Resume for William R. Elder, III

**** ***** **., *********, ** 24551

Cell 434-***-****

ad4jup@r.postjobfree.com

Professional Career:

****-*******-******* **********

Liberty University is a doctoral research liberal arts university with 15 schools and colleges. Enrollment is over 15,000 resident and 118,000 online students. There is one tax exempt and one taxable bond issue with a combined outstanding debt of a little over $200 million which was paid off in 2023. In the last 15 years we have seen increases as follows-gross revenue from a little over $220 million to over $1.4 billion, PPE from $213 million to $1.35 billion and endowment from a little over $3 million to about $2.27 billion. Enrollment increased from approximately 20K to over 133K. There have been 22 subsidiary companies added.

Senior Treasury and Cash Management Analyst, 2022-present

Responsibilities

Manage the university’s working capital of over $700 million and all banking relationships. Report to the Senior VP of Finance and Chief Investment Officer

Executive Director of Cashiering and Treasury Services, 2019-2021

Responsibilities:

Reporting to the Senior VP of Finance and Investment Management. Given full time responsibility to manage cashiering, treasury services, banking relationships, working capital management, and develop in-depth review on a regular basis of all University investments including endowment funds. Manage all document and record retention for the University for the finance area. Develop methods, processes and efficiencies as the treasury area of the university is developed over the coming months, to effectively manage the cash and investments of the University. Responsible for Donor Services which records and deposits all donations to the University and does all receipting of donations. Manage all University working capital. Developing a cash dashboard for the executive team to have cash availability and projected cash numbers available real-time.

Accomplishments and projects for the Cashiering and Treasury Services team:

Implemented positive pay for all University checks

Increased interest income by over $500K annually

Changed credit card processing of payments received to the University to level 3 by large customers to reduce credit card fees by over $50K

Reviewed a program to have federally insured working capital up to $100M to minimize risk and maximize return

Part of implementation team for Blackline accounting recon software which will save 100 manhours per week

Reviewing a ghost card program for large vendors to create a revenue stream of an additional $100K to $150K per year in rebates

Implemented with a team across the University Sofdocs etrieve (electronic storage system) to replace our current one

Implementing currently a program to save the University over $1.8M annually in credit card fees

Director of Accounting (Controller equal), 2008-2018

Responsibilities:

Reporting to Senior VP of Finance and Investment Management. This position is similar to a Controller at most universities. Manage all University accounting including general, capital asset, grant, endowment, gifts, debt, medical school and 17 of the subsidiary companies. Financial reporting for the University, its subsidiaries and individual departments and divisions as required. Direct the daily operations of University accounts payable and a number of the subsidiaries. Daily operations of all University cashiering functions are also under my area of responsibility. The director is also the primary contact with all banking relationships of the University thus manages much of the University treasury functions. The director has primary responsibility for the University financial audit and the NCAA agreed upon procedures. The position has 4 direct reports and a staff of 50. The director and department work with all other University departments to meet their needs, to provide customer service and to improve their processes. Areas include all academic schools and colleges, Enrollment Management, Development, Athletics, Ticket office, Club Sports, Auxiliary Services, Financial Aid and more.

Accomplishments (with the full help and support of accounting, AP and other departments of the university):

Developed monthly full accrual, GAAP financial statements for the university and its subsidiaries by the 7th of each month

Brought university audit current from 1 year behind and thus had 3 audits in the 1st 12 months on staff

Produced audits for the past 5 years with no findings and no audit adjustments

Implemented the fixed asset module, endowment module and advancement module, Infor P card recon software, Touchnet cashiering software to provide direct feeds into the General Ledger including reconciliations

Had the 1st University financial dashboard created in 2012

Put in place an epayables system which has generated over $200K of revenue annually

Developed an electronic workflow for all audit requests to insure the proper person receives the request and responds timely

Developed a cash projection worksheet looking back 2 years and forward 18 months to accurately project cash flow and position

Created an attitude of continuous improvement in all of the responsible areas

Early implementation of ASU2016-14 (new FASB reporting standards) for June 30, 2018 with implementation of Revenue Recognition ASU in FY 19 and Leases ASU in FY 2020

Worked with the ADS team to create a weekly listing of all open IT projects and their priority (currently about 45) so they can be regularly monitored

Implemented paperless JV’s and bank reconciliations

Worked with IT and our banking partner to provide a direct feed to the GL for all intrabank account transfers

Part of an implementation team to put in a P2P (procure to pay) system to streamline the procure and invoicing process

Became an adjunct faculty member in 2012 teaching principles, intermediate accounting and Accounting Information Systems.

Have maintained a 59% budget increase for the Accounting and AP department while the university grew nearly 200%

Negotiated credit card rebates just under 2% on all P card, credit card, virtual card and ghost card spend

Adjunct Faculty-Liberty University School of Business-2014-present

I have taught Accounting Principles (Financial and Managerial Accounting), Intermediate Accounting and Accounting and Control( Accounting Information Systems)

1995-2008-D&B Distributing, Inc.

D&B Distributing, Inc. was a chain of retail dollar stores created in 1993 by my wife Debbie and I. It grew to a chain of 9 stores and a distribution center with annual sales of just under $8 million annually and 120 employees before closing in July 2008. The stores were closed in 2008 due to rising costs with no change in the retail price point and the 2008 financial crisis.

President-CEO

Responsibilities:

Oversight of all areas of the operation of a chain of retail stores, including human resources, accounting, procurement, risk, distribution center, facilities, and retail operations.

Accomplishments included:

Build a small chain store operation which served the central Virginia area with quality $1.00 priced merchandise

Constructed a 25,000-sf distribution center to service the stores

Created and managed a real time perpetual inventory system

Provided local employment for over 100 people for a number of years

1984-1995-Quality Foods Cooperative, Inc.

Quality Foods sales grew from $23 million to over $50 million. The company expanded its service territory, added new programs and became a distributor for USDA to public schools throughout Virginia.

CFO, VP Finance, Controller, President

Responsibilities:

Reporting to President and General Manager, managed all of the finance functions of a wholesale distributor. The IT department, order processing, human resources and risk were also a part of the responsibility of this position. The CFO managed banking relations, accounting, AP, AR, payroll, inventory control. This position had direct supervision of a staff of 13 people. Presented monthly financials to the Board of Directors.

Accomplishments included:

Changes made in inventory procurement process to increase inventory turns, and reduce dollars of inventory in stock including just in time procurement with certain suppliers

Moved General ledger from a manual GL to a computer-based GL.

Developed 5-year cash projection needs

Made major improvements to help automate order entry from customers

Redesigned the entire distribution center to put in many automated and/or more efficient operational processes to position the distribution center for doubling the volume without additional capital expansion

Implemented an order processing and operational processing system to manage the USDA program

Worked with the company banking partner to increase the line of credit to support growth needs

Audited financial statements every year with unqualified opinion

Provided monthly financial statements which had never been done before to the Board of Directors

I served as President for 2 years before I started my own business.

Became a CPA after being out of school 15 years.

1985-1991-Phillips Business College

Adjunct Instructor

Taught business classes at a small business college in accounting, business math, business law, records management and other business related courses in the evenings part-time

Education:

2022 Enrolled in DBA Accounting-Liberty University

2010-2012-MS in Accounting-Liberty University

1969-1973-BS in Business Administration with concentration in Accounting-Virginia Tech

Professional Certifications:

Chartered Global Management Accountant (CGMA)

Certified Public Accountant (CPA)

Ordained Minister

Professional Associations:

Virginia Society of Certified Public Accountants (VSCPA)

American Institute of Certified Public Accountants (AICPA)

National Association of College and University Business Officers (NACUBO)

Eastern Association of College and University Business Officers (EACUBO)*

Treasury Institute for Higher Education*

Professional Accomplishments:

*Program Committee for Treasury Institute for Higher Education 2014-2019

*Co-presented at Treasury Institute annual Symposium 2013 “A Case Study on Online Education”

*Co-presented at Treasury Institute annual Symposium 2017 with Wells Fargo on Payments Technologies

*Developed and Co-presented at Treasury Institute Symposium 2018 on “Disruptors in Higher Education”

*Co-presented with our audit firm at EACUBO annual meeting 2016 on leadership

*Co-presented with higher education colleagues from 2 other universities and a banking partner on the subject of “The Journey to Payment Automation” at the 2020 Treasury Symposium for Higher Education

Wells Fargo Higher Education Advisory Board 2015-2016

BB&T Payments (receiving and disbursing) Advisory Council (now Truist Bank) 2015-2021

Faculty Service with Excellence Award-Liberty University School of Business December 2016

Fall 2015 offered a position on the Board of Trustees of a small private college but had to turn it down due to possible current job conflict

Working relationships with senior Higher education executives at banks such as Wells Fargo, Bank of America, Barclays Bank, BNY Mellon, Truist and others

Liberty University Banner Steering Committee 2017-present

Liberty University Enrollment Advisory Committee 2008-2012

2021 was a reviewer of potential presentations for the NACUBO annual meeting in the summer of 2021

2022 was a reviewer of potential presentations for the NACUBO annual meeting in the summer of 2022.

2023 was a reviewer of potential presentations for the NACUBO annual meeting in the summer of 2023.

2024 was a reviewer of potential presentations for the NACUBO annual meeting in the summer of 2024.

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