CHIEF FINANCIAL OFFICER
JAMES A. CIREDDU, CPA
9263 Province Lane, Brecksville, OH 44141
Cell 216-533-0021 JCireddu@sbcglobal.net
Highly successful finance and business professional who consistently solved problems and positively impacted the bottom lines of diverse firms including Cabrera Services, URS Corporation, and Deloitte & Touché. Controlled costs and maximized profits by establishing innovative financial processes. Negotiated contracts to ensure best return on investment, while protecting corporate assets. Created effective financial reporting packages to gauge business performance. Business expertise in the following in industries: engineering, architectural, environmental services and construction. In depth understanding of all phases of government contracting and Mergers and Acquisitions. Managed staff of 46 and a $200M budget.
Skills & Expertise
"Government Contracting "Federal Acquisition " Cost Accounting
"Mergers & Acquisitions "Valuation Due Diligence "Post-Merger Integration
"Cost Accounting "Job Cost Management "Cost Controlling
"Business Plans "Strategic Planning "Budgeting & Forecasting
"Credit Management "Managing Bank Relations Partici/Appr B & P
"Enhance Internal Controls "Enhance Policies " Safe Guard Company
& Procedures Assets
Creates proactive, results-oriented finance and accounting approaches to business operations. Possesses strong analytical and problem solving skills and the ability to meet objectives. Consistently demonstrates the ability to understand complex business processes and to see clear vision of what the company needs to achieve. Operation-oriented, precise & logical thinker, exceptional team player with strong people skills, with a history of building high performing teams.
TeleHealth Care Solutions, LLC Cleveland/Akron Area 2012-Present
Start Up Company formed in an effort to create innovative software, systems and tools to be utilized by physicians to extend access to healthcare in new populations. Company has developed novel software solutions that will open new markets to health care professionals. Currently active in the scientific validation of new clinical systems through clinical trials.
Chief Financial Officer
Responsible for overseeing all Finance and administrative functions. Major responsibilities have included producing monthly and annual financial statements and explaining areas of concern to senior management. I am the primary contact with the Bank, outside CPA and Law firm. Involved in determining the strategies the firm would utilize in marketing various products. Filed for incorporation, patents, prepared necessary corporate documents including the Articles of Incorporation, By Laws, Shareholder Agreement, Authority Matrix, and Various Policies and Procedures. Involved in seeking grants from various sources and meeting with potential investors.
Cabrera Services, Inc. East Hartford, CT 2009 - 2011 $60 M Environmental Engineering and Radiological Remediation Firm, 95% of their services were performed for the Federal Government.
Chief Financial Officer
Responsible for all financial activity including treasury, budgeting, audit, tax, forecasting and insurance for activities for the organization. Directed the financial planning, accounting practices and financial reporting requirements for the company. Managed the companys working capital position and financial activities to ensure that adequate liquidity was available. Proactively analyzed the functional issues impacting the organization.
Cabrera Services - Selected Accomplishments
"Government Contracts - Prepared forward pricing, incurred cost submissions for current years as well as four prior years that had not been properly submitted and were rejected by the DCAA. Worked with business development department on proposals providing information and guidance to win contracts exceeding $500M. Negotiated several multiyear task order contracts with potential value of $750M. Built effective working relationships with DCAA auditors, Contracting Officer and other Government employees.
"Banking Relations - Solely responsible for obtaining a line of credit of $1.8M and a term loan of $400K, exclusively handled all bank relations.
"Office Leases - Re-negotiated numerous existing office leases saving the company in excess of $500K.
"Cost Reductions and Operation Improvements - Responsible for negotiation of health and risk insurances, bonding and other fringe benefits saving the company 200K during a two year period. Implemented new internal controls and policies, and reduced closing period by two weeks. Reduced overhead, DSO's and improved cash and operating forecasting.
"Contracted Professional Services - Responsible for all professional services including legal, audit and tax. Successful in negotiating several settlements saving the company in excess of $400K.
"Deltek Vision enterprise system -Led the re-implementation of the system, which had previously been grossly underutilized.
Consultant - Financial Services, Cleveland, OH 2004-2008 Provided Sarbanes-Oxley compliance consulting for Stoneridge, Inc., an international automotive tier one manufacturer. Coordinated financial, operational consulting, and refinancing arrangements for Thanos Contracting and Brosch Brothers. Transitioned businesses through post acquisition financial related issues for manufacturing clients of GCS Consultants. Consulted on acquisitions for clients of the Coleman Research Group.
URS CORPORATION, Cleveland, Ohio 1990 - 2004
$3.3 billion NYSE internatl consulting engineering, architectural, planning & construction management firm
Directed finance and office administration for the nine offices Central Region with $250M in revenues and 1,200 employees, 46 of which were financial staff, and provided strategic direction, operational planning and analysis, financial reporting, performance measurement, and corrective action to minimize negative variances from plan.
"Brought in as part of a turnaround team to direct day to day financial activities of the region and provide Corporate, the Regional Manager, Office Managers and Project Managers with timely and decision-focused financial information helping the organization grow from $150M to $3.3B.
"Worked with other Controllers and Internal Auditors to write Policies & Procedures and Authority Matrix.
"Lead a successful effort to convert from a modified CAS compliance to full CAS compliance, by successfully describing the companys accounting practices, concurrent with receipt of a $50M government contract. Interacting with other individuals and departments to ensure the full effect of the changes.
"Reviewed the overall companys incurred cost submission for the years 2001 and 2002 to ensure that all work papers tied in, and that adequate supporting documentation was present to satisfy the DCAA who had assessed the company a large amount in the year 2000 due not being with supporting schedules and documentation.
"Assisted Regional/Office Managers in the development and analysis of business plans, budgets and forecasts. Identified negative variances and assisted in designing improvement plans.
"Analyzed overhead expenses and made recommendations for cost reductions saving $1.2M.
"Negotiated three office leases with cumulative costs of $28M and negotiated two lease buyouts, saving $500K.
"Analyzed financial strategies and project feasibilities on potential projects. Led proposal process for two major Federal projects (RFPs) including compliance with Federal Acquisition Regulations (FAR).
"Negotiated profitable government contracts with combined revenues of more than $500M and advised office managers on additional large complex proposals.
"Involved in the creation and management of the financial and legal matters of a number of joint ventures.
"Reviewed financial aspects of proposals and contracts to ensure compliance with company guidelines and, when applicable, state and federal government guidelines including FAR compliance.
"Oversaw timely and accurate billing of all contracts, collection and follow up of payments, reducing Days Sale Outstanding (DSOs) from 120 days to 82 days, substantially improving cash flow and reducing interest costs.
"Supervised accounting and cost control of projects comparing project budgets to estimated total costs, costs incurred plus estimates to complete, analyzed variances for potential corrective action.
"Ensured that projects had proper reserves for losses, billed and unbilled receivables and analyzed credit worthiness of prospective clients.
"Directly supervised and managed 46 employees in accounting and finance department.
"Led staff training classes on conversion from Deltek to J. D. Edwards One World accounting system and the budgeting software Hyperion.
"Reviewed Estimates-to-Complete (ETCs) and advised project management of actual or potential overruns so that timely corrective action could be taken. Ensured that revenue was properly recognized in accordance with cost to cost basis and not overstated or understated.
URS Corporation - Selected Accomplishments
Government Contracting URS Corporation performed in excess of $2.5B in revenues annually with the Federal Government. Federal entities serviced included the DOD, DOE, GSA, NASA, FE MA, NIH, the State Department as well as other federal entities. Dealt with the DCAA on various types of audits, including pre-award, closeout, defective price, incurred cost etc. I am very knowledgeable regarding the FAR, DFAR, CAS, Disclosure Statements, various cost pools, allocation basis and other governmental regulatory methodologies. Developed complex proposals exceeding $100M, presented financial data to selection boards and led contract negotiations.
Generated $90M in revenue which resulted in saving 20 jobs at URS by winning a five year IDIQ Contract. The RFP was developed for architectural, engineering and construction work on the NASA Glenn Center. The request required that only small businesses could be considered for the contract. Prepared proposal for small business prime, URS and a construction company, including the original submission, intermediate and best and final offer; presented financial proposals for each of the three companies to NASAs selection committee. Research discovered the competitor company initially awarded contract did not meet qualifications. Worked with legal counsel to file a successful protest and was subsequently the URS team was awarded a five year contract in the amount of $500M in total contract to team; URSs portion was approximately $90-$100M. Received the Outstanding Employee Achievement award, primarily due to personal effort and related success in this matter.
Selected by the Corporate Chief Financial Officer as well as the President to be the number two person on all acquisitions. Evaluated, performed due diligence and post integration procedures on more than 20 successful acquisitions valued from $500K to $900M. Identified misstatements in costs and/or revenue generating $10M in favorable purchase price adjustments.
Saved $5M+ by identifying target acquisition companys uncollectable and other misrepresentations. Reviewed an architectural firms letter of intent to be executed conditional upon due diligence performance. Completed due diligence and identified that the target's largest project did not have an executed contract and was not moving forward. The WIP and receivables had uncollectible items. Other errors or misrepresentations existed, including lack of estimates to complete on projects, resulting in over recognized revenues which substantially exceeded billed amounts. URS confronted the target company's management who agreed with the assessment.
Selected by Corporate Chief Legal Counsel to become active in five forensics audits/investigations of potential thefts within the company after discovering a company officer had embezzled $350K, funds were recovered through insurance. Worked with DCAA and FBI because the funds related to a Federal project. Was also selected by Corporate Chief Legal Counsel to create several major claims in excess of $2M each and on several other occasions to be an expert financial witness.
Collection of approximately $5M on old receivables and reduced days sales outstanding (DSOs) to under 95 days. Prior to arrival, URS was having substantial financial difficulties. As part of the turn-around team, closed or sold various non-core operations and concentrated on the core engineering division. Emphasis was placed on collection of aged receivables (DSO's were 140+ days), and implementing tighter financial controls on project direct costs as well as indirect costs. Substantially improved cash flow resulted and the company returned to a profitable state within eight months.
The M. J. Kelley Company, Cleveland, OH 1984 - 1990
$50M general contractor, and overseas supply and Procurement Company
Director of International Finance and Administration
Had financial responsibility for major projects, negotiated terms of Letters of Credit with clients and transfers/assignments to suppliers serving as key contact with issuing US banks. Responsible for analyzing project cost variances from budgets, taking corrective action, handling bonding and insurance needs. Developed feasibility study for a $44M hotel in Tinjin, China resulting in a general development contract. Managed shipments of supplies to Saudi Arabian projects totaling $75M+ including a terminated project, obtained receipt of $6M prior to expiration of Letters of Credit. Worked closely with Project Managers and the Vice President of Operations to ensure projects were on budget and schedule.
The M. J. Kelley Company - Selected Accomplishment
Captured $6M in revenue for The M.J. Kelley Co, helped prevent bankruptcy. M.J. Kelley supplied equipment and materials to an overseas military base contractor who was terminated by the Army Corp of Engineers resulting in a request to cease all future shipments. Letters of credit guaranteeing payment were expiring and the company could have faced bankruptcy due to outstanding purchase orders. Shipped existing warehouse inventory and collected the full value of the letters of credit which allowed full payment of outstanding purchase orders.
Deloitte & Touché, Cleveland, OH 1980 - 1984
Big Four CPA Firm, International
Senior Staff Auditor
Performed reviews and certified audits and related tax returns. Worked on engagements with small to large organizations in manufacturing, construction, land and real estate development, hospitals and non-profit organizations.
Education and Other
BS, Accounting and Biology, Cleveland State University
Certified Public Accountant, State of Ohio
Member of American Institute of Certified Public Accountants
Linked in Profile www.linkedin.com/in/jamesacireddu/