Tech Comm Royalty Accountant

University of Minnesota
Published
September 10, 2021
Location
Twin Cities, MN
Job Type
 

Description

Working Conditions:

The Office of the Vice President for Research (OVPR) and Technology Commercialization endorses a "work with flexibility" approach that offers a welcoming and flexible work environment where everyone is inspired to do their best. Work location options for Tech Comm include working partially remote or entirely in the office and are based on the work of the position.

This position has been designated as Profile 2 and the employee is expected to work on-site more than 50% of the time (approximately 3 days per week). Your office will be located in the McNamara Alumni Center. Tech Comm management retains the right to modify flexible work arrangement agreements on a temporary or permanent basis for any reason at any time. More details of the "work with flexibility" arrangement will be provided during the interview and job offer.

The Tech Comm Royalty Accountant is responsible for performing complex accounting transactions related to the University's Technology Commercialization mission. To perform these functions, the role ensures data is accurately entered/managed in both the IP management database (Sophia) and into the UMN financial system (PeopleSoft).

Duties/Responsibilities:

Agreement Financial Term Setup and Maintenance - 25%
• Review Intellectual Property related contracts for financial terms related to royalty obligations and scheduled payments.
• Enter financial terms related to royalty obligations and scheduled payments for newly executed agreements.

Accounts Receivable and Billing - 25%
• Record revenue and receivables including royalties, equity, and other miscellaneous revenue.
• Create bills for Royalty Payment Invoices, Scheduled Payment Invoices, Patent Reimbursement Invoices.
• Create monthly Royalty invoices and reports for licensees with collections follow-up for non-compliance.

Royalty Distribution Accounting - 25%
• Responsible for all facets of the Intellectual Property (IP) Royalty Distributions process which includes distribution set-up, administrative fee application, voucher preparation, and journal entries.
• Work with UMN faculty on royalty distribution percentages and draft Income Distribution Agreements. This process includes the creation of and dissemination of contracts using DocuSign.
• Supervise Accounting student and review student work output.

General Accounting/Special Projects - 25%
• Perform account reconciliations relating to royalty revenue, report discrepancies.
• Participate in Tech Comm special projects as needed. - Accounting and Finance.
• Work closely with current Technology Commercialization staff to review and improve processes.

Qualifications

Required Qualifications:

• Bachelor degree and 2 years of professional accounting experience or a combination of related education and relevant work experience to equal 6 years.
• Solid working knowledge of accounting principles and internal controls.
• Must be able to work independently and efficiently in a fast-paced environment, and exercise sound, independent judgment.

Preferred Qualifications:

• Bachelor degree in Finance or Accounting and 2 years of professional experience or combination of related education and work experience to equal 6 years.
• Experience with PeopleSoft enterprise systems, particularly the financial modules.
• Excellent teamwork, collaboration and partnering skills.
• Experience with interpretation of contracts, grants, and/or license agreements.

About the Department

The Technology Commercialization Royalty Accountant position is part of the Technology Commercialization (Tech Comm) office at the University of Minnesota. We help University research move beyond the lab and into the marketplace. Our mission includes:

• Connecting researchers with companies
• Licensing technology for the development of new products and services that benefit the public good
• Fostering economic growth
• Generating revenue that supports the University's research and education goals.

Visit our website to learn more!

How To Apply

Applications must be submitted online. To be considered for this position, please click the Apply button and follow the instructions. You will be given the opportunity to complete an online application for the position and attach a cover letter and resume.

Additional documents may be attached after application by accessing your "My Job Applications" page and uploading documents in the "My Cover Letters and Attachments" section.

To request an accommodation during the application process, please e-mail employ@umn.edu or call (612) 624-UOHR (8647).

Diversity

The University recognizes and values the importance of diversity and inclusion in enriching the employment experience of its employees and in supporting the academic mission. The University is committed to attracting and retaining employees with varying identities and backgrounds.

The University of Minnesota provides equal access to and opportunity in its programs, facilities, and employment without regard to race, color, creed, religion, national origin, gender, age, marital status, disability, public assistance status, veteran status, sexual orientation, gender identity, or gender expression. To learn more about diversity at the U: http://diversity.umn.edu.

Background Check Information

Any offer of employment is contingent upon the successful completion of a background check. Our presumption is that prospective employees are eligible to work here. Criminal convictions do not automatically disqualify finalists from employment.

About the U of M

The University of Minnesota, Twin Cities (UMTC)

The University of Minnesota, Twin Cities (UMTC), is among the largest public research universities in the country, offering undergraduate, graduate, and professional students a multitude of opportunities for study and research. Located at the heart of one of the nation's most vibrant, diverse metropolitan communities, students on the campuses in Minneapolis and St. Paul benefit from extensive partnerships with world-renowned health centers, international corporations, government agencies, and arts, nonprofit, and public service organizations.

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