Corporate Accountant (Dues and Assessments) (Intern)

Join the People Helping People

PSCU/Co-op Solutions is now Velera! PSCU and Co-op Solutions became a single entity on January 2, 2024, and our new company name was announced on May 7, 2024. Our new brand represents our combined company’s shared mission and unique ability to drive velocity and positive momentum for credit union success in a new era of financial services.

BASIC FUNCTION
This position will review information and ensure that Visa and MasterCard quarterly dues and assessments are accurately calculated and paid on behalf of our credit unions; Velera credit unions are accurately billed for their Association charges; calculate the quarterly prefund assessments and ensure the credit union financial data is reported accurately to the Associations.

ESSENTIAL FUNCTIONS

• Facilitate, prepare, and administer the quarterly reporting of sales volume, merchant activity, transaction counts, and other required cardholder and program information for member credit unions to Visa and MasterCard, ensuring that all related policies and procedures are in compliance with Association best practices and operating regulations 
• Generate and analyze billing associated with quarterly reporting, reconcile discrepancies, and facilitate fee generation to member invoices for Visa, MasterCard, and network affiliations
• Facilitate, analyze, and prepare integrated billing to our CU for ongoing Association fees including Visa monthly authorization billing, MasterCard daily billing and annual BIN licensing fees
• Assist in reconciliation of the Visa and MasterCard payable account related to quarterly dues.  Document open items and follow up to resolve with the vendor or through CU billing
• Manage the company’s subscription to Kroll Bond Rating Agency Inc., ensuring our member owner credit unions database is properly maintained within vendor software
• Analyze market risk prefund requirements and assessments for identified CUs, and report findings to Senior Leadership.  As needed, report information to Account Executives for follow up.  Manage all Letters of Credit for purposes of Market Risk Prefund collateral.  Participate in annual audit concerning all aspects of Market Risk Prefund calculation and billing
• Prepare and administer the Advanced Clearing Fund account, funding the two-day settlement process between Visa/MasterCard and First Data.  Facilitate process in which each credit/debit program calculates assets required to fund First Data to process transactions on a daily basis.  Process billing to members on a quarterly basis, and maintain and balance the general ledger quarterly

SUPERVISORY RESPONSIBILITIES:  None

OTHER RESPONSIBILITIES

• Maintain direct contact with credit union staff during the quarterly reporting phase and answer all pertinent questions related to reports.  Participate in Association and outside audits.  Support Finance department with Visa quarterly reporting and associated billing for Visa and MasterCard
• Develop and implement accounting and reporting procedures to avoid charges being included in the allocation process for any shared BIN environment.  Maintain direct credit union contact as it pertains to Automated Clearinghouse (ACH) activity between Associations and credit unions. Participate in annual audit concerning all aspects of Association pass-through billing
• Maintain operational application within the corporate database to ensure accurate charter status, settlement method, quarterly reporting status, and business identifiers are recorded for reporting and billing.  Maintain proper controls within corporate database to assure proper calculations are administered to operational pass-thru dollars pertaining to Association billing and prefund adjustments.   Maintain accurate lookup tables to ensure proper billing to member invoices
• Generate and analyze reports categorizing and determining which credit unions will receive prefund adjustments.  Notify respective Service Center to initiate proactive communication to our member owners.  Participate in annual audit related to Advanced Clearing Fund account
• As needed, perform routine and non-routine analysis of financial data 
• Perform other duties as assigned

POSITION SPECIFICATIONS

Education: 

• Transcripts- GPA Minimum - 3.0 or higher

• Must either be a recent graduate or in the process of completing a bachelor’s or master’s degree in accounting/Finance

Experience:  1-3 years’ experience in accounting/finance desired, reconciliations, customer interfacing, and vendor correspondence. 

Knowledge, Skills, and Abilities

• Reconciliation experience between sub-ledgers and general ledger, to include timely resolution of reconciling items
• Ability to communicate effectively in both verbal and written formats and interact effectively and positively with all levels of personnel, credit unions and vendors
• Ability to manage multiple projects, work in fast-paced environment, and meet deadlines
• Analytical skills in developing variance analysis and spotting business trends
• Ability to exercise discretion and good judgment in making decisions
• Ability to project a polished and professional demeanor and can handle confidential matters with utmost integrity.
• Proficiency in Excel and Word software applications is required.  Access proficiency is desired
• Interests in VBA or Sequel coding

PHYSICAL DEMANDS

• While performing the duties of this Job, the employee is regularly required to sit; use hands to finger, handle, or feel and talk or hear
• Specific vision abilities required by this job include close vision
• Ability to occasionally lift/move up to 25 pounds

Individuals with a disability who are otherwise able to perform the essential functions of the job may request a reasonable accommodation through the Human Resources department.

About Velera

At Velera we are committed to fostering a workplace where every employee feels valued, respected, and connected. We understand, attract and engage a diverse workforce where every employee can live up to their full potential; ensuring that our employee base reflects the consumers we serve. The result of this effort is an inclusive environment where diverse talent thrives. We strive to foster a safe and inclusive work environment for people to bring their authentic selves in order to build a better community within our company and with our partners.   Learn more about our commitment to Diversity, Equity, and Inclusion HERE!

Pay Equity

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Actual Pay will be adjusted based on experience and other job-related factors permitted by law.

Velera is an Equal Opportunity Employer. We consider applicants without regard to race, color, religion, age, national origin, ancestry, ethnicity, gender, gender identity, gender expression, sexual orientation, marital status, veteran status, disability, genetic information, citizenship status, or membership in any other group protected by federal, state or local law.

Velera is an Equal Opportunity Employer that complies with the laws and regulations set forth in the following "EEO is the Law" Poster and the "EEO is the Law" Poster Supplement. Velera will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the legal duty to furnish information.

Velera is an E-Verify Employer. Review the E-Verify Poster here (English and Spanish). For information regarding your Right To Work, please click here (English and Spanish poster).

As an ongoing commitment to reasonably accommodate individuals with disabilities please contact a recruiter at recruiters@pscu.com for assistance.