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Vice President, Treasury

Company: LAZ Parking
Location: New Haven
Posted on: June 25, 2022

Job Description:

Want to hear something crazy? Cars only spend 5% of their time driving. Where do they spend the other 95%? PARKED!LAZ Parking is one of the largest and fastest growing parking companies in the country. LAZ operates hundreds of thousands of parking spaces across the country. When it comes to parking, we're the experts!We are also a PEOPLE FIRST company. We often say "parking is our industry but people are our passion." Our mission is to "create opportunities for our employees and value for our clients". If you're looking to join a growing company led by passionate people committed to being the best - contact us today!The Spirit of the Position:The Treasurer reports to the Chief Financial Officer and will oversee the banking relationships, cash management, debt management, equipment financing, CAPEX evaluation/control, financial oversight of insurance program and review of major financial transactions.The Treasurer position is currently supported by two staff members in the banking area and serve as both a strategic and tactical leader in managing the overall Treasury department.Responsibilities:Banking and Cash Management

  • Manage the cash flow of the company.
  • Participate in the company's internal control procedures and transactional integrity by approving disbursements including wire transfers following reviews of supporting documentation.
  • Review of all factors impacting cashflow including accounts receivable and accounts payable.
  • Oversee the opening and closing of all bank accounts, lockboxes and depositories including the transition of bank accounts to our new cash management partner.
  • Implementation of ERP and banking solutions for the automation of transactions and reporting.
  • Manage and negotiate bank fees with all major banking partners
  • Ensure that all non-operating use of cash for items such as equipment, rent and bid deposits are regularly monitored and controlled.Debt Management
    • Negotiate and implement the company's credit agreements with existing banking syndicate.
    • Monitor the need for using the company's credit facilities through appropriate cash flow forecasting along with the drawdown and repayment of debt.
    • Monitor adherence to all bank covenants defined in credit agreements and providing banks with required documentation periodically.
    • Plan and execute distributions to shareholders up to limits defined by financial covenants.
    • Review of quarterly covenant compliance calculations.
    • Establish and maintain lines of credit for the purchase of parking control equipment and vehicles, submission of projects for financing.
    • Presentation of equipment purchases to Executive Committee for approval.
    • Responsibility for financing decisions relating to the purchase of parking control equipment and vehicles used in operations including passenger shuttles and maintenance trucks. Where required for LAZ's managed clients overall the contractual cost recovery processes including setting appropriate financing rates.
    • Review and document the need for interest rate swaps related to outstanding debt.Insurance
      • Participate in the company's property and casualty insurance bidding process including qualification of potential bidders and compilation of the specification document/information. Evaluating all bids received for the program and making recommendations to the CEO as to the preferred program from a coverage and premium perspective. Assisting CEO in negotiating lower premiums.
      • Preparing a financial analysis of the new insurance program each year, including premiums and estimated self-insured losses in order to establish rates to charge all locations internally. Informing region VP's of actual cost rates determined above and providing suggestions or guidelines for rates to charge managed locations.
      • Periodically reviewing the status of outstanding claims in cooperation with the HR / Legal departments and evaluating reserve requirements on a monthly basis.
      • Monitoring strong financial analysis and reporting of all aspects of the property and casualty and Health Insurance programs in cooperation with the accounting functions. Note that LAZ self-insures a significant portion of its financial exposures.Education:
        • Advanced degree in finance or risk management preferred
        • Professional qualification required (CPA, CTP).Skills:
          • Must have a calming personality and ability to perform to consistently high standards under pressure, demonstrate a strong character and ethical leadership characteristics along with a trusting demeanor while having a strong business / entrepreneurial orientation.
          • Should have empathy toward people and an understating of the importance of helping others and ability to interact with all levels of people throughout the organization.
          • Appreciation of the LAZ Way and Culture and strong attraction to this type of company atmosphere.Experience:
            • Minimum of 7+ years in the area of Treasury and Insurance and Risk Management.
            • Experience in a financial management position with a large organization (revenues > $100 million) with remote operations across the country.
            • Experience in negotiating and implementing credit agreements with one or more banks.Physical Demands
              • Ability to lift, push and pull at least 10 pounds.
                The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with qualified disabilities to perform the essential duties/functions.FLSA Status: Exempt; full-timeTo be hired, all candidates must pass a background check and pre-employment drug screen.LAZ Parking is an equal opportunity employer. In all our employment practices, including hiring, we are firmly committed to provide equal employment opportunity (EEO) to all persons, regardless of race, color, religion, sex, national origin, disability, age, genetics, Vietnam era, special disabled, recently separated and other protected veterans, or any other characteristic protected by federal, state or local law. No question in our application process is used for the process of limiting or excluding any applicant's consideration for employment on such grounds.LAZ Parking participates in E-Verify.

                #INDHP

Keywords: LAZ Parking, New Haven , Vice President, Treasury, Executive , New Haven, Connecticut

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