Summary of Work:
Warbird assigned an Interim Controller to manage the Accounting Department functions, finalize the year-end close, manage the annual audit process, handle the treasury functions, and transition the duties of the Controller to the new hire.
Background:
Miami Jewish Health is one of the largest healthcare providers in the southeast focused on the aging population offering services that include short and long-term skilled nursing, an on-site dialysis center, a 32-bed acute-care hospital, an ambulatory health clinic, an inpatient hospice unit, a memory and research institute specializing in the treatment and support of those living with Alzheimer’s disease and other neurocognitive disorders, a multidisciplinary functional restoration program for the treatment of chronic pain, home health and home care services, and assisted and independent living. Additionally, they have the largest Program for All-Inclusive Care for the Elderly in the state of Florida.
The Controller and Assistant Controller tendered their resignations effective following the fiscal year-end of the company but prior to the closing of the books and issuance of year-end financial statements requiring the need for interim staff to handle the functions of the Controller while the company searched for a permanent replacement.
Outcomes:
-
- The year-end books were closed, and the financial statements were issued in accordance with the provisions of the company’s bond indenture.
- The subsequent months of July, August, September, and October were closed, and the financial statements issued per the monthly closing schedule.
- The requirements related to ASC 842 were implemented related to three leased properties.
- The annual consolidated audit along with the audit of the companies HUD properties and Foundation were completed in a timely manner.
- The daily, weekly, and monthly treasury duties were completed as needed.
- Provided guidance and assistance to the new Controller to transition the duties and responsibilities of the position to allow the new Controller time to become integrated within the company.
Conclusion:
Warbird was able to provide the client the assistance needed to get through a challenging period following the resignation of its accounting leadership team. The year-end and monthly close processes continued in a timely manner. The annual audits were completed, and financial statements issued in accordance with the terms of its bond indenture. Warbird provided guidance and support to successfully transition the duties and responsibilities of the Controller to the new hire.