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Banc of California Stadium Entertainment | Vice President, Venue Accounting | Los Angeles, CA


Background

Located in the heart of Los Angeles and having opened in April 2018, Banc of California Stadium is a state-of-the-art sports and entertainment venue that plays home to Los Angeles FC of Major League Soccer. LAFC went an impressive 16-9-9 in their first MLS season, good for fifth place in the conference and a spot in the playoffs. LAFC and Banc of California Stadium also ranked among the leaders in average fan attendance. The stadium offers a multitude of premium event spaces and boasts a total capacity of 23,500. Furthermore, the venue is set to host over 150 events in 2019.

Banc of California Stadium Entertainment (BOCSE) is responsible for the booking and operation of all non-Major League Soccer events at Bank of California Stadium, including: headline music concerts, radio shows, music festivals, and multi-cultural music events; international, national and local sporting events; a wide range of special events with top brands and Fortune 500 companies, such as corporate, convention, trade, and brand communication events; charity events and fundraisers; public events at the national, regional and local level; experiential events and installations; fairs and festivals; and private events and celebrations. In addition to events at Banc of California Stadium, BOCSE is also responsible for hosting a limited number of large-scale concerts and sporting events at the Los Angeles Memorial Coliseum, as well as occasional large multi-stage, music festivals incorporating some or all of stadiums and grounds of Exposition Park.

Since opening in April 2018, BOCSE has brought in more than 425,000 people to events, including global brands such as iHeart Radio Wango Tango by AT&T, Epic Games’ Fortnite Celebrity Pro-Am tournament, the first-ever HBO Insecure Fest, three U.S. Open Cup games, an open media workout ahead of the Canelo Alvarez vs. Gennady “GGG” Golovkin fight, and the annual Adobe Max, culminating with a concert by Beck. The entertainment division also produced the Súper Clásico: America vs. Chivas match, which drew nearly 60,000 fans to the Coliseum. On Dec. 14-15, BOCS will host the Rolling Loud festival on the Banc of California Stadium Grounds, with more than 50,000 people per day expected to attend the event, billed as the world’s biggest hip-hop festival. Recently, the stadium made its first concert announcement for 2019, revealing that Iron Maiden will take their “Legacy Of The Beast Tour” to BOCS on September 14, with many more announcements coming soon.

Interested candidates should contact Turnkey Search directly. Contacting BOCSE or LAFC will only delay consideration of your qualifications.

Position Summary

The VP of Venue Accounting (“VP”) will serve as a hands-on leader in the design and operation of the event accounting and management systems for Banc of California Stadium. As the venue event business builds to be one of the premier entertainment venues in the country, the VP will develop the overall internal processes and procedures to support the growth of the business while serving as an operational contributor to the effective management of current revenue and expense lines. An experienced venue accounting leader that can evaluate, develop and evolve current systems, processes and procedures is essential to the effort of creating a highly efficient, effective, transparent and accurate financial accounting group capable of partnering across business lines and supporting future growth.

The VP will need to be a key partner and collaborator with all BOCSE departments including all operating areas (e.g. concessions, merchandising, maintenance, parking, engineering, security, ticketing, guest services, broadcasting, capital maintenance, etc.), marketing, special event sales and booking. The VP will also interact with corporate accounting and finance to ensure accurate GAAP reporting of the division’s results.

In addition, the VP will work on special projects, including the development of and/or investment in live entertainment properties. Experience in fully understanding and executing the deal-making process is essential. In addition, the VP will be a key player with respect to the design and execution of the division’s strategy.

Duties and Responsibilities

  • Serve as the main financial and accounting partner to all BOCSE departments and be a leader in the development of the structure, procedures, controls and reporting for the BOCSE entity. This includes streamlining the overall operations of the group, including A/R, A/P, Payroll, GL, and Revenue Recognition, Inventory, and Bank Reconciliations.

  • Quickly identify the optimal internal structure for the Venue Accounting staff; recruit, hire, develop and mentor highly qualified, talented and aspirational accounting professionals with a strong ability to understand the core business strategy and operation.

  • Produce detailed accounting for BOSCE events including revenue recognition, and expense and cash reporting and management.

  • Review and administer all contracts for events, vendors, and subcontractors and liaise with counterparts at these entities.

  • Oversee and drive all accounting cycles of business including revenue, expenses, collections, cash management, and vendor approvals.

  • Prepare, review and perform event settlements and flash reporting.

  • Monitor and project daily cash flow; review and execute all checks and deposits; review daily cash receipts and disbursements.

  • Develop and implement all financial reporting:

    • Prepare and analyze financial statements and other financial reports including monthly statements, annual budget and annual report. Conduct monthly/annual close.

    • Install and maintain accounting records to show receipts and expenditures.

    • Maintain general and subsidiary ledgers, accounts receivable, revenue distribution, and operating expenses.

    • Analyze financial performance and trends of key performance indicators and recommend appropriate actions/changes in order to meet business goals.

    • Prepare forecasts and reports of estimated future revenue and expenses.

    • Recommend and monitor benchmarks for measuring financial and operating performance (KPI); monitor and analyze monthly operating results against plan/budget.

    • Review financial statements with management personnel.

  • Collaborate with internal stakeholders to ensure company financial objectives are met and compliance with financial process and procedure; coordinate with corporate accounting and corporate finance as requested and required by CFO.

  • Prepare financial analyses for, and participate in, contract negotiations and deal-making activities.

  • Play a key part in the design and implementation of the strategy for the division.

Qualifications, Skills and Education Requirements

  • B.S. in Accounting from an accredited four-year college or university required; CPA or Masters in accounting strongly preferred.

  • 10 years of related experience in arena, large amphitheater or stadium level concert and special event business is essential. Prior experience working with a professional sports team a plus.

  • Proficiency in GAAP accounting and reporting and the use of appropriate accounting software with direct experience in building out and/or modifying the general ledger and requisite coding, infrastructure, and processes.

  • Hands-on experience with financial statements, GL, and period-ending procedures.

  • Ability to create and manage budgets and plans and accurately report results.

  • Excellent communication, interpersonal skills and organizational ability.

  • Ability to work with and maintain highly confidential information is required.

  • Ability to manage and prioritize multiple projects and meet strict deadlines.

  • Must have professional attitude and appearance.

  • Ability to be adaptable and flexible.

  • Desire to work in the fast-paced, deadline-driven, entertainment and sports venue business and to occasionally work unconventional hours as necessary.