Tom Sanders, CPA, MS
Vice President of Accounting at Formulife, Inc- Claim this Profile
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Topline Score
Bio
Credentials
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Certified Public Accountant
AICPA
Experience
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Formulife, Inc
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United States
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Wellness and Fitness Services
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1 - 100 Employee
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Vice President of Accounting
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Dec 2022 - Present
Formulife is a private equity backed, value-added developer and specialty contract manufacturer of custom-formulated nutritional supplements in powder, capsule, and tablet form for sports nutrition, fitness, and health and wellness brands. Responsible for all accounting functions, including: monthly close, daily cash management, journal entry review and approval, audit support, tax return (1065) workpaper preparation, insurance renewals, special property tax jurisdiction, vendor terms negotiations and set-up, Great Plains account maintenance and special projects as requested by the CEO, Board and/or PE firm. Performed a staff skills assessment which led to reassignments of duties and changes in staff. Implemented a new chart-of-accounts to better track expenses by department, providing the Board and management with increased visibility in operating performance and improved financial forecasting. Implemented a financial close calendar that reduced the close cycle from 25th of month to business day five. Led the company’s first financial audit, which included the first full wall-to-wall inventory in Formulife history. Improved working capital management that resultiedin over $250k in annual interest savings and improved financial ratios. Prepared monthly borrowing base and quarterly compliance certificates. Automated expense management, resulting in over 60K in annual savings and reduced AP processing time. Show less
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ESA - Electronic Security Association
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United States
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Security and Investigations
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1 - 100 Employee
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Chief Financial Officer
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Oct 2019 - Sep 2022
ESA is the United States largest trade association representing the electronic security and life safety industry. ESA provides members technical and management training, and government advocacy. ESA hosts the annual trade show ESX, Electronic Security Expo through its wholly owned subsidiary AIE, and is a 50% owner of FAST, the Foundation for Advancing Security Talent. ESA and its subsidiaries deliver information, advice, tools, and services that members use to grow their businesses. Responsible for all accounting and finance functions, including but not limited to monthly close, Senior Management and Board reporting, cash management, journal entry review and approval, audit support, tax return preparation, budgeting, strategic planning, insurance renewals, vendor negotiations, special projects, etc. for ESA, AIE and FAST. Responsible for all HR functions including bi-weekly payroll processing, benefits management and vendor selection, employee on-boarding and termination. Acquired over $1.1 million combined in Payroll Protection Loans, Employer Retention Tax Credits and EIDL grants. Provide timely and accurate financial reporting and analysis to Senior Management and Board of Directors. Created weekly flash revenue dashboard, allowing the C-Team to monitor sales activity vs budget and prior year. Lowered monthly bank fees 73%. Implemented SaaS expense management solution that automated transaction processing and reduced manual data manipulation. Provide consultative support to the executive team to achieve the associations goals through financial and management information analysis, reports, and recommendations, define technology gaps/requirements, and identifying operational and process improvements. Show less
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VIP
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United States
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Professional Services
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1 - 100 Employee
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Manager of Client Services
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Dec 2014 - Oct 2019
Served as interim Controller across multiple industries including banking, healthcare, legal, real estate, and technology. Responsible for the creation and adherence to the monthly close schedule, journal entry and account reconciliation review and approval, Management and Board reporting, audit support, special projects, and staff development. • Directed the financial close for a fast-growing local technology company, including the preparation and review of journal entries, account reconciliations and financial statements. Supervised five client and two contract employees. Developed combining schedules for financial reporting and audit support resulting from the merger of two Healthcare systems. Performed system output testing on merged reporting entities as they were integrated into the surviving ERP system. Ensured that the consolidated management reporting package was correct and completed according to the close schedule deadlines. Trained staff to prepare stand-alone and consolidated Cash Flow Statements. Directed the closing process for two hospitals: supervising the Senior Accountants’ compliance with the close calendar, approving journal entries and account reconciliations. Addressed hospital CFO questions that arose during close and performed ad-hoc analysis and research as requested. Prepared footnotes and supporting schedules for quarterly SEC reports in accordance with US GAAP for a mortgage processing firm. Served as payroll manager for a Private Equity investee that was sold off to multiple investor groups. Responsible for the timely and accurate completion of weekly and bi-weekly payrolls on three different processing platforms, the prompt filing of monthly and quarterly wage and withholding reports, timely employment and withholding tax payments, and responding to court orders for garnishments, bankruptcies, liens, and releases. Managed the off-boarding process as employees were transitioned to the acquiring firm’s payroll processing platforms. Show less
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Carnival Corporation
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Travel Arrangements
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700 & Above Employee
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Senior Manager
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Oct 2011 - Dec 2013
Developed and managed the middle and back-office processes of the $3 billion commodity derivatives trading program, including: the implementation of SunGard’s Kiodex commodity trading and risk management system, reporting program performance to Senior Management, reviewing and approving monthly journal entries, approving reconciliations in Blackline and researching valuation differences between internal and counterparty valuations. Managed the implementation and customization of the IT2 Treasury workstation’s debt module. This project strengthened the internal controls over the management reporting processes of the $10 billion complex debt portfolio by automating the processes used to generate management and SEC reports, monthly journal entries, monthly debt funding schedules and debt payment wire requests. Managed the payment of all debt obligations. Streamlined the quarterly debt compliance certification process which covered the issuance of 60+ quarterly debt compliance letters, debt compliance certificates, and related filings with all lenders and rating agencies. Managed the settlement process for all financial and commodity derivatives, including SOX compliance, financial accounting, and management reporting. Identified and managed hedges of net investments in foreign subsidiaries. Managed the drafting of the 10-Q’s and 10-K. Oversaw the preparation of the periodic Audit Committee reports and Board of Directors reporting packages. Ensured the prompt completion of audit PBC requests related to quarterly SEC filings, debt, and equity offerings. Researched the impact of new accounting pronouncements to quarterly SEC filings and management reports. Reviewed and prepared quarterly press release and conference call supporting documentation. Reviewed and approved XBRL taxonomy and tagging within the WebFilings software. Show less
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Federal Deposit Insurance Corporation (FDIC)
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United States
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Banking
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700 & Above Employee
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Financial Institution Accountant
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Dec 2009 - Oct 2011
FDIC’s CFO for two banks that were resolved through a delayed liquidation. Responsibilities included developing the wind down plan, employee release schedules, processing system shutdowns, maintain adequate liquidity and cash positions to fund customer run off, closing all Correspondent and Federal Reserve Bank accounts, regulatory reporting, redirecting Government ACH transactions, paying operating expenses, funding depositor payout checks, replace outstanding Official Checks, and the preparation of final financial statements. Served on FDIC Receivership Assistance teams. These teams provide comprehensive receivership assistance related to the closure, field management, staffing, disposition of assets, and the resolution of unresolved claims and/or debts for failed banking institutions. Show less
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Proforma Team Member
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Jan 2009 - Dec 2009
Assists in preparing proforma balance sheet for the FDIC and assuming bank. Audits assigned accounts. Reconciles account balances and activity through closing date. Prepares written reports to the FDIC recommending adjustments. Reports to FDIC Proforma Manager, and interacts with bank CFO and Controller Assists in preparing proforma balance sheet for the FDIC and assuming bank. Audits assigned accounts. Reconciles account balances and activity through closing date. Prepares written reports to the FDIC recommending adjustments. Reports to FDIC Proforma Manager, and interacts with bank CFO and Controller
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KPMG US
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United States
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Financial Services
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700 & Above Employee
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Manager, Financial Risk Management
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2004 - 2008
Managed the entire project lifecycle from acceptance, budgeting, invoicing, monitoring, status updates to sponsor, reporting to CFOs, CEOs and Boards of Directors, and closure. Led a controls review for an international infrastructure client‘s $2.3 billion foreign currency hedge program. Created in a work plan to improve information flow between business units and treasury to allow a great percentage of currency risk to be hedged. Provided recommendations for improved oversight and increased operation efficiencies. Advised an international logistics firm’s selection of a treasury workstation, including: defining system requirements, vendor interviews, demonstrations and negotiations. Proposed banking structure and workflow redesigns to take advantage of increased efficiencies. Annual savings are expected to be between $250,000 and $400,000. Performed a cash flow forecasting review for a local utility company. Identified operational and technological improvements to existing processes. Developed a mitigation plan to address forecast improvement opportunities. Participated in the design and implementation of a hedge program to manage over $5 billion in fuel exposures for an international transportation company. Drafted their fuel hedge policy manual and designed senior management and Board of Directors reports. Developed strategic senior management training on fuel hedge alternatives. Was a member of KPMG’s Financial Derivative Resource Team (FDR). Performed audit tests on financial and non-financial client’s valuation assertions, methodologies and compliance with FAS 133 hedge accounting requirements. Served one of the world’s top investment banks for the past three years. Built strong relationships across functions and multiple layers of client management that had not previously existed. Led a team that performed valuations reviews of their multi-billion dollar portfolios of structured products, asset backed securities and derivatives. Show less
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Founder/Owner
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2001 - 2004
Functioned as a CFO for a start-up organization, including: business plan presentation to investor groups, vendors and customers, market size estimation, core business growth potential, milestones for growth, vendor negotiations, cash flow forecasting, exit strategy, and owner/management communication tools. This effort raised $750,000 in angel financing. Designed the Treasury function for a venture funded technology firm, including the internal control and reporting structure, and job descriptions for the Treasury department. Issued and evaluated bank services RFP’s, and developed management reports. Developed, reviewed and tested college and corporate training courses in accounting, business plan development, economics, finance and statistics for an Internet university. Performed a valuation analysis and help to negitioate the sale of a local quick service restaurant chain, which resulted in a sale of the chain at 50% higher than the ownership group's initial estimate. Show less
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RR Donnelley
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United States
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Advertising Services
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700 & Above Employee
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Manager, Global Corporate Finance
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1999 - 2001
Functioned as the International Treasurer for this global $11billion provider of print and document-based business process outsourcing company. Led a multifunctional project team that included treasury, accounting, tax and internal audit that implemented a foreign exchange risk management program. Managed over $1.5 billion in foreign exchange risk for the company and subsidiaries. Reduced Latin American subsidiaries financing costs by 50 to 400 basis points per year by negotiating parent company guaranties with funding banks. Worked with the legal department to develop a Dutch BV structure to provide funding for international operations in a tax efficient manner. Prepared a funding plan to recommend the mix of long and short-term funding for the Parent Company’s forecasted $1.34 billion peak in debt. Determined whether there were sufficient credit facilities available to meet working capital needs, acquisitions, and contingencies. Served as the liaison between the ratings agencies and Donnelley. Developed a model to estimate the impact to key ratio’s monitored by S+P in the event of changes in outstanding debt. Developed strategies to negotiate with investment banks for funding alternatives. Show less
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Arthur Andersen & Co.
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Accounting
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1 - 100 Employee
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Manager, Derivatives and Treasury Risk Management
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1992 - 1999
Responsible for sales and delivery of treasury consulting services. Increased fees from $110k to $1.3 million over three years. Designed the foreign exchange hedge program for a multi-billion dollar tool and parts manufacturer, including a hedge policy and procedure manual, and training to senior management. Participated in the company’s quarterly foreign exchange risk management committee. Collaborated with a foreign central bank to establish internal control requirements for derivatives trading by its regulated financial institutions. Conducted bank examinations on behalf of the central bank to test compliance with these requirements. Consulted with banks to develop management and control structures to meet those requirements. Participated in a global cash/treasury management review for a multinational insurance company. This project resulted in improved liquidity management and a significant reduction in bank relationships and fees. Annual savings exceeded $ 2.5 million. Show less
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Education
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1996 - 1998
Illinois Institute of Technology
MS, Financial Markets and Trading -
1990 - 1992
Loyola University Chicago
BBA, Public Accounting
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