Block Island Utility District- Chief Financial Officer

NRECA•New Shoreham, RI

32d•Onsite

About The Position

The Block Island Utility District (BIUD), doing business as Block Island Power Company, is a customer-owned, nonprofit electric utility district serving approximately 2,000 customers on Block Island, Rhode Island. With 8 full-time employees, BIUD has revenues of approximately $6.0 million and total operating plant of $14.5 million. Established in 2019 after acquiring the former investor-owned utility, BIUD is governed by 5-member Board of Utility Commissioners and is dedicated to providing safe, reliable, and affordable electric service to the island's residents and businesses. The utility operates one of the nation's smallest standalone electric systems and has transitioned from relying primarily on diesel generation to receiving its electricity through an undersea transmission cable connected to the mainland electric grid, with diesel generators maintained for backup power. BIUD manages its own power supply portfolio and is one of few utilities in the nation that can boast a 100% renewable portfolio. BIUD is committed to enhancing system reliability, modernizing its infrastructure, expanding clean energy initiatives, and serving the long-term interests of the Block Island community through local ownership and stewardship. The CFO is a key member of the Executive Leadership Team and plays a critical role in the financial success of BIUD. As a new created position for the utility district, the CFO provides strategic financial leadership, oversees all financial operations and ensures the financial health and stability of the Cooperative. This position manages the Cooperative’s financial performance, including revenue and expense management, capital budgeting and debt management. Financial operations include accounting, finance, budgeting, forecasting, risk management, cash management and audits. Duties include maintaining financial records, accounting services, budgeting, short/long term financial planning, equity management, regulatory reporting, risk management, inventory control and forecasting plus providing financial reports/analysis to the CEO, the Board and other stakeholders. As part of a small team, willingness to contribute and pitch in as needed is a must.

Requirements

Bachelor’s Degree or equivalent experience and education is required.
At least five years of experience in a leadership position is required.

Nice To Haves

An advanced degree and/or CPA are preferred.
Thorough familiarity with financial management, GAAP Accounting, strategic planning, cash management, budgeting and/or RUS accounting are preferred.
At least 5 years of experience with an electric utility is preferred.

Responsibilities

Provides strategic financial leadership.
Oversees all financial operations.
Ensures the financial health and stability of the Cooperative.
Manages the Cooperative’s financial performance, including revenue and expense management, capital budgeting and debt management.
Manages financial operations including accounting, finance, budgeting, forecasting, risk management, cash management and audits.
Maintains financial records.
Provides accounting services.
Develops budgets.
Engages in short/long term financial planning.
Manages equity.
Handles regulatory reporting.
Manages risk.
Controls inventory.
Performs forecasting.
Provides financial reports/analysis to the CEO, the Board and other stakeholders.
Contributes and pitches in as needed as part of a small team.