while maintaining established levels of performance.
- Overseeing internal controls for cash management to ensure appropriate postings of cash receipts and agency recoveries on a daily basis.
- Preparing documentation requirements/responses to any internal/external audits related to the Accounts Receivable and Collections operations.
- Participating as an active member of the Management Team and ensuring active communication and cohesive working relationship with all other departments.
- Participating in personnel actions, to include interview, hire, performance evaluations, and termination.
- And more.
Keys to Success
ENERGY is the key to success in this role. We are looking for a leader who is excited about driving change, motivated to produce results, and ready to jump in and engage in the give-and-take dynamics of a talented and assertive team. We're looking for an individual who brings full-picture solutions, not just someone to do the next task on the list.
Also important are your abilities to:
- Leverage your influencing skills to be effective in working across functional lines.
- Employ an analytical and data-driven approach to managing AR and collections performance.
- Achieve your goals with a minimum of supervision, while keeping the VP in the loop.
- Be resourceful in a lean culture: our top people are those who make the most of what they have to make their area even better.
- Bring a sense of urgency and solid focus to manage multiple priorities in a dynamic, fast-paced organization.
If this sounds like the right mix of challenge and opportunity for you, and you meet the minimum qualifications, we want to hear from you!
Who We Are
Corinthian Colleges, Inc. (NASDAQ: COCO) is a young and dynamic organization that has quickly grown to become one of North America's largest post secondary education companies. CCi operates more than 100 campuses across the continent as well as a rapidly growing online education division.
Through its two brands, Everest and WyoTech, the company employs a unique approach to teaching and has graduated and placed more than 200,000 students in a variety of fields including careers in business, health care, criminal justice, information technology (IT), trades and transportation maintenance.
