Chief Financial Officer

3 weeks ago

Boston, United States Opportunity Communities Full time
Chief Financial Officer

The Opportunity:

Opportunity Communities ("OppCo") is seeking a full-time Chief Financial Officer (CFO) to join our leadership team. The CFO will be the key finance leader in a dynamic, creative, and growing organization which is implementing a unique membership model designed to expand the capacity and impact of small- to medium-sized community development corporations (CDCs).

Overview of OppCo:

Founded in 2018, Opportunity Communities ("OppCo") strengthens the capacity, efficiency, and performance of our member CDCs. Member CDCs are led by and benefit local residents and concentrate on neighborhood, community and affordable housing development. This intensive local focus often limits CDCs' ability to achieve the efficiency and high capacity associated with organizational scale. The OppCo model solves this problem by allowing the member CDCs to retain local focus and control of their resources and assets, while enabling them to benefit from the efficiency and effectiveness of a larger-scale entity. By centralizing financial management, purchasing, human resources, data and evaluation, information technology, and asset management functions, and by sharing expertise central to the business of community developers (i.e. real estate, resource development), OppCo members are better able to meet local community needs, to achieve deeper impacts in their core lines of business, and to ensure that change is equitable.

OppCo and the CDC members share a commitment to Race, Equity, Diversity, and Inclusion (REDI) as one of the foundational principles that unites us. All our members are committed to building equitable communities of opportunity.

Currently operating as a primarily remote organization, OppCo has a staff of 28 and an annual operating budget of approximately $5 million. The member CDCs collectively employ another 70 staff members, have annual operating budgets totaling $16 million, and assets of over $500 million. OppCo is organized as a 501c(3) Limited Liability Corporation; a joint venture of the member CDCs. OppCo is overseen by a Board of Managers comprised of representatives from each member CDC's board as well as several independent board members.

The CFO Role:

The Chief Financial Officer (CFO) is the senior financial executive who drives optimal financial performance, collaborates on business strategy, and leads on financial initiatives as OppCo grows and adds member CDCs to its network. The CFO has primary responsibility for overseeing and directing finance and accounting activities, implementing process improvements, and streamlining and enhancing administrative operations. The CFO ensures sound financial management to support financial stability, organizational and member growth and community impact goals. The CFO oversees compliance with relevant laws and obligations and manages organizational risks and liabilities. The CFO also oversees the information technology infrastructure for OppCo and member CDCs.

As a member of the Executive Leadership team, the CFO provides advice and counsel to the Chief Executive Officer (CEO) of OppCo, the CEO/Executive Directors of OppCo's member CDCs, and other senior management. The CFO will also oversee and support all other corporate and financial related activities.

Specific Responsibilities:

Financial Operations

The CFO ensures that Finance team delivers timely and accurate fiscal information and reporting for decision making, in the appropriate formats, for all relevant internal and external stakeholder groups, while ensuring compliance with GAAP and, where applicable, OMB Super Circular compliance, including:
  • Implementing best practices for budgeting, forecasting, financial analysis, cyber security, accounting, cost control, cash flow planning, auditing and business modeling.
  • Managing resource allocations to ensure alignment with strategic and programmatic priorities.
  • Guiding integration of financial systems into organization-wide project management systems, including the development and monitoring of key financial metrics used to assess and communicate OppCo's and member CDCs' organizational financial health and impact.
  • Presenting innovative ideas and financial best practices to position OppCo and member CDCs for long-term sustainability.
  • Streamlining processes and procedures to develop systems that build capacity and accommodate growth.
  • Building strong relationships with the member CDCs' Board Finance Chairs and the OppCo Joint Finance Committee, preparing presentations about relevant issues, trends, plans, budgets, cash-flow management, and changes in the business model(s) and operational delivery.
  • Managing all aspects of financial statement reporting for all entities, including annual external audits, monthly, quarterly and annual financial reporting and tax filings for both internal and external users.
  • Leading an efficient cross-organizational budgeting and forecasting function, including oversight of all entities' budgeting and forecasting reports.
  • Overseeing and managing all Treasury functions, including banking and vendor relationships, and oversight of the cash flow projections.
  • Managing external information technology vendors and internal staff resources dedicated to IT.
  • Training staff across the OppCo network to ensure financial policies, internal controls and reporting are established and followed while simplifying, streamlining and actively communicating financial processes and procedures.
  • Hiring, mentoring, coaching, and developing a talented finance team and conducting regular performance evaluations.
  • Strong leadership, strategic and communications skills.
  • An entrepreneurial team player and problem solver who thrives on a team that values integrity, open and direct communication, diversity and empathy.
  • Strong analytical skills and practical experience and expertise in financial and accounting policies, practices and systems.
  • Understanding of GAAP-basis accounting required. Experience with real estate and non-profit accounting, affordable housing finance and federal grants a plus.
  • Seven or more years of directly relevant work experience at Director or CFO level.
  • BA/BS in finance or a related field. Master's degree preferred. CPA preferred.
    • Medical, Dental, Vision Insurances
    • 4% 401K safe harbor contribution
    • Professional Development
    • Cell phone stipend
    • 17 full days and 3 half days of Holidays
    • 2 weeks of vacation upon hire
    • 10 days of Sick Time
    • Employee Assistance Program (EAP)
    • Educational Assistance Program
    • Adoption Assistance Program
    • Health Care Flexible Spending Account Plan
    • Health Savings Account Program
    • Short-term and Long-term Disability Insurance
    • Life and Accidental Death & Dismemberment Insurance
Financial Strategy and Leadership

The CFO is a strategic partner to the CEO and OppCo member CDCs, collaboratively reviewing and developing strategies for overall financial stability and growth and evaluating and advising on short and long-range financial planning. Examples include, but are not limited to:
  • Providing guidance on tactical decisions that have financial impact or require financial expertise, such as insurance procurement, benefits renewal, and real estate closings.
  • Presenting innovative ideas and financial best practices to position OppCo and member CDCs for long-term sustainability.
  • Streamlining processes and procedures to develop systems that build capacity and accommodate growth.
  • Building strong relationships with the member CDCs' Board Finance Chairs and the OppCo Joint Finance Committee, preparing presentations about relevant issues, trends, plans, budgets, cash-flow management, and changes in the business model(s) and operational delivery.
  • Managing all aspects of financial statement reporting for all entities, including annual external audits, monthly, quarterly and annual financial reporting and tax filings for both internal and external users.
  • Leading an efficient cross-organizational budgeting and forecasting function, including oversight of all entities' budgeting and forecasting reports.
  • Overseeing and managing all Treasury functions, including banking and vendor relationships, and oversight of the cash flow projections.
  • Managing external information technology vendors and internal staff resources dedicated to IT.
  • Training staff across the OppCo network to ensure financial policies, internal controls and reporting are established and followed while simplifying, streamlining and actively communicating financial processes and procedures.
  • Hiring, mentoring, coaching, and developing a talented finance team and conducting regular performance evaluations.
  • Strong leadership, strategic and communications skills.
  • An entrepreneurial team player and problem solver who thrives on a team that values integrity, open and direct communication, diversity and empathy.
  • Strong analytical skills and practical experience and expertise in financial and accounting policies, practices and systems.
  • Understanding of GAAP-basis accounting required. Experience with real estate and non-profit accounting, affordable housing finance and federal grants a plus.
  • Seven or more years of directly relevant work experience at Director or CFO level.
  • BA/BS in finance or a related field. Master's degree preferred. CPA preferred.
Accounting, Administration, and Personnel Management

The CFO is responsible for OppCo's accounting and administrative functions, which include:

Credentials and Qualities:
  • Strong leadership, strategic and communications skills.
  • An entrepreneurial team player and problem solver who thrives on a team that values integrity, open and direct communication, diversity and empathy.
  • Strong analytical skills and practical experience and expertise in financial and accounting policies, practices and systems.
  • Understanding of GAAP-basis accounting required. Experience with real estate and non-profit accounting, affordable housing finance and federal grants a plus.
  • Seven or more years of directly relevant work experience at Director or CFO level. BA/BS in finance or a related field. Master's degree preferred. CPA preferred

Benefits of working with OppCo:

Standard Benefits:
•Medical, Dental, Vision Insurances
•4% 401K safe harbor contribution
•Professional Development
•Cell phone stipend
•17 full days and 3 half days of Holidays
•2 weeks of vacation upon hire
•10 days of Sick Time

Other Insurances provided by OppCo through Insperity:
•Employee Assistance Program (EAP)
•Educational Assistance Program
•Adoption Assistance Program
•Health Care Flexible Spending Account Plan
•Health Savings Account Program
•Short-term and Long-term Disability Insurance
•Life and Accidental Death & Dismemberment Insurance

Application Process and Additional Information:

OppCo views diversity, inclusion and cultural competence as vital guiding principles in all our work with clients and communities. OppCo envisions a workplace where being your true authentic-self is accepted, expected and respected. It is important to us to bring on team members who are passionate about our mission and reflect the BIPOC, immigrant and linguistic backgrounds of the communities we serve. We welcome and encourage applicants who may contribute to the diversity of the organization.

Candidates must include a resume and a cover letter that describes how your qualifications and experience match the needs and mission of OppCo. Applications will be accepted until the position is filled. Submit a resume and cover letter to HR@oppcommunities.org

JOB CODE: 1000124

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