Assistant/Associate Director - Finance - Mount Sinai Innovation Partners

Strength Through Diversity

Ground breaking science. Advancing medicine. Healing made personal.

Role & Responsibilities:

The Assistant/Associate Director Finance (“AD-F) of Mount Sinai Innovation Partners (“MSIP”) at the Icahn School of Medicine at Mount Sinai (Mount Sinai) is responsible for establishing and managing MSIP’s financial and operational processes to serve a diverse team of strategists, scientists, patent & contract attorneys, inventors, and entrepreneurs who partner together to advance Mount Sinai's translational research mission and, therefore, bring innovative healthcare solutions to our global patient population. This individual will work closely with the Managing Director, Finance & Operations to plan, organize and direct financial and related business matters, supervise the development of business and financial strategies, analyze operating results, implement growth and expense reduction initiatives, and ensure financial strategies/practices are aligned and effectively support the achievement of the organization’s objectives

The AD-F understands and/or establishes the system’s goals and objectives, drafts policies, procedures, and protocols to achieve those goals; estimates human capital, systems and infrastructure resource requirements; hires and supervises staff; and oversees the day-to-day operations of MSIP Finance & Operations , which include ensuring the accuracy and consistency of data for accounts payable, accounts receivable and the general ledger, while directing the preparation and timely delivery of financial reports.

The AD-F is leader, a problem solver, a facilitator, an analyst, a customer service representative and a doer. A successful AD-F may become an Associate Director, Finance, and has very good management experience and acumen.

Financial

Identifies and manages the resources necessary to ensure that all financial consideration due to or from the office/institution are identified, recorded, reported, billed, collected or paid, and distributed timely and accurately.

• Ensures that Mount Sinai receives full consideration due from licensees, startup companies, or other recipients of Mount Sinai technology whether that consideration is the form of Running Royalties, Upfront Payments, Milestones, Equity, Reimbursement of Patent or Other Out of Pocket expenses, etc. As part of that responsibility:
• Ensures that compliance management reports (CMR) are completed for every new License, Research, and Inter-Institutional Agreements.
• Ensures that for all active License and Sub-License agreements that the records in Inteum are complete, accurate, up to date, and monitored to ensure that all performance parameters (i.e. milestones, royalty payments, contract terms, expiration dates, etc.) are reliable.
• Ensures that all revenue producing / sharing agreements are being managed and receiving adequate attention from the responsible staff member
• Ensures "alerts" within Inteum (which indicate when payments or other expected performance parameters are overdue) are communicated quickly to, and resolved by, the responsible staff member.
• Oversees the administration of routine “back office” aspects related to License Agreements such as billing for milestones, upfront payments, etc.
• Develops, secures approval of, and implements credit policies and procedures.
• Directs all cash collection activities to meet established cash flow requirements.
• Assures that all cash collections and postings are performed correctly and in a timely matter.
• Ensures the appropriate review, approval, processing and payment of expenses associated with inventor-related contracts, agreements and intellectual property. As part of that responsibility:
• Ensures that MSIP Legal and other out-of-pocket expenses are reviewed, approved and forwarded to Accounts Payable in a timely manner. Ensure that these expenses are properly billed to corporate clients or deducted from royalty distributions as appropriate.
• Ensures that Mount Sinai proactively manages its legal and other “out of pocket” expenses so that Mount Sinai only incurs expenses that are properly requisitioned and approved, that Mount Sinai recovers 100% of reimbursable expenses, and that Mount Sinai is moving toward “best in class” performance as measured year over year and against its peers (NYAC, AUTM, LES, etc.).
• Ensures that accurate analysis of legal and other out of pocket expense budgets, reports and trends to determine and implement organization improvements are provided to upper management in a timely manner.
• Is responsible for calculating and preparing the necessary documentation to support the timely distribution of license royalties in accordance with Mount Sinai policy or documented exceptions thereto.
• Provides oversight and directs the department's accounting practices, maintains financial management reporting & control systems, ensures compliance with Mount Sinai Health System policies, procedures, and regulations.
• Signs off on most day-to-day financial transactions via Mount Sinai’s financial system (Sinai Central), including purchasing requisitions, invoice payments, employee reimbursements, card purchases, journal transfers, cost transfers and pay distributions.
• Serves as the departmental resource on financial transaction processes as well as policy compliance and sound accounting practices.
• Works in conjunction with MSIP colleagues, faculty and administrative staff to support the development of promising inventions with high commercial value via i2 and i3 Funds.
• Oversees the administration of technology development funds, including fund creation, maintenance, review of usage, and financial reporting.

Human Resources

• Serves as MSIP’s key contact and advisor regarding employee relations, investigations, and conflict resolution.
• Manages the recruiting operations in partnership with team leaders and hiring managers.
• Assists in the direction and oversight of MSIP transaction processing, employee files, and paid ­time-off.
• Recommends hiring, evaluation, and discipline of subordinates.
• Responsible for training and development of subordinates.

Compliance and Regulatory Affairs

• Guarantees, in collaboration with the Intellectual Property Team, that Mount Sinai’s compliance with federal requirements are complete, and accurately report invention patents issued and/or patent applications to the federal government via iEdison interface.
• Ensures that department policies and procedures comply with applicable third-party payor, federal, state, and local government regulations.
• Manages compliance/Audit Reports from federal agencies, reviews reports and upon completion of each compliance/Audit Report, makes the necessary corrections and adjustments as recommended by the federal agencies.
• Ensures active and routine engagement in post-deal compliance of all Research, License, and Inter-Institutional Agreements.

Requirements:

• 7 years in business administration, finance, or accounting
• 5 years of management and supervisory responsibilities
• Life science experience preferred
• Bachelor’s degree in Business Administration, Accounting, Finance or related field; Master’s preferred

Strength Through Diversity

The Mount Sinai Health System believes that diversity, equity and inclusion are drivers for excellence. We share a common devotion to delivering exceptional patient care. Yet we’re as diverse as the city we call home- culturally, ethically, in outlook and lifestyle. When you join us, you become a part of Mount Sinai’s unrivaled record of achievement, education, and advancement as we revolutionize medicine together and participate actively as a leader within the Mount Sinai Health System by:

• Serving as the primary resource management representative of the Mount Sinai leadership teams, committees, etc., and acting as the primary executive leader interface between Mount Sinai and key executives from the health systems’ vendors and partners.

• Engaging with relevant thought leaders and policy-makers at the federal and state levels, and representing the Health System as assigned.

• Using a lens of equity in establishing and promoting policies and procedures and providing opportunities for all to thrive.

• Confronting racist, sexist or other inappropriate behavior and challenges exclusionary organizational practices and serving as a role model to promote anti-racist behaviors.

• Inspiring and fostering an environment of anti-racist behaviors among and between departments and co-workers.

We work hard to acquire and retain the best people, and to create a welcoming, nurturing work environment where you can develop professionally. We share the belief that all employees, regardless of job title or expertise, can make an impact on quality patient care.

Explore more about this opportunity and how you can help us write a new chapter in our story!

Who We Are

Over 42,000 employees strong, the mission of the Mount Sinai Health System is to provide compassionate patient care with seamless coordination and to advance medicine through unrivaled education, research, and outreach in the many diverse communities we serve.

Formed in September 2013, The Mount Sinai Health System combines the excellence of the Icahn School of Medicine at Mount Sinai with seven premier hospital campuses, including Mount Sinai Beth Israel, Mount Sinai Beth Israel Brooklyn, The Mount Sinai Hospital, Mount Sinai Queens, Mount Sinai West (formerly Mount Sinai Roosevelt), Mount Sinai Morningside (formerly Mount Sinai St. Luke’s), and New York Eye and Ear Infirmary of Mount Sinai.

The Mount Sinai Health System is an equal opportunity employer. We comply with applicable Federal civil rights laws and does not discriminate, exclude, or treat people differently on the basis of race, color, national origin, age, religion, disability, sex, sexual orientation, gender identity, or gender expression.

EOE Minorities/Women/Disabled/Veterans