Accounting Customer Service

Michael S. Carney, AICPA

***** *. ********* ***., ******, CO 80401 303-***-**** *********@***.***

CORPORATE FINANCE & ACCOUNTING EXECUTIVE

Results-driven professional with experience building and leading corporate finance, accounting and

administrative teams. Consistently successful in implementing solutions to effectively guide functional

responsibilities, while capturing cost reductions through process/system redesign and performance

management. Expert qualifications in accurate, timely financial reporting, bank and credit negotiations,

deal structuring, planning, analysis, budgeting, and profit improvement in complex business

environments. Background includes capital acquisition, IPO/SEC experience, and Big 4 experience.

Analysis & Reporting Forecasting & Budgeting Traditional Accounting Functions

GAAP Compliance Credit & Collections Accounting Systems Implementation

Treasury/Cash Management ERP Implementation Contracts & Proposals Negotiation

Multi-State Operations Administrative & HR Oversight SEC Reporting-Pre & Post IPO

MS Excel, Word, Dynamics, Accpac, Quickbooks, Peachtree, BOLO, and other software

PROFESSIONAL EXPERIENCE

CONTROLLER: Denver, CO 2008 - Present

Captiva Resources – a small conglomeration of 14 Oil & Gas and other entities. Brought in to relieve

the CFO of all accounting, treasury and administrative functions as financial information was not being

prepared on a timely basis and major cleanup of records was needed.

Assumed responsibility for financial statement preparation for all reporting entities. Manage cash

and treasury functions as well as accounting. Identified potential tax savings exceeding $2 million.

Built new accounting system for smaller, non Oil & Gas entities which improved accuracy and

timeliness. Improved Oil & Gas accounting and developed system such that financials were

prepared within days of month end, as opposed to weeks previously.

Manage Joint Interest Billings as well as accounting for Oil & Gas entities.

INDEPENDENT CONSULTANT: Denver, CO 2005 – 2008

Full-time financial consultant that spearheaded client efforts to build financial reporting systems, find

permanent cost savings, manage financial statement preparation, build audit and tax functions and

manage accounting groups. Major clients included the Ute Indian Tribe, Policy Studies, Inc., and

Aerogrow International. Accomplishments included the following:

Ute Tribe – Served as Acting Co-Director of Energy & Minerals group:

Encountered an undisciplined environment in which opportunities were being lost and severance tax

and royalties not collected at their mandated levels. Established structured policies and procedures

and built a producer database to track production, taxes, royalties and leases, which are critical to

effective management and forecasting.

Instilled a professional level of discipline into the tax and royalty groups through training and

mentoring. Led first Oil & Gas producer audits which netted some $2,600,000 in royalties and

severance.

Worked closely with tribal leaders and attorneys identifying revenues lost through government

mismanagement. Efforts identified some 60+ wells in which the tribe had not collected royalties.

Policy Studies – acting Controller for this $200 million government services Contractor:

Michael S. Carney 303-***-**** Page 2

Assumed Controller responsibility for an inefficient accounting team and a company that was

unaware of the extent of losses it was incurring. Managed financial statement preparation and

eliminated more than 30 unnecessary overhead pools which obfuscated profit and loss. Cut financial

statement prep time by some 3-4 days for this company with more than 70 offices and programs.

Built a GAAP compliant shareholder database and performed Black-Scholes analysis. Built a

deferred rent model for proper GAAP reporting of rental expenses.

Aerogrow International – acting Controller for this producer of consumer products:

Hired to build an accounting system which would handle manufacturing, inventory, general ledger,

accounts receivable, payables and all other accounting.

Due diligence work enabled the company to merge with a public shell, which netted $10 million in

capital. Company manufactures consumer products in China and Colorado.

Designed and implemented new accounting system which tracked production, inventory, payables,

receivables and sales. Coordinated manufacturing, delivery and payments for products built in

China.

Discovered and collected more than $200,000 in duplicate payments made by company accountants.

Took measures to strengthen previously bad internal controls.

2003 – 2005

GENERAL MANAGER & CFO: Denver, CO

Centennial Gas Liquids, LLC – Hired to manage finance, administration and support personnel for this

oil and gas liquids marketing company

Encountered a system which required 10 people to use 2 excel spreadsheets and, thus, wasted

significant time. Staff was increasing at an alarming level and profits were declining proportionate

to revenues.

Implemented an ERP system, which enabled management of the entire business and helped to

increase profits by nearly double previous levels. System tracked Oil & Gas trades, rail and truck

shipments, inventory, and posted to the accounting software eliminated unnecessary staff and

stopped growth in clerical support which saved thousands in labor.

Quickly promoted from Controller to GM and CFO.

Established credit with major players in the Oil & Gas industry and managed all admin functions.

Directed and created budgets and negotiated ongoing bank credit.

Developed due diligence reports that enabled sale of the business.

CFO and COO (2000 to 2003), CONTROLLER (1999): Colorado Springs, CO 1999 - 2003

FutureCall Telemarketing West, Inc. – Recruited to this $60 million telemarketing company serving

Fortune 500 clients with more than 2,400 telemarketers. Promoted from Controller to CFO and

eventually to COO & CFO.

Responsible for the finance, operations and administrative functions. Led company through bank

workout and directed successful sale of the company.

Key interface with venture capital shareholders and banking group.

Built financial reporting/budget process, including a departmental cost structure and measurements.

Initiated measures that reduced operating costs by more than $3 million annually.

Key player in overhauling operations team to increase performance. Efforts resulted in improving

status from 3rd or 4th position to 1st or 2nd for most clients, and landed a top three telemarketing user.

Michael S. Carney 303-***-**** Page 3

CHIEF FINANCIAL OFFICER: Denver, CO 1995 – 1999

Rebound Companies – Recruited to lead a 15 person finance/accounting group and work closely with

the President to manage a group of juvenile corrections facilities throughout the US. Responsible for all

financial operations.

Inherited an over-burdened finance system which did not allow proper analysis or planning for this

company which needed strong planning and budgeting.

Redesigned and implemented a new accounting system which streamlined reporting and drew

attention to cost centers and areas where money was spent.

Built budgeting model which enabled the company to win government contracts, resulting in 40%

annual revenue increase. Initiated budget meetings which decreased spending to reasonable levels.

Negotiated bank credit lines for $2 million in operating and expansion capital.

Led cost reduction efforts that saved one-time costs of $2 million and annual costs of $1.5 million

CORPORATE CONTROLLER: Idaho Falls, ID 1988 - 1995

Melaleuca, Inc. and Related Companies – Recruited to this explosive growth company, where

revenues compounded from $10 to $350 million over 4 years. Company manufactured and marketed

some 300 consumer products.

Upon arrival discovered that Company financials were 100% inaccurate and that the accounting

team had no idea what product costs were. In addition, there was no understanding of a complicated

distributor bonus plan.

Designed accounting, cost accounting and financial reporting systems. Efforts resulted in clean, no-

adjustment audits and helped management achieve profits before taxes of 24% of revenues.

Led departments with over 100 employees. Through system improvements, reduced staff by 30%

while revenues were compounding from $10 to $350 million.

Saved $6.3 million annually by reducing problem accounts from 3.4% to 0.5% of sales.

Renegotiated contracts and saved more than $2 million earned Key Player Award.

Generated savings of $300,000+ monthly (1.5% of sales) by developing an improved return/credit

system, which was acknowledged as company’s most outstanding customer service improvement

Developed a bonus structure with Marketing VP that increased annual sales from $10 million to

more than $300 million and generated unprecedented growth ROI.

MANAGER OF PLANNING: Roy, UT 1983 – 1988

Iomega Corporation – Well known disk drive manufacturer

Key member of IPO team; IPO generated $23 million. Managed investor relations and treasury.

Negotiated $10 million lease line and $27 million credit line with a top 10 bank

Analyzed potential acquisitions and prepared 10K and 10Q SEC reports

Additional Experience

SUPERVISING SENIOR: Salt Lake City, UT and Los Angeles, CA

KPMG (Peat, Marwick, Mitchell) – Big 4 CPA firm. Managed all mining and natural resource clients

in the Salt Lake office. Also clients in publishing, manufacturing, pensions, government and more.

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Education

BRIGHAM YOUNG UNIVERSITY, BS in Accounting Maintained 3.8 GPA

Active member of American Institute of Certified Public Accountants

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