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We are hiring! Could you be our next part-time Finance Manager?

We are seeking an experienced part-time Finance Manager to work with us ca. 2-3 days/month.

We, the Ottawa Renewable Energy Co-operative (OREC), incorporated in 2010 and with nearly 900 members, finance renewable energy projects by selling Preference Shares and Investment Notes to our members.

To date, all but three of our 22 solar power projects have 20-year Power Purchase Agreement known as Feed-in Tariff (FIT) contracts which provide a fixed rate for every kilowatt hour generated. The other three sell the energy generated to the building owner through a long-term power purchase agreement or equipment lease. Several of our co-operative’s solar projects are jointly owned (in four cases through a joint venture [JV] entity, either a corporation or limited partnership [LP]).

The co-operative also co-owns a wind turbine in southwestern Ontario and has a small portfolio of building energy efficiency equipment leases that it has financed. Steady, predictable revenue streams from these projects are used to pay back investors, including annual dividends or interest. OREC is poised for further growth in 2023 through acquisitions of existing projects, and new project development.

OREC is managed by a volunteer Board of Directors elected by the membership, but with day-to-day management provided by a full-time General Manager (GM) who oversees contractors and is responsible for member, investor and partner relations, and communications. A contractor is engaged to provide solar equipment monitoring & maintenance and the co-operative has a contract bookkeeper who looks after monthly invoicing and bill payments including payroll, quarterly HST filings, and annual interest/dividend and capital repayments to shareholders (and related T5 filings), and who maintains the co-operative’s books (Quick Books) and those of 4 JV entities that OREC manages.

The Finance Manager will be responsible for working closely with the Bookkeeper, the General Manager and the Board of Directors (primarily the Board Treasurer) to provide senior financial management and oversight for the Co-operative.

 The Finance Manager’s responsibilities include:

  • Oversee bookkeeping (e.g., fielding questions such as account allocation and ensuring accounting entries align with contracts), including review of CRA filings prepared by bookkeeper (HST, T4 and T5 filings)
  • Preparation of quarterly financial reports for the Board, including journal entries to adjust books as required
  • Review of quarterly report with GM & Treasurer, including cash management & collection recommendations
  • Oversight of annual audit (Aug 31 year-end) (including review of auditor-prepared tax returns) with bookkeeper, GM and, as required, Treasurer; assist where required with preparation of audit working papers
  • Preparation of annual budget with GM, and liaise/review with Treasurer
  • Maintain Excel-based financial management tools: quarterly reporting tool, smaller company quarterly reporting tools (2), Budget/Forecast tool (and variant used to prepare Offering Statement cash flow forecasts)
  • Preparation of quarterly reports for Smith Farm and ASM joint ventures for GM to submit to partners
  • Review of annual (Dec 31 year-end) unaudited financial statements for the four smaller companies/LPs which OREC manages and preparation of journal entries to correct books as required; liaise with auditors who prepare Notice to Reader statements and tax returns for these entities
  • Preparation of annual resolutions for Directors & Shareholders of smaller companies managed by OREC and assist/advise GM and Board regarding statutory resolutions required for OREC
  • Assist Treasurer and GM as required with inputs needed for annual Offering Statements (e.g., cash flows)
  • Serve as the senior CRA contact (with bookkeeper as primary day-to-day contact)
  • Oversee annual note interest, preference share dividend & capital returns processed by bookkeeper
  • Periodic reconciliation of Share Register with QuickBooks, CWCF (OREC’s RRSP registrar) and OREC’s CRM (Zoho)
  • Provide Excel assistance/expertise to maintain OREC’s Excel-based Share Register tool
  • Assist as required with accounting reconciliations that may be required for new project acquisition (e.g., at closing) or capital accounting associated with new project development/construction
  • Advise and assist, as required, the GM regarding key corporate/financial record-keeping.

The Finance Manager is a new contract role which is expected to require 2-3 days per month (averaged). The role will be most suited to a CPA with at least 10 years of senior financial management and reporting experience, and solid Excel skills, and who is most likely already working as a virtual CFO/Controller for other clients. Public company (or for-profit co-operative) experience would be an asset. While most of OREC’s staff and Directors are located in Ottawa, this role can be performed remotely from anywhere in Canada.

Interested candidates should submit their CV and covering letter indicating availability and daily rate to OREC’s Treasurer, Brian Mitchell, at treasurer@orec.ca by Friday, January 27, 2023.

 Please note that only shortlisted candidates will be contacted.