Chief Financial Officer

POSITION OVERVIEW

Our client is seeking a Chief Financial Officer (CFO) to direct the overall accounting and finance strategy for the organization. As an integral part of the Leadership Team, the Chief Financial Officer is responsible for managing the financial operations ensuring the organization’s financial health and sustainability. Additionally, the company is transitioning to an ESOP so the new CFO will play an integral role with this transformation as well as implementation of any related policies and procedures. Furthermore, this individual will oversee all financial reporting, budgeting, forecasting needs, financial analysis, and compliance requirements, and is a key contributor of the company’s strategy through oversight of critical projects and initiatives, negotiation and review of contracts, risk management, and due diligence on acquisition and investment activity.

The CFO manages a team of accounting and finance professionals, to implement the department’s goals including, budget management, cost benefit analysis, financial reporting, tax compliance, financial and regulatory issues, and sourcing strategic capital and investment. The CFO is responsible for delivering an unmodified audit option for each years’ independent audit. Additional this individual is expected to present and fully explain comprehensive financial and accounting reports, including forecasted financial reports, to the Finance Committee and Board of Directors.

Key Responsibilities

Financial Management

• Develop and implement financial strategies that support the organization’s mission and goals.
• Manage and oversee all financial operations, including accounting, budgeting, forecasting, and financial analysis.
• Implementing, preparing, and updating of accounting and financial policies and procedures to be compliant with IRS, GAAP, funding sources, and other local, State and Federal financial accounting and reporting standards
• Establishing and monitoring all reporting activities and highlighting variances for the organization including organizational revenue/expense, balance sheet, financial statements, cash flow projections, funding source reporting, tax filing, accounting ledgers ensuring accuracy and timeliness of financial reports
• Overseeing the daily financial functions (Accounts Receivable, Accounts Payable, Bank Deposits, Indirect Cost Rate monitoring, P&L reporting, account reconciliation, etc.)
• Prepare and present monthly financial reports to the founders, independent accounting firm and Board of Directors, providing analysis and recommendations as needed.
• Ensure compliance with all financial reporting, including audits, and other reporting requirements.
• Manage relationships with external partners, including banks, auditors, accounting and legal.
• Develop and maintain systems of internal controls and risk management procedures to safeguard financial assets of the organization to ensure adequate cash flow to meet the organization’s needs.
• Manages the annual external audit by independent auditors including timely, accurate, and complete delivery of requested schedules, financial statements, documents, and miscellaneous reports.
• Manage the annual process of reviewing and renewing the various business insurance policies.

ESOP

• The CFO needs to understand how to operate within an ESOP including the costs of establishing and administering this structure.
• Work with ESOP Trustee to ensure compliance.
• How to establish equitable liquidity events for the founders as well as other employees exiting the organization.
• ERISA rules and regulations
• The CFO will work with the founders to educate employees about “what it means to be a shareholder”.

Budgeting and Forecasting

• Prepares the annual budget planning and coordination with key managers and other stakeholders.
• Establishes sound forecasting assumptions in conjunction with the Leadership Team and evaluate strategy implemented to achieve forecasts.
• Works with the Human Resources Director in the design, implementation, and timely calculations of wage incentives, commissions, bonus’ and salaries for staff.
• Monitor actual performance against budget and provide regular updates and analysis to the President and CEO, Finance Committee, Board of Directors, and Executive Leadership Team
• Develop and maintain financial forecasting models that support long-term financial planning and decision-making.

Strategic Planning and Leadership

• Executes the strategic vision of the organization by providing solid analysis and sound business judgment as it relates to the financial and accounting operations of the organization.
• Effectively participates in Senior Management meetings by providing strategic input as needed, specifically relating to new program and service opportunities and partnerships.
• Act as a liaison to the Finance Committee and/Board of Directors collaborating with committee members to provide strategic financial guidance and support to the organization.
• Provide leadership and mentorship to the Finance Team, fostering a culture of continuous improvement and professional development.
• Collaborate with other senior leaders to develop and implement strategies that support the organization’s mission and goals.

Board Relations and Reporting

• Develops, maintains, and presents concise financial reports to effectively communicate the financial condition and internal control status to the Finance Committee Board of Directors enabling timely and accurate strategic and tactical decision-making on budget performance, forecasts, and financial risks and opportunities.
• Collaborate with the President and CEO, Finance Committee, and Board of Directors to develop and implement financial policies and procedures that align with the organization’s values and strategic goals.
• Represent the organization at internal and external events and meetings, providing financial guidance and support as needed.

Additional Knowledge and Experience

• Extensive practical knowledge of accounting, financial reporting, planning, and analysis within the not-for-profit or governmental sector.
• Demonstrated comprehension of analyzing financial statements, budget documents, variance reports and other financial reports and recommending actions for improvements.
• Proven leadership capability and effective team leader who is willing and able to manage, coach and develop positive morale by recognizing and capitalizing on the skills of their staff at all levels.
• Ability to maintain confidentiality, prioritize workload, work well independently under pressure, meet deadlines, and maintain focus and attention to detail in a fluid environment.
• Maintain current knowledge of current accounting and financial developments, regulations, and laws effecting our industry.
• Must possess the highest level of integrity, strong analytical skills, quantitative ability, self-motivated,
• Ability to present financial reports to the Finance Committee and Board of Directors.

critical thinking skills, strategic planning, and problem-solving abilities

• Deep familiarity/expertise with multiple funding sources, including state/local funding.
• Experience with working with external auditors, and compliance requirements.

Minimum Qualifications

• Bachelor’s degree in business administration or similar
• Certified Public Accountant (CPA) certification is required.
• Master’s degree in business administration (MBA) preferred.
• Advanced written and verbal communication skills