Frank Chominski

Frank Chominski
photo of Frank Chominski
  • Part-Time Faculty Accounting, Business Studies
  • Academic Credentials: Master in Accounting from LaSalle University
  • Office: Penn Hall 401
    Phone: (215) 504-8500 Ext: 6754
  • Office Hours:
    Days during the week for two hours

Courses Taught

  • ACCT103: Introductory Accounting (Formerly ACCT090)
  • ACCT105: Financial Accounting (Formerly Principles of Accounting I)
  • ACCT106: Managerial Accounting (Formerly Principles of Accounting II)
  • ACCT200: Intermediate Accounting I
  • ACCT201: Intermediate Accounting II
  • MATH101: Mathematical Concepts I

Biography

I have been with BCCC for over 25 years. My main job is I'm an Assistant Controller for Element Financial. Working with BCCC has been rewarding for me.

Shared Resources

Frank A. Chominski 82 Crescent Drive Holland, PA 18966 Cell: 215.630.7666 Email: fchominski@gmail.com. Diverse experience in all phases of financial reporting, administration, and managing system implementations. Strengths include streamlining and improving business processes in the private, non-profit, healthcare, and insurance industries resulting in cost savings. > Strategic Business Planning > Global Strategic Development > Change Management > P&L Management > Technology Development > Mentoring & Coaching > Operations Management > Six Sigma – Black Belt PROFESSIONAL EXPERIENCE Element Financial, Horsham Pa. Assistant Controller 2013 – Present With total assets in excess of $4.2 billion, Element Financial Corporation is one of North America’s leading equipment finance companies. Element operates across North America in four verticals of the equipment finance market – Commercial & Vendor Finance, Aviation Finance, Energy, Railcar Finance and Fleet Management. In 2015 the company is projected to bring in $1.2 Billion of new sales. Serve as Assistant Controller of the Accounting Department. Under this position managed Balance Sheet, Budgets, Income Statements, and Cash Applications. The main function is to ensure the delivery of key business initiatives. This position works closely with Billing, External Auditors, Sales, and Portfolio Management. * Manage payroll with 3rd party vendor. * Received Outstanding Employee award for addressing a $2 million recourse pool with large Franchise Business. * Manage a staff of four. * Manager in charge to work with the external auditors. Audit findings were no material adjustments. * Managed several Quality projects that saved the company processing time and expenses. In 2014 saved $2 million to the bottom line. * Team leader to implement Great Plains chart of account conversion. This project created a universal chart of accounts for Element. * Developed and implemented Policy & Procedures that ensured consistent processes. * Improved the financial statement process by developing charts and additional reports to analyze the business. * Team member that brought in a $200 million of acquisitions. The systems used Microsoft Dynamics – Aspire, Great Plains, Lease Plus and Microsoft products (Excel, PowerPoint, Visio, and Word). Independence BlueCross, Philadelphia, Pa. Director of Accounting Shared Services 2012 – 2013 Served as Director of Accounting Shared Services for Independence Blue Cross and its subsidiaries. Under this position managed Self Funded Billing, Cash Applications, IT Support, and PeopleSoft. Manage a staff of thirty-one people. The main function is to ensure the delivery of key business initiatives. This position works closely with Actuary, Internal Audit, Sales, and Underwriting Departments. * Introduced and trained staff to Six Sigma and recognized immediate cost savings. * Used key tools such as Process Mapping, Pareto Charts, SIPOC, DMAIC, Cause & Effect Diagrams, and VOC. * Improved the cash process by developing better internal controls. * The department is in compliance with all Internal and External Audit measurements. Ensured SOX policies were current. * The departments didn’t have many Standard Operating Procedures, SOP. Developed thirty SOPs with Six Sigma Tools. * Coordinate of The Business Continuity Team for Accounting. Developed controls to support the imitative. * Reduced past due A/R over 90 days balances by 50% and total A/R balances by 65%. The savings were millions of dollars. * Successfully implemented a PeopleSoft conversion to 9.1. The systems used PeopleSoft, and Microsoft products (Excel, PowerPoint, Word, & Visio). Creative Financial Group, CFG , Newtown Square, Pa. Controller 2010 – 2012 Served as Controller of a brokerage firm with financial solutions for protection, financial planning and wealth management. CFG offers services that range from life, disability income and long-term care insurance to estate planning, investments, education funding strategies and retirement planning. Under this position managed all of the financials, payroll, budgets, accounts payable, commissions, and quality projects. Manage a staff of five people. * Successfully developed and improved internal controls for payroll. CFG has many special arrangements for sales staff. * Developed a formal account reconciliation format and a structured monthly review process. * Created a budget model and an improved the Cash flow forecast. * Introduced Six Sigma into the organization. Discovered over $800K in accounting adjustments. * Changed the internal audit review from an F to a C within one year. * P/R -Worked on clearing IRS issues from 2008 -2010. IRS was requesting material amount of fines and late fees. * P/R - Created confidence in the payroll process. One manager said he use to dread payroll days because of the errors. * P/R – Worked with MetLife to implement a new payroll system. * Delivered financial statements to senior management. * Implemented a credit card program, rebuilt the rent schedules, and obtained a Line of Credit. The systems used MetLife system for financials and payroll, and Microsoft products (Excel, PowerPoint, Word, & Visio). Nordon, LLC, Langhorne, Pa. Controller 2009 – 2010 Served as Controller of a wholesale distributor of restaurant equipment. Revenue is $22 million with offices in three locations. Position reports to the CFO. Prepared and managed all of the following functions; accounts payable, accounts receivable, billing, cash management, human resources, operations, bonuses to sales staff, financial preparations, inventory management, payroll, managed rebate programs, and taxes. Managed a staff of four people. * Addressed and cleaned-up many accounting issues within the first month. Ex: Bank reconciliations were four months behind the due dates, payroll journal entries weren’t being prepare properly, and other Balance Sheet issues. * Developed and established policy & procedures for the accounting department and other departments. * Developed additional balancing controls to ensure payroll, personal information, and year-end tax information was accurate. * Prepared and documented all year-end 1099s and W-2s for staff. * Point person for external audit. Annual audit was extremely successful. No material adjusting journal entries were needed. * Developed Budget and Cost models for the company, which identified business opportunities. The systems used Elliott/MACOLA, Sage for Fixed Assets, Crystal Reports, Payroll system is Paychex, and Microsoft products (Excel, PowerPoint, Word, & Visio). Aon-Affinity Insurance Services, Hatboro, PA. 1999 - 2009 Controller, Vice President of Operations 2004 - 2009 Served as Controller, Administration, and System Liaison manager for a $14 million lawyer’s professional liability insurance brokerage firm. Reported to the president of the division. Consistently recognized for success of drilling down on the issues and producing positive results. Mentored team and built strong business relationships. Managed a staff of thirty five people. * Improved profitability of Lawyers Professional Liability Insurance division. In several years took a division that was losing money to a profit margin of 23%. This was accomplished by balance sheet clean-up, expense management, identifying the opportunities, creating dashboards, and growing the revenue segment. * Developed a sales incentive plan for the sales department. * Developed and managed financial forecast. The financial model that was developed produced a 95% accuracy on the monthly revenue reports, and 98% on the expenses. The keys to success were the expense management, strong relationship with the sales staff, and drilling down on the client product segments. * Improved the budget process. The improvements that were developed were revenue models for the various sales divisions, expense management between fixed and variable cost, revenue negotiation with carriers and third parties, and dashboards to deliver the budget to senior management. Presentations addressed senior management’s needs. * Implemented revised insurance products with Underwriting and the insurance carrier. The process used cost models to ensure the profitability of the products. * Timely Delivery of Financial Statements. Improve the process to deliver financial statements in three days. To support the numbers dashboards and standard cost analysis were developed. Dashboards measured key business indicators of the company. * Developed cost per transactions measurements. This was the first time the organization had cost models developed. The results were to properly measure the cost per transaction and use the model for state expansion. * Hands on experience in cleaning up the Balance Sheet for the division. Resulted in savings of over $1 million in balance sheet clean-up. * Managed Accounts Receivable. The efforts included research, contacting the insured, finance companies, and/or brokers, and improving the processes. Efforts produced no items over sixty days, improved processes, and the division collecting $500K in receivables and reducing the reserve by $300K. * Managed various business requests for data. Identified the key business request that were being requested and created standard request forms and reports for varies business needs. The result was more timely responses to business needs. * Managed Quality Customer Services Projects for application structure, on-line web process, lockbox, state expansion, and broker statements. These projects improved the insured’s and broker’s experiences in purchasing coverage. The projects also produced $900K in additional revenue. * Managed seven sales offices across the country. Ensured that the offices were fully staffed, addressed operation issues, and managed all aspects of their financials. * Managed the payable settlements with reinsurance carriers. Produced timely and accurate payments. * Volunteered for five years my service to United Way of America – The role was to be an independent auditor, which would prepare the organization for their annual audit. The results were the organization moved from a needs improvement rating to an excellent rating. The efforts saved United Way auditing fees and built a stronger relationship between Aon and United Way of America. Assistant Vice President of Operations 2002 - 2004 Served as Assistant Vice President for all of the eight business divisions. The business divisions were in various parts of the country. Primary duties were to manage the divisions and develop processes improvements. * Created Surplus Lines Unit – The division was out of compliance with Surplus Lines state filings. As a result a new department had to be created. The department was created and the business tools used were Microsoft Access and an internal website. Also ensured licenses were current and valid for the states of business. This implementation ensured the organization was in compliance with the states, avoided financial penalties, and the suspension of agents licenses. * Developed cash control system – Used Six Sigma tool, DMAIC to establish strong internal controls for cash management. This project ensured segregation of duties and safeguard of the cash assets. Other positive results were more timely cash being applied and increased investment income. * Implemented three IMS21 imaging systems – Prepared and presented to senior management Cost Benefit Analysis for the imaging projects. These projects converted the division from a paper process to an imaging process. The quality tool used was the DMAIC model. The model built “As Is” process maps and reengineered the process to “To Be” process maps. The revised maps were the foundation for the imaging system and resulted in $400K cost savings, process improvements, and disaster recovery system. Controller 1999 - 2002 Served as Controller for eight business units with annual revenues of $300 million. The products that we served were professional liability insurance policies for various professions, and other products. Main duties were acquisitions, internal and external audits, consolidation of financial statements, forecast, budgets, bank relationships, and process improvements. Recognized for successfully addressing major business issues and producing positive results. Managed a staff of thirty people. * Hands on experience in cleaning up the Balance Sheet for the entire Affinity organization. Resulted in savings of over $2.8 million in balance sheet clean-up. * Streamlined monthly close process by the creation of standardizes schedules. Six sigma quality tools such as DMAIC were used to identify and improve the gaps in the financial processes, reducing the month-end close from six to three days. * Transferred the cash process from the division to corporate. The end result was procedures were established to do daily cash sweeps from the office to corporate. The changed increased investment income by 15%. * Converted the general ledger system from MAS90 to PeopleSoft. This conversion allowed the division to meet the standards of the corporate office. This resulted in eliminating software expense and having Aon working under one platform. * Conducted Acquisitions – Under FASB 141(R) Business Combinations; Addressed financial and administrative processes of the Ian H. Graham, Inc., and how they would merge into the division. The result was balance sheet items were addressed, financial models were built, and customer retention was maintained. * Established Latin America division. Team member to establish business in Latin America. The initial first several years produced negative returns. The team focused on policy & procedures, developing the vision with the Latin America team, and improving the profit margin. Today the division produces $10 million in revenue and a profit margin of 17%. The systems used MAS90, PeopleSoft (Cognos), IBM AS400 with IMS21 for imaging, Quick books, Goldmine, and Microsoft products (Access, Excel, PowerPoint, Word, & Visio). GE Capital – Trevose, PA. Assistant Controller & Six Sigma Black Belt 1996 - 1999 Six Sigma Black Belt 1998 - 1999 Through the acquisition of Union Fidelity Life Insurance Company the opportunity developed to become a GE Six Sigma Black belt. Using the DMAIC process on projects resulted in cost reductions and improvements in customer satisfaction. Six Sigma allows an organization to create a well structured process that will build quality assurance measurements. * Managed quality projects that saved $3 million. o New product development – Used DMAIC, SIPOC, and Voice of the Costumer, VOC to create new products. o Claim Reserve – Used DMAIC to challenge the reserve models. o Process Improvement projects – Used DMAIC to stream-line and improve internal processes. Assistant Controller 1996 - 1998 Main duties were to manage A/P, Financials, and P/R for Combined Insurance Company of America, Virginia Surety, and Union Fidelity Life Insurance Company. * Managed the financial statements. Delivered timely and accurate financial statements. * Managed DAC, Deferred Acquisition Cost for marketing expenses. * Managed the reinsurance process from recorded the ceding to paying the carriers * Transfer the business from Aon to GE Capital * Team member to launch new product into the market, “Worksite Sales”. The product was a payroll deduction insurance coverage for Life, Dental, STD, and LTD. * Conducted two acquisitions: Transferred the businesses from Washington National Insurance Company and Federal Home Life. Tasks were to ensure balance sheet data is current, systems conversion, and records are transferred to the home office. Education: MBA – Accounting, LaSalle University, BS - Accounting, West Chester University Other: Adjunct Professor at Bucks County Community College - teaching accounting, and math classes.

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The office has my formal reviews, but I have received high praises from the students.

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