PENNY FALGAS, CPA
(321) 403-1414
PROFESSIONAL PROFILE
Certified Public Accountant with over 24 years of accounting experience; skilled in analyzing data, budgeting, forecasting, strategic planning, cash management, financial statements, pro-forma, taxes, SEC reporting, conducting and overseeing audits, implementing internal controls, obtaining financing/funding, risk management and human resources. Experience in public accounting and construction, legal, automotive & hospitality (hotel & restaurant) industry accounting.
Accounting budgeting, forecasting, pro-forma, monthly and annual financial statements, tax preparation, internal and external audits, internal and external financial reporting, implementing and overseeing internal controls, strategic planning, supervise A/R and A/P, safe guarding fixed assets and variance analysis
Treasury cash management and forecasting, maintaining all banking relationships, monitoring and updating covenant compliance for all debt and equity instruments, obtaining financing/funding and investing cash surplus
Human Resources payroll, payroll taxes, implement and oversee employee benefit packages, recruit, implement training programs for staff, oversee workers compensation audits, trustee for 401K plan, structure and monitor bonus program
Risk Management implement and oversee all necessary insurance requirements (general liability, auto, workers compensation, property and casualty, builders risk, etc.)
PROFESSIONAL EXPERIENCE
Chief Financial Officer, Jupiter USA, Inc., Orlando, FL (November, 2007 December 2008, layoffs) Land developer with projects (commercial, residential and multi-use) throughout the United States; majority of capital obtained through large investor based program in Germany. Organization consists of 48 entities (C corps, S corps, LLCs and Ltds.).
Operational and programmatic support to the organization, supervising the finance unit and chief financial spokesperson for the organization
Assists with all strategic and tactical matters as they relate to budget management, cost benefit analysis, forecasting needs and the securing of new funding from lending institutions and mezzanine financiers
Part of the executive team involved with land acquisitions, development and sales
Work with large investor/capital group out of Germany; maintained relations with financial agents & trust attorneys
Played a crucial role in the installation and conversion of the cost, budget and financial accounting software
Responsible for the setup of all employee benefits (health, dental, vision, 401K, bonus program, (holiday/vacation/sick time)
Responsible for all accounting, treasury, human resources and risk management responsibilities
Responsible for accounting and managing over $300 million in assets
Implemented internal controls and internal audit procedures which resulted in the discovery of fraudulent activities
Vice President, Regional Controller, Earthmark Companies & Mariners Club, Key Largo, FL (April 2006 November 2007, layoffs) High-end Resort Developer (condominiums, condo/hotel [whole and fractional unit sales], marinas, restaurants, spas, clubhouses, luxury amenities, single family housing and workforce housing); Florida Keys division consisted of 25 entities.
Involved with land acquisitions, development and construction of resort properties
Supervised Property Controller, Project Controllers, Campground Controller, Marina Controller & accounting staff
Responsible for the hospitality operations and accounting (Rental Units, Restaurants, Marinas, Spas, Equity Clubs, Private Residence Clubs, Banquet/Meeting Facilities, Homeowners and Condominium Associations)
Responsible for the development and construction accounting for the Florida Keys Division
Responsible for the campground, restaurant & tiki bar operations and accounting
Responsible for the marina & working boat yard operations and accounting
Responsible for compilation of Economic Models used to determine if projects are profitable and feasible (i.e. acceptable IRR, absorption rates, required sales pricing, amenities, etc.)
Responsible for monthly financial statement packages, annual budgets & quarterly forecasts
Review all AIA contracts and contractor application submittals and supervise draw process
Involved in company-wide operations, internal controls and policy & procedure
Responsible for accounting and managing over $250 million in assets
Chief Financial Officer, Florida Region, Concord Wilshire Construction, Daytona Beach, FL (March 2005 April 2006, promoted to Corporate CFO but had to relocate to Los Angeles, CA) Land Developer and General Contractor for commercial, ocean front condominiums, gated communities with single family housing
Involved with land acquisitions, development and construction of all projects (including joint ventures)
Played a crucial role in the startup of the Florida Division and construction company
Purchased, installed and setup all hardware and software necessary to get construction company started
Corporate liaison with investors and partners in all projects
Worked with financial institutions in acquiring A&D financing, mezzanine financing & revolving lines of credit
Responsible for all accounting, treasury, human resources and risk management responsibilities
Involved in company-wide operations, internal controls and policy & procedures
Vice President, Corporate Controller, SeaGate Homes, Inc., Palm Coast, FL (2002 2005) Land Developer and Single Family housing construction; organization consisted of 12 entities
Responsible for all accounting, treasury, home closings and risk management responsibilities
Responsible for gross revenues in excess of $65 million
Involved in strategic planning, pricing strategies, cash management, investment strategies, tax planning, filling personnel requirements, training and development of existing staff, policies and procedures and corporate culture
Compiled and implemented the Accounting Policies and Procedures manual
Responsible for reviewing and signing all closing documents for home sales
Issue monthly Controller's Report detailing financial and operational results of the month
Increased profits 400% in 2 years by implementation of internal controls, policy & procedures, pricing strategies, cost controls, rebate programs and contract negotiations with vendors and subcontractors
Division Controller, Lennar Homes, Inc., Rockledge, FL (2000 2002) National Home Builder
Supervised accounting, accounts payable, general administration and sales contracts/closing department Responsible for monthly financial close, monthly projections, job costing, budget/cost analysis of homes, variance analysis/ explanations, payroll, accounts receivable, audits, corporate discussion points, land acquisition analysis, annual business plan, annual mission statement, reviewing & signing all sales contracts and closing documents
Involved with CDD projects, Homeowners Associations (budgets, financials, deficit funding & Board of Directors), Human Resources, Risk Management, Information Systems, Purchasing, Expediting, and Marketing
Corporate Controller & Internal Audit Manager (acting Director), Planet Hollywood International, Inc., Orlando, FL (1999 2000) Restaurants and Retail Stores
As Corporate Controller:
Responsible for all accounting, treasury and risk management responsibilities
Liaison between Price Waterhouse Coopers & finance dept. for corporate audits & Chapter 11 filings/reporting
As Internal Audit Manager:
Audit all wholly owned domestic and international restaurants, franchise restaurants and joint venture restaurants
Responsible for writing and implementing new audit programs due to significant accounting policy and procedure changes throughout the corporation
Responsible for writing and issuing audit reports to all executive staff members (i.e. VP of Operations, CFO, CEO, etc.), the Audit Committee and the Board of Directors
Assigned special projects due to the significant changes taking place at corporate & throughout the corporation, one of which saved the PHI a significant amount of money & received high remarks from PriceWaterhouseCoopers
Assisted with the motions and schedules for the bankruptcy filing
Accounting Manager, Smart Choice Automotive, Titusville, FL (1997 1999) Automotive Sales
Responsible for Consolidated Financial Statements for the publicly traded company with annual revenues in excess of $150 million per year (6 subsidiaries and 26 automotive dealerships)
SEC reporting and GAAP compliance
Aided in the financial aspects and Road Show presentations for Second Public Offering.
Drafted/compiled corporate Accounting Policies and Procedures manual
Set up, implemented and maintained the accounting policies and procedures for Dealer Insurance Services, Inc. and Easy Pay, Inc. (two insurance subsidiaries), accounts payable and payroll department (500+ employees)
Coordinated and monitored all external audits
Responsible for monitoring and updating covenant compliance for all debt and equity instruments
Controller, Florida Finance Group, Inc., Titusville, FL (1997 1999) ($115 million portfolio that provided financing for 26 new and used automobile dealerships)
Responsible for managerial reporting, including budget analysis, ratio analysis, debt analysis, budget vs. actual analysis, historical comparisons, industry comparisons, projections, forecasting,
Corporate Controller, Sizzler, Melbourne, FL (1994 1997) Restaurant Chain (consisted of 7 restaurants/10 entities)
Responsible for all accounting, treasury, human resources and risk management responsibilities
Responsible for overseeing all state, federal and insurance audits
Responsible for gross revenues in excess of $65 million
Certified Public Accountant, Berman, Shapiro, Hopkins and Company, Merritt Island, FL (1991 1994) Public Accounting Firm
Audits (municipalities, not for profits, county, automobile dealerships, construction, etc.)
Reviews
Compilations
Tax returns (corporate, partnerships, trust, individual, tangible and intangible)
PROFESSIONAL CERTIFICATIONS AND AFFILIATIONS
Certified Public Accountant
Florida Institute of Certified Public Accountants
American Institute of Certified Public Accountants
National Association of Female Executives
EDUCATION
Rollins College, FL completed fifth year requirement to be eligible for the CPA exam GPA: 3.9
University of Southwestern Louisiana - BS/BA, minor in Computer Science and Management Cum Laude Graduate
Complete 80 hours of CPE every two years to maintain CPA license
Computer Software: Windows, Outlook, Microsoft Office, Word, Excel, Lotus 123, Peachtree, Tvalue, JD Edwards, Timberline, MAS, QuickBooks and various other accounting, financial and tax software
SCHOLARSHIPS AND HONORS
Business Administration Honor Society
Cum Laude Graduate
National Merit Academic Scholarship
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