Controller
Job Title: Controller
Location: El Segundo, CA or Remote (preference for Pacific or Mountain time Zones, USA)
Start Date: Immediate
Compensation: $200k - $225k/year + annual performance bonus
ABOUT COAST
Coast (“Coast” or the “Company”) is a rapidly growing, PE-backed commercial and industrial (“C&I”) solar energy development firm. By offering innovative solutions to finance and operate solar energy for commercial businesses, Coast is disrupting the way commercial building owners purchase electricity. Through the backing of its financial sponsor, Crosstimbers Capital Group, Coast is on track to finance, develop, own, and operate $400+ million of commercial solar projects across the United States over the next several years. Coast owns the solar systems and sells solar electricity to property owners at a rate that is typically less than their current electricity provider. We are looking for talented, results-oriented, self-starters who will consistently deliver exceptional results to our customers and investors in pursuit of becoming the leading C&I solar provider in the United States.
COAST’S BELIEFS ABOUT PEOPLE
We believe people should feel appreciated and part of a broader—mission-based organization—where their experience and talents are nurtured, and their full potential is realized. Coast seeks to cultivate a culture that enables talented individuals to thrive by autonomously utilizing their unique abilities and extraordinary work ethic within a highly collaborative environment that fosters innovation, creativity, and teamwork. We view it as one of our greatest responsibilities to enable, lead, and help individuals grow into the best versions of themselves. Our team shares a common vision of becoming the best version of ourselves and building the best company we can create, while transitioning our country to clean, renewable energy.
EXPECTED OUTCOMES AND REQUIREMENTS
Coast is excited to welcome a new Controller to help the Company navigate increasingly complex business and financial reporting obligations. Reporting to the CFO, this individual will be responsible for creating a best-in-class accounting function by driving continuous improvement in accounting talent, processes and procedures.The individual will confidently tackle complex multi-entity accounting in all respects. This includes high transaction volumes, merger/acquisition accounting and reporting on sophisticated financing transactions (multiple debt facilities and tax equity facilities). The Controller will self-perform many aspects of accounting as in concert with internal and external accounting resources. The Controller is expected to foster a culture of excellence, trust, and collaboration within the accounting team and within the company as a whole. Responsibilities include:
Financial Accounting and Reporting
- Improve the accounting function: Elevate all aspects of corporate and solar project/portfolio accounting -- leveraging internal and external accounting talent as needed to prepare higher quality financial statements and related financial reports.
- Timely closing: As leader of the accounting and reporting organization, empower greater teamwork and excellence to close the books more quickly each month for multiple entities and for multiple stakeholders (board of directors, debt providers, tax equity providers, management, etc.).
- Transition accounting in-house: Lead the continued transition of the company’s accounting function from external accountants to an in-house function, with continued utilization of some external capabilities as needed (e.g., accounts payable).
Accounting Policies, Procedures and Automation
- New accounting system: Continue the build out of reports and key processes and functions related to the Company’s new NetSuite accounting system.
- Project and cost accounting: improve Coast’s ability to track and report on project, fund-level and portfolio expenses in comparison to original budgets.
- Accounting policies: Improve existing accounting policies and create new policies as needed to ensure best practices in accounts payable, GL accounting, treasury, and reporting.
- Organization/access: Ensure rigorous organization, security and storage of documents and data to ensure seamless access to all accounting documents and data.
- Quality & speed: Improve the quality and timeliness of the financial close process on a monthly, quarterly, and annual basis through continuous improvement in processes and technology.
- Multi-entity consolidation: Create efficient processes related to multi-entity intercompany transactions, accounting and consolidation.
- Inter-department processes: Develop company-wide standardized accounting procedures to drive efficiency and optimization of business processes (e.g., expense reporting, payment processing, purchase orders, etc.).
Tax Oversight, Audit and Technical Accounting
- Technical accounting: Serve as the company’s technical accounting expert to ensure US GAAP compliance. Create high-quality accounting memos related to solar project acquisitions, debt and tax equity financing arrangements, lease accounting (e.g., ASC 842), asset acquisitions and other technical accounting matters.
- Tax reporting: Ensure timely compliance with all local, state and federal reporting and tax filing requirements.
QUALIFICATIONS AND EXPERIENCE
- 10+ years of accounting experience, including at least 5 years as a Controller or Director of Accounting.
- 4+ years of solar development and/or related financing industry experience; strong preference for experience accounting for project development and construction within the commercial and industrial sector (IPP model).
- Strong knowledge of accounting for various debt financing structures (as borrower), including development, construction and term debt facilities.
- Experience in accounting for inter-company entity transfers, project acquisitions and noncontrolled interest accounting.
- Solid experience in managing treasury functions, including all aspects of funding projects, intercompany cash transfers and debt facility compliance reporting.
- Strong tax equity accounting experience including investment structures, tax benefits and reporting.
- Deep understanding of project finance, development finance activities and Power Purchase Agreements.
- Ability to thrive in a high-paced, dynamic, small-company environment.
- A trustworthy, empathetic, and servant-oriented leader.
- CPA required, or proof of significant experience managing technical accounting and external auditors.
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