Finance and Accounting, SEC reporting,internal controls

MELODY J. (SULLIVAN) SHERRILL

Henderson, NV *****

Home: 702-***-**** / Cell: 702-***-**** / Email: ***************@*****.***

http://www.linkedin.com/in/melodysullivansherrill

SENIOR FINANCE EXECUTIVE – CFO/TREAS/CAO/SVP/VP

20+ Years of Financial and Accounting Leadership Accomplishments within Multiple Industry Public Company, International, and

Regulated Environments; Reducing Costs, Supporting Corporate Growth Objectives, and Safeguarding the Company and

Stockholders with Uncompromising Financial Integrity.

Extensive SEC/financial reporting, accounting, and corporate finance leadership experience as a key executive team member providing

critical analysis and support in the driving achievement of strategic business objectives. Industry background spanning banking, real

estate, gaming, and manufacturing, while working with and developing cross functional teams.

Successfully led implementation of regulatory and legislative changes, including FDICIA/FIRREA and SOX. Directed the financial

turnaround of a public company, saving approximately $2 million in costs. Led key initiatives that contributed to a 500% increase on

stock value over a four year period and a turnaround from a loss to a profit for a public company. Created Financial Reporting processes

and a Human Resources department. Key player in acquisitions and disposals; system conversions, private debt offering, IPO, and all

SEC filings.

Tenacious, detail oriented, and extremely hard working, but also have talent for seeing the big picture of an organization. Excellent team

leadership abilities, bringing an infectious, positive attitude, and sense of humor to the workplace. Representative to regulatory and

government agencies, including NASDAQ, IRS, SEC, OTS, FDIC, FSLIC, FNMA, and Federal Reserve. CMA certified. Licensed and

found suitable as an officer by the Nevada Gaming Control Board and Commission.

Core competencies include:

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Corporate Finance Management Financial Analysis & Reporting Budgeting & Forecasting

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GAAP/International Accounting Risk Assessment & Management Mergers & Acquisitions

(M&A)

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Cost Reduction & Avoidance Financial & Contract Negotiations

- Internal Controls/Auditing

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Profit Improvement & Growth Regulatory & Legislative

- Board of Directors’ Liaison

Compliance

- SEC Reporting, including IPOs

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IT/Systems & Human Resources Investor Relations

Professional Experience

FINANCIAL CONSULTANT 2010 Current

Independent contractor; worked with a large gaming company; three separate public e commerce companies, an oil and gas company and

other companies in Las Vegas, NV, specializing in Accounting; SEC reporting; Sarbanes Oxley work, including walk throughs, testing,

documenting findings and reporting; Bankruptcy filing assistance; and providing temporary consulting/project work on an as needed

basis.

CHIEF FINANCIAL OFFICER and TREASURER August 2007 February 2010

American Wagering, Inc., Las Vegas, NV

After performing consulting services for this public gaming company, hired as CFO to develop internal controls, processes and

procedures, clean accounting records, establish monthly financial reporting for management, improve SEC reporting, develop accounting

department, reduce costs, and improve audit function. Directed entire corporate finance/accounting functions, including risk

management; 401(k) and Stock Option Plans; Gaming reporting compliance; financial reporting; investor relations; auditing; internal

control; and other core financial/IT/HR functions. Directed personnel in Nevada, including one Controller of small casino. Worked

jointly with internal and external legal counsel and SEC counsel regarding audits, compliance and legal issues.

Challenges: This public company was absent a CFO for nearly a year prior to my employment and it held inadequate accounting staffing;

lacked monthly financial reporting, adequate cash management, and needed SEC expertise. Soon after being hired, I staffed a new

accounting department, negotiated a bond required by the Nevada Gaming Control Board, cleared up tax and inventory issues, obtained

reputable SEC counsel, and successfully resolved SEC comment letter. Directed internal and external audits, including accounting, gaming,

tax, 401(k), etc. Costs for subsidiaries were in need of analysis, monitoring, and management. Authored Forms 10 K and all SEC filings

(Forms 3, 4, 5; 8 Ks; Proxy; 10 Qs).

FINANCIAL PERFORMANCE IMPROVEMENT/SELECTED ACCOMPLISHMENTS:

MELODY J. (SULLIVAN) SHERRILL PAGE 2

Directed cost reduction program after significant analysis: reducing costs by $2 mil, reduced number of

employees and salaries expense, administrative costs including: outside services, accounting and other expenses, and

improved cash flow.

Negotiated bond required for Nevada Gaming Control Board for $3 million and subsequently for other

amounts that was at risk of cancellation. Established banking relationships, line of credit, loan renewals and other

financing to improve cash flow.

Created accurate cash management process, enhancing reporting by working with banks and other outside

vendors. Established automated process for monitoring payments and receipts and cash flow projections to more

accurately manage cash for all locations.

ORGANIZATIONAL DEVELOPMENT/SELECTED ACCOMPLISHMENTS:

Staffed Accounting and Audit departments and provided more efficient solutions for accurate and timely

financial reporting. Established monthly closing and internal control procedures, account reconciliations, critical

deadline calendar, journal entry approval processes, etc. Improved closing and reporting process both in days and in

accuracy, developed tools for management’s use for analysis.

Assisted Human Resources department: including management of payroll and benefits, policies and procedures,

stock options, insurance negotiations, 401(k) Plan administration, job descriptions, and other employee related issues,

including layoffs as required.

Created Monthly Financial Reporting for each subsidiary, and financial statements for over 60 sportsbook

locations. Analyzed and monitored financials and forecasts, pointing to trends and made required changes regarding cost

management. Streamlined the entire financial reporting process.

CORPORATE FINANCIAL MANAGEMENT/SELECTED ACCOMPLISHMENTS:

Implementing Sarbanes Oxley Section 404 for small companies. Led SOX project for company while creating internal

controls for numerous finance, IT, and human resources activities.

Corporate Income Tax Return; working with outside accountants and tax experts to minimize the company’s tax

exposure with IRS rules and regulations.

Improved relationships with auditors, bankers, external accountants and vendors. Worked with each group to save

costs and fees and/or improve service.

FINANCIAL CONSULTANT September 2006–August 2007

Independent contractor, worked with two gaming related public companies in Las Vegas, NV (Global Cash Access and American

Wagering, Inc.); specializing in SEC reporting, accounting, and Sarbanes Oxley work.

CHIEF FINANCIAL OFFICER 2002 August 2006

Gaming Partners International Corporation, Las Vegas, NV

Recruited to leverage extensive public company experience in establishing order to a company in a state of disarray following the reverse

merger of multiple companies. Managed entire corporate finance organization within this $50 million, 800 employee, multi state,

multinational gaming supply manufacturer. Directed financial reporting, investor relations, risk management, auditing, internal control,

and other core financial/IT/HR functions. Managed personnel across U.S., Mexico, and French operations, including 5 person

management team. Worked jointly with internal and SEC counsel regarding audits and other compliance and legal issues.

Challenges: Unified financial functions and teams following 3 company reverse merger, including integration of foreign firm and

relationship building initiatives to establish cooperation between formerly heavy competitors. Authored Forms 10 K and all SEC filings

(Forms 3, 4, 5; S 8; 8 Ks; Proxy; 10 Qs).

FINANCIAL PERFORMANCE IMPROVEMENT/SELECTED ACCOMPLISHMENTS:

Engineered turnaround from loss in 2002 to profit in 2005; established disciplined cash management policies and

improved cash flow position within 6 months of employment.

MELODY J. (SULLIVAN) SHERRILL PAGE 3

Marshaled 500% increase in stock over 4 year period. Strengthened visibility and prestige of stock by applying for

and receiving conversion from NASDAQ Small Cap to National Market NASDAQ.

Captured in excess of $1 million savings through litigation negotiations: including $1 million through sales tax

audit negotiation, and many thousands from transfer of an operational location to Nevada.

Reduced mobile telecommunications costs by 30%, with new cell phone policies and upgrades to PCs. Produced

additional savings by implementing VOIP for international communications.

Saved $50,000 through work with broker and insurance company to lower costs during merger of acquired

companies’ employee benefits program, (medical, dental, 401(k), and life). Increased D&O insurance from $10 million to

$20 million without increasing premiums proportionally.

ORGANIZATIONAL DEVELOPMENT/SELECTED ACCOMPLISHMENTS:

Merged and restructured two accounting departments from separate companies . Integrated international

operations and created all accounting and closing processes.

Developed Investor Relations function from ground up, playing a key role in building shareholder value and

increasing analyst coverage. Served as primary point of contact for investment bankers and brokers, analysts, investors,

and stockholders.

Constructed entire Human Resources department: including payroll and benefits; policies and procedures; the

company’s employee manual and employee records; job descriptions; security/badge system; DOL regulatory compliance

process; and employee motivational programs.

Initiated and authored corporate policies on critical items such as insider trading, revenue recognition, and

hedging. Organized first ever payment of cash dividends to stockholders.

Created Monthly Operating Report for Directors and CEO . Developed Code of Ethics and Code of Conduct for

employees and closing schedule for audit and closing purposes.

CORPORATE FINANCIAL MANAGEMENT/SELECTED ACCOMPLISHMENTS:

Implemented Sarbanes Oxley Section 404. Led SOX project for multinational locations while creating internal controls

for numerous finance, IT, and human resources activities.

Led IT systems transition from Encore to MAS90 to MAS200; developed procedures and transferred all U.S. activities.

Brought web site into compliance with NASDAQ and SEC rules.

Executed public bidding process and competitively acquired a business critical piece of property at less than market

value and $200,000 under budget.

Passed PCAOB review from Deloitte & Touche with zero reporting issues. Oversaw successful audits of standalone

financials for French and Mexican subsidiaries.

CORPORATE CONTROLLER 2000 2002

Serrot International, Henderson, NV

Led a corporate accounting staff of 20, and a team of 5 international controllers in meeting all accounting and reporting objectives within

a $100 million manufacturer, with plants in 4 U.S. and Canadian locales, joint ventures in Germany and Chile, a subsidiary in Ireland,

and numerous nationwide sales offices. Coordinated audit tasks, developed accounting policies and procedures, and created the closing

and consolidation processes. Interacted with $1.2 billion parent company with regard to accounting and reporting compliance matters.

Challenges: Provided leadership to turnaround an underperforming accounting department with significant personnel problems, out of

balance financials, and incomplete ERP conversion. Assisted in completing due diligence information and formulating an offering

memorandum. Directed multi year audits to prepare for eventual sale of company to competitor.

SELECTED ACCOMPLISHMENTS:

Established financial reporting infrastructure from the ground up, following merger and ERP system conversion to

J.D. Edwards. Increased accuracy and efficiency reporting for inventory and costing mechanisms by redesigning various

processes within the J.D. Edwards system.

MELODY J. (SULLIVAN) SHERRILL PAGE 4

Accelerated closing of books from approximately one month to ten business days. Created Monthly Management

Operating Report used by senior team for management decision making.

Devised foreign subsidiary financial reporting process to align with monthly close. Established monthly account

reconciliation and workflow processes.

VICE PRESIDENT / CHIEF ACCOUNTING OFFICER 1998 2000

DIRECTOR OF FINANCIAL REPORTING 1998

Saxton Incorporated, Las Vegas, NV

Promoted just 2 months into tenure to lead accounting staff of 25 and team of 4 managers in meeting financial management objectives

within this $130 million diversified real estate company. Managed all financial activities and projects, including internal and external

accounting and reporting, (SEC filings, press releases, road show presentations, and budgeting). Led conversion of property management

accounting system.

Challenges: Managed SEC reporting following IPO and eased transition through series of changes following M&A activities. Created

policies and procedures to meet SEC reporting guidelines.

SELECTED ACCOMPLISHMENTS:

Coordinated process for $50 million private debt offering, including accounting evaluations, document editing, and

attorney/accountant interactions.

Built entire financial reporting infrastructure from “scratch”, following company’s IPO. Reorganized and staffed

Accounting department.

Expedited closing of books from several weeks to eight business days. Built monthly account reconciliation and

workflow processes.

Integrated accounting functions and assisted in due diligence reviews for the acquisition of two separate homebuilder

companies.

DIRECTOR OF FINANCIAL REPORTING 1996 1998

MEGO Financial Corporation, Las Vegas, NV

Monitored all financial reporting functions that included two diverse subsidiaries: MEGO, a specialty financial services company with

1,300 employees, and MMGC, a publicly owned sub prime lender with 400 employees. Rolled out controls and procedures, proofed all

SEC reporting and annual/shareholder reports, evaluated multiple departmental budgets, and coordinated activities with external

auditors.

Implemented new FASB’s, including one used as national guideline by external accountants.

Assisted in IPO of subsidiary by writing S 1, S 3, S 4, and S 8 registration statements, and developed private placement

offerings. Planned and organized SEC filings with successful audits.

VICE PRESIDENT, MANAGER OF FINANCIAL REPORTING 1995 1996

ASSISTANT VICE PRESIDENT, MANAGER OF FINANCIAL REPORTING 1992 1995

MANAGER OF FINANCIAL REPORTING 1985 1992

Primerit Bank, Las Vegas, NV

Advanced through progressive positions within $2 billion financial institution. As VP, oversaw Financial Reporting and Reconciliation

Control departments and earned distinction as first accounting employee to become an officer of the bank. Directed internal and SEC

reporting, developed policies, reviewed reconciliations, managed daily balancing, and ensured regulatory compliance.

As AVP, directed team of six accountants in preparation of all financial reports, including Forms 10 Q, 10 K, Annual Reports, OTS

regulatory reports, and Regulation D reports to the Federal Reserve. Assumed additional responsibility for Retail Adjustment

Department. Prepared statistical reports for line managers, senior management, and Board of Directors. Authored press releases, news

articles, and other public relations information. Ensured compliance with SEC and internal policies/regulations.

MELODY J. (SULLIVAN) SHERRILL PAGE 5

Challenges: Progressively promoted in growing financial institution, taking on increased responsibilities and training, to meet the needs of

the position.

Represented Accounting/Finance transition team during 1996 acquisition of Primerit Bank by Norwest Corporation.

Led conversion and balancing of all deposits ($2 billion), loans, and all general ledger accounts. Assisted in total

reconciliation process of pre and post acquisition balancing.

Accelerated year end reporting time by 33%, and decreased year over year operational charge offs from $3 million to

$60,000. Increased efficiency and enhanced reporting by converting general ledger and financial reporting system to

MISER.

Restructured and streamlined Finance and Accounting departments, reducing headcount 3.5 persons with minimal

impact on production and quality.

Education & Credentials

Bachelor of Science (B.S.) in Accounting – 1984

UNIVERSITY OF ARKANSAS – Little Rock, AR

Certifications

Certified Management Accountant (CMA), since 1996

Training Courses

30+ CPEs annually to maintain CMA certification

FEI Annual Summit 2010 SEC Reporting Seminars 1990 Present; Sarbanes Oxley Seminars, 2002 Present

Various others, including: FEI Finance & Technology Forum, 2001

Accounting Update, FASB, Job Costing, Real Estate Accounting Training, 1997 2002

Zenger Miller Frontline Leadership Training, 1993

Banking Related Seminars & Training, 1985 1996

Affiliations

Institute of Management Accountants (IMA)

Financial Executives International (FEI)

Published in April 2010 “Financial Executives International” magazine

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