Breaking News

AVP for Finance and Corporate Controller Doncsecz to retire

University PARK, Pa. —Joseph “Joe” Doncsecz, associate vice president for finance and company controller, announced that he will retire from Penn Condition on Dec. 31, 2022, as a result of a phased retirement course of action just after a 27-yr occupation with the University.

Doncsecz assumed his tasks as associate vice president for finance and company controller on Sept. 1, 2011, right after currently being promoted to corporate controller on April 1, 2007. Because 1994, Doncsecz has served in many roles for the University around the many years giving financial skills to the University’s 24 campuses and 19 educational colleges, like a yearlong interim job as AVP for finance for the College of Drugs from 2019-2020.

Serving in an government management capacity and reporting to Sara Thorndike, senior vice president for Finance and Business enterprise/treasurer, Doncsecz is accountable for the oversight of inside controls and accounting operations for Penn State’s $7.3 billion in annual revenues and property of $19.9 billion. In his work, Doncsecz has duty for the University’s accounting functions, money reporting, payroll, oversight of funds and financial debt. Doncsecz also assists information the strategic economic decisions of Penn State, fostering a lifestyle of sound fiscal administration.

In the Office environment of Finance and Business, Doncsecz works together with University management to implement strategic and operational initiatives for the University and is a issue of a call for federal, point out and independent auditors for investigation, compliance and fiscal audits. Doncsecz is tasked with guaranteeing the integration of very long-time period funds investment and personal debt issuance ideas with out there College sources.

“Joe has been a fantastic asset to the College,” explained Thorndike. “I am grateful to him for staying for the next yr to assist us as a result of this changeover. His a lot of several years of institutional knowledge and economical encounter have been pretty beneficial to Penn Condition and his perseverance and very long-standing tenure with the College are commendable. We would like him the pretty best in retirement.”

In his position as affiliate vice president, Doncsecz is effective carefully with Penn State’s Board of Trustees ­– especially its committees on Audit and Risk, and Finance, Business and Funds Planning. He coordinates with senior leaders across the College to carry out strategic initiatives of the president, provost and senior vice presidents for Finance and Organization, and Study. Doncsecz served as the govt co-guide for the latest company process implementations of Work Lion, SIMBA and Penn State’s human cash management tasks. He also led the joint University-Penn Condition Well being endeavours to put into action independently obligated asset and credit score buildings.

Notably, Doncsecz engaged in the State Personnel Retirement Procedure (SERS) job in which Penn State funded a part of the SERS unfunded prepare liability and secured credits, ensuing in $533 million in net financial savings over 30 a long time.

His obligations also include things like economical, accounting and treasury advisory interfaces with Penn Condition Health and fitness, the Penn Point out Analysis Basis, and the Penn Point out Financial commitment Council. Doncsecz also serves as assistant treasurer of the corporation for Penn Point out, Treasurer of the Pennsylvania College of Technological innovation and in numerous other officer and authorized signatory roles for the University’s subsidiary corporations.

“I will drastically miss out on the positive power and the too much to handle feeling of camaraderie and community at Penn Point out,” claimed Doncsecz. “My most loved component of the College knowledge has been constructing a dynamic controller’s business office management group and observing them mature and prosper both equally independently and as a team to shift the College forward in the deal with of so a lot of troubles. My hope for the potential of Penn Point out is that our groups create on our entire world-class name as an establishment that nurtures and permits potential generations to attain their objectives and dreams although shifting the earth for the improved.”

Doncsecz formerly served as assistant controller from 1998 to 2007. He was responsible for major the University’s payroll, taxation, expense examination, home stock and investigate accounting services units. He also applied guidelines to ensure ideal external monetary reporting, federal value accounting and endowment accounting practices.

Doncsecz retains a bachelor of science diploma in accounting from Penn Point out and an MBA with a dual emphasis in finance and promoting from the University of Pittsburgh. He is a licensed public accountant in Pennsylvania and a member of equally the American Institute of Licensed Community Accountants and the Pennsylvania Institute of Certified Public Accountants.

Prior to his occupation with the College, Doncsecz held accounting, auditing and tax positions in Washington, D.C., and in Pittsburgh, Pennsylvania, for Touche Ross and Co., PPG Industries and Might Division Stores Co.