Job Description

Unity Health Toronto is currently looking for a Senior Research Financial Analyst to join a dynamic and growing team in a full time (1.0 FTE) position. The position will primarily support the Knowledge Translation Program and will be part of the overall Research Financial Services portfolio with a team of financial professionals. This exciting opportunity works with considerable autonomy and is a key position within Research Financial Services acting as an expert of finance operations to the Knowledge Translation Program. The primary purpose of the Knowledge Translation Program is to conduct research to advance the science and practice of knowledge translation and to provide capacity building in these areas to a variety of partners. The primary purpose of the Research Financial Services department is to lead all financial aspects of research grants including financial reporting (internal & external), financial planning, financial management and financial compliance.

The primary role of the Senior Research Financial Analyst (RFA) is to be responsible for the financial management of the research operating portfolio of the Knowledge Translation Program (KT Program), Li Ka Shing Knowledge Institute of St. Michael\xe2\x80\x99s Hospital. Activities totaling $6-10M/year and 70+ activities. This individual provides support to the researchers and managers within the KT Program and interacts with personnel in the KT Program including the Research Program Managers, Scientists, and other personnel. This individual will also interact with the Senior Director of Operations, the Manager Research and Trust Finance, University of Toronto administration, and the Research Community (external sponsors (provincial, federal, non-governmental not-for-profit agencies), foreign government agencies (e.g. NIH) and private industry (e.g., pharmaceutical companies).

The incumbent will work closely with the Director to develop the financial models for new academic programs, entrepreneurial activities and will participate in annual budget reviews, factoring in the potential effects of various internal and external factors on revenues and expenses. The individual will summarize and present the results through oral, written and graphical communication to senior leaders who make strategic business decisions.

In performing these responsibilities, the incumbent will engage in a broad range of extensive analyses, prepares financial models and reports using complex worksheets, formulae, and coding. The incumbent will be performing tasks that will require a very high degree of precision and simultaneous attention to many details, such as detailed analysis on special projects, forecasting and analysis of budget information.

Duties & Responsibilities

Financial Reporting (40%)

• Accountable for the preparation, review, and submission of various financial reports

Develops and consolidates all financial results within the research program at Unity Health Toronto, for Council of Academic Hospitals of Ontario (CAHO) report and University of Toronto Research Funding Information Report. Subsequently detailing trend analysis and changes from the research program year over year. * Takes independent, proactive approach to reporting on financial performance of Knowledge Translation Program\xe2\x80\x99s portfolio, detailing key expense types, trends and proposing resourceful and modern solutions catered to the specific portfolio\xe2\x80\x99s needs; advising management of financial risk, ensuring mitigation strategies are provided when risks have been identified.

• Establishes and upholds strong relationship with research study teams, through dialogue and presentations as needed with principal investigators, managers and coordinators to ensure communication is open, timely and efficient.
• Independent ownership and management of research accounts receivable tracking report to ensure all receivables are monitored.
• Provides a Fiduciary Responsibility to the Unity Health Toronto and research funding sponsor to provide full disclosure of material financial issues and events related to research awards, detailing the size and importance of economic/financial event.
• Owns and develops various financial reporting requests from Finance and Research Management, to help them understand the analytics of various and ever-changing areas in research finance.

Financial planning & Analysis, Management and Compliance (45%)

Financial Planning & Analysis

• Leads the development of clinical and non-clinical research financial plan to analyze, track, and forecast portfolio and provides regular updates to the Director, PIs and Research Program Managers on project accounts.
• Independently performs ongoing monthly variance analysis related to research activities and provides detailed explanations on variances, forecasting, risk and controls assessments to mitigate the risk of misreporting financial results and loss of research project funding.
• Learns and develops sound understanding of program operations including, knowledge of procedures, human resources to ensure cost savings materialize from implementing operational efficiencies.
• Develops/oversees all pre-award grant budgets using audits from similar projects to ensure accurate budgeting; develop/oversee budget justifications. This activity requires knowledge of grant funding agencies and their eligible expenses and financial processes.
• Takes proactive approach in identifying complex accounting issues related to research accounting and recommend solutions (in-kind donations, fund matching agreements, expense reimbursement), to ensure proper accounting treatment is provided.
• Identifies entrepreneurial opportunities for the Program.

Financial Management

• Reviews existing and proactively develops internal and external processes to ensure rigorous financial management and identifies efficiencies.
• Develops and safeguards cash and other research assets to ensure utilization is authorized and appropriate.
• Takes independent review and creation of quarterly deficit activity package summarizing past performance and outlook, to be presented to Finance & Research Management and ultimately provide recommendations to mitigate the risk of incurring substantial financial loss
• Accountable to ensure new activity set up is in compliance with ORA requirements and conducive to developing robust financial reporting for various stakeholders (VP Research, Federal Government Agencies, Ministry of Health).
• Proactively maintains, closes and reviews all research activities, using existing financial systems and/or self-developed tools (includes General Ledger) in an evolving landscape of research finance to ensure unrestricted funds do not need to be returned, unrestricted funds can be recognized and unrestricted funds are not used inappropriately.
• Provides, as required, continued financial literacy training and guidance to research staff (i.e. non-accountants) to ensure understanding of procedure, reporting and policy is understood and executed with accuracy.

Financial Compliance

• Provides a Fiduciary Responsibility to the Unity Health Toronto and research funding sponsor to ensure research revenues and expenses are operating within the unique guidelines of each corresponding agency or group.
• Provides a Fiduciary Responsibility to the Unity Health Toronto and research funding sponsor to ensure that both Hospital policies, GAAP and unique sponsor guidelines are in compliance when preparing and submitting financial reporting to corresponding governing body.
• Leads and responsible for detailing and answering audit queries from the external auditor during year-end audit.
• Provides business process and expertise to educate and support research staff on eligible use of funds while ensuring compliance with Unity Health Toronto and research funding sponsor.

Payments and Receipts Functions (5%)

• Reviews current business processes related to payment requisitions and recommends improvements for efficiency and accuracy.
• Provides final confirmation related to payment requests that have been properly authorized and in accordance with the Hospital\xe2\x80\x99s Signing Authority Policy and ensures expenses are charged to the appropriate categories/account codes.
• Provides final confirmation that appropriate level of supporting documentation for payment and purchase requisitions for project file and audit.
• Proactively reviews current business processes related to payment receipts and recommend improvements that increase efficiency and accuracy.
• Partners with Treasury, Accounts Receivable across the network to ensure funding (including grant payments) is received and deposited to the correct activity.
• Verifies that the project activity provided by the researcher is correct and in line with the funding agency and the Hospital\xe2\x80\x99s guidelines.
• Independently assess research study team requests to transfer funds and expenses while ensuring supporting documentation is complete and details the nature of the journal entry.
• Responsible for all monthly balance sheet reconciliations related to research Balance Sheet Accounts (prepaid warranties/AR-CIHR) and proactively identifies to PIs when reports need to be reviewed and completed.

Month-end Closing (10%)

• Independently assess research study team requests to transfer funds and expenses while ensuring supporting documentation is completed and details the nature of the journal entry.
• Responsible for all monthly balance sheet reconciliations related to research Balance Sheet Accounts (prepaid warranties/AR-CIHR) and proactively identify to PIs when reports need to be reviewed and completed.

Qualifications

• Undergraduate degree in Commerce, Accounting or equivalent, is required (or demonstrable equivalent combination of specialized education and experience)
• Three to five years\xe2\x80\x99 experience in financial, hospital or research environment is required
• CPA, CGA, CMA certification is required. International equivalents will be considered.
• Experience with the Infor Lawson Financial System is preferred
• Strong computer skills, with an advanced understanding of MS Excel, Word, Outlook and Access & Adobe Acrobat
• Excellent analytical, organizational, and multi-tasking skills
• Able to perform and adapt in an evolving and changing health care environment
• Excellent verbal and written communication skills, excellent interpersonal skills
• Ability to work from home to comply with COVID-19 measures (e.g., access to phone, internet, etc.)
• Ability work within a hybrid office model (i.e., work from home and in-person) once COVID-19 measures are eased

As a condition of employment, all external hires will be required to submit proof of COVID-19 vaccination or documentation unless a valid accommodation under the Ontario Human Rights Code exists. Please note, if you are extended an offer of employment, you will be required to provide proof of vaccination in Ontario QR Code format. All internal candidates must be in compliance with Unity Health Toronto\xe2\x80\x99s COVID-19 Vaccination Policy.

Unity Health Toronto