Vice President of Finance

2 days ago

Painesville, OH, United States Lake Erie College Full time
Job Details

Job Location
Painesville, OH

REPORTS TO:PRESIDENT OFTHECOLLEGE

STATUS: FULL-TIME,EXEMPT, SALARIED

Lake Erie College, a small, co-educational, four-year, independent liberal arts collegelocatedin Painesville, OH, 30 miles east of Cleveland, invites applications for the full-time position ofVice President of Finance.

Dedicated to delivering high-quality higher education and community engagement, weare currently in a strategic turnaroundphaseandtheVice President of Finance will be a key driver of our financial stability and long-term sustainability. This is a mission-critical leadership role with significant accountability to ourboard ofdirectors, bondholders, and external stakeholders.The Vice President of Finance will provide strategic leadership and oversight of LEC's financial operations and long-term fiscal health,leadingall finance and accounting functions;financial planningandanalysis;and reporting to bondholders and theboard. This is a high-stakes assignment requiring a seasoned leader withexperience in turnaround environments, complex debt and covenant reporting, and higher-education finance or comparable sector experience. The role will partner closely with the President and senior leadership team tobuild.financial strength, enhancetransparency,maintainrobust financial controls, and support the institution's mission and growth.

RESPONSIBILITIES:

  • Leads the development, execution, monitoring, and communication of the annual operating budget, multi-year financial plan, and long-term capital model.
  • Drives cash flow forecasting, scenario analysis, liquidity management, debt servicing, covenant compliance, and bond-holder reporting.
  • Ensurestimelyandaccuratefinancial statements, management reports, and dashboards for senior leadership, theboard ofdirectors, and external stakeholders (auditors, lenders, bondholders).
  • Supervises all accounting operations, including general ledger, month-end/quarter-end/year-end close, accounts payable, accounts receivable, bursar, payroll, and related functions.
  • Establishes andmaintainsrobust internal controls, policies, and procedures to ensure compliance with GAAP, regulatory requirements, higher-education norms, and lender covenants.
  • Partners with senior leadership to align financial and operational data, ensuring cost drivers are accurately reflected in financial plans and reporting while oversightresideswith respectivecabinet members.
  • Serves as the finance liaison to theboard ofdirectors(particularly theaudit/financecommittee) and external auditors, bond counsel, and lenders; presents finance reports, explains variances, proposes corrective actions, and highlights risk areas.
  • Leads orsupportsstrategic initiatives that enhance revenue diversification, cost optimization, efficiency improvements, and long-term financial sustainability.
  • Builds, develops, mentors, and manages a high-performing finance team, fostering accountability, transparency, continuous improvement, and professional growth.
  • Ensures systems and data infrastructure providetimely,accuratereporting and analysis; drives improvements in financial systems, automation, KPIs, and business intelligence capabilities.
  • Monitors higher-education sector and regulatory trends (e.g., tuition/aid dynamics, enrollment, state/federal funding, bond markets) and makes recommendations to the President andboard to adapt strategy accordingly.
  • Oversees institutional insurance programs-including liability, property, cyber, D&O, and student-related policies-and ensuresappropriate coveragelevels, manages renewals, and collaborates with external brokers to mitigate institutional risk and control premium costs.
FIRST 12-18 MONTHS:
  • Establishesand communicatesa3-5 yearfinancial plan aligned with institutional strategy and board expectations.
  • Demonstratesimprovement in key financial metrics: e.g., cash flow, unrestricted reserves, debt service coverage ratio, cost per student, accounts receivable aging.
  • Strengthensinternalcontrols:reducesaudit findings, improvestimeliness and accuracy of financialclose ,improved forecasting accuracy.
  • Enhancestransparency and quality of information available to theboard and bondholders, with regular,clearand actionable reporting.
  • Continuesto buildthe departmentteam to support growth and stability, including refinement of roles, performance metrics, cross-training,and succession planning.
  • Managesthe institution through at least one bond/funding covenant review or audit cycle with favorable outcomes.
PREFERRED QUALIFICATIONS & KEY COMPETENCIES:
  • Bachelor's degree in Finance, Accounting, Business Administration or related fieldrequired; MBA,MAcc, or CPAstronglypreferred.
  • Minimum 10 years of progressive financial leadership experience in higher education, non-profit, private college, or similar environment, with at least 5 years in a senior finance executive role (e.g., CFO, VP Finance).
  • Demonstrated experience in turnaround, restructuring, or complex debt/bondenvironments,includingcovenant management, bondholderreportingand lender relationships.
  • Strong experience overseeing full financefunction: accounting, budgeting, forecasting, payroll, AP/AR, bursarfunctionsand audit.
  • Deep knowledge of GAAP, not-for-profit accounting, federal/state regulations applicable to higher education, and financial controls.
  • Exceptional analytical and strategic thinking skills-able to translate data into actionable insights,recommendationsand plans.
  • Strong communicationskills withtheability to present sophisticated financial information to non-financial stakeholders (board members, bondholders,lenders) in a clear, compelling manner.
  • Proven leadership skills: building and developinghealthyteams, driving change, working in a dynamic environment with multiplestakeholdersand competing priorities.
  • High levelof integrity, transparency, accountability,and professionalism.
  • Experience with ERP/financial systems (e.g., Banner, Workday, Ellucian, Oracle/PeopleSoft) and advanced Excel/BI tools preferred.
  • Commitment to the mission of LEC and an understanding of the higher-education landscape preferred.
  • Strategic mindset combined with operational discipline.
  • Comfortablewithambiguityand inturnaround settings and evolving institutional environments.
  • Collaborative partnership orientation but also able to lead independently and influence across functions.
  • Results-oriented, with a bias for action and measurable outcomes.
  • Excellent interpersonal skills - able to build credibility and trust with internal and external stakeholders.
  • High emotional intelligence, resilience,and ability to navigate challenging situations with tact and clarity.
  • Growth and "doer" mindset and institutional teamworkethic.
  • Creative, strategic, thoughtful, andhasa sense of humor.

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