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- Lawrence, MA
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Chief Financial Officer
ExecuNet • Lawrence, MA
Posted 2 months ago
Company is a community development corporation that weaves together community planning, organizing, and asset-building efforts with high-quality affordable housing and commercial development to create vibrant neighborhoods and empowered residents. By facilitating conversations and action on community priorities, COMPANY engages partners and a network of youth and adult residents in opportunities to move themselves and the city of Lawrence forward. The Chief Financial Officer is a member of the Senior Management Team of Company. This full-time position leads different areas of work at COMPANY including but not limited to: Financial Management, Accounting, and Asset Management, and supports Campus Management and Operations. This person is the CFO for COMPANY and all its affiliates (LLCs governing each housing development).
A. Budget – The CFO is primarily responsible for the development of the agency annual budget, with cooperation from department managers. The CFO regularly reviews and updates the budget template to aid in ongoing analysis and forecasting. The CFO also provides managers with agency-wide costs to be allocated throughout all departments. The CFO is responsible for the collection of all department budgets, the compilation of these into a line of business budget for COMPANY as a whole, in partnership with Senior Management and Resource Development. The CFO reviews the budget with the Executive Director and Board Finance Committee for final approval from the board of directors prior to the beginning of the year. The CFO is also responsible for training board and staff on the budgeting process and terms as necessary.
B. Quarterly Reports – The CFO prepares and reviews quarterly budget-to-actual reports with department managers. These meetings, which include the Senior Management team, Managers, and Resource Development Director are a good opportunity to make internal revisions of the department budget.
C. Monthly Finance Committee/Board Reports – The CFO is responsible for preparing reports for the Board of Directors on a monthly basis. These reports along with a more detailed agencywide Profit and Loss, Balance Sheet, Cash Flow Statements, and other documents are reviewed with the Finance Committee prior to submission to the board.
D. Cash-Flow Management – The CFO, along with the Executive Director, is responsible for monitoring cash flow for the agency in a timely manner and helping determine cash flow and AP/AR management strategies.
A. Work closely with Director of Real Estate and Executive Director to ensure that COMPANY properties are operating with maximum efficiency and cash flow to COMPANY without compromising project quality or obligations.
B. Work with Director of Real Estate to further develop and regularly utilize Asset Management tools for the organization (waterfall schedule, schedule of current debt) in order to facilitate strategic decision-making around structuring and restructuring deals.
C. Work with Director of Real Estate and Property Management company to translate property financials into accessible reports for COMPANY board of Directors’ analysis and discussion.
D. Serve, with Real Estate Director and Executive Director, as a liaison to the Property and Asset Management Committee of the Board.
Accounting (including Real Estate Accounting)
A. The CFO directly supervises the Payroll Manager, Staff Accountant, and/or Controller.
B. The CFO is responsible for making sure that the agency performs accounting duties that meet Generally Accepted Accounting Principles. To this end, the CFO will supervise all AR, AP, and General Ledger work to make sure GAAP is followed.
E. The CFO is responsible for the agency’s annual consolidated audit and any other audit performed by any funding entity.
F. The CFO ensures that all filing deadlines of the annual audit and 990 are met in a timely fashion.
G. The CFO monitors all inter-company activities making sure that all transactions meet GAAP requirements.
H. The CFO monitors all of the agency’s bank accounts as well as accounts of subsidiaries and affiliates. S/he will sign off on bank reconciliation performed by the accounting team. S/he will have access to online banking with agency and affiliate banks.
I. The CFO works closely with the Real Estate Department as the bulk of accounting work performed is related to real estate development. To this end, the CFO will assure that all predevelopment, project-specific, and intercompany transactions are properly recorded assuring that sources, properties, vendors, contractors, etc., are properly classified.
J. The CFO ensures that the appropriate Bidding Process is adhered to and followed for all real estate development work. Further, the CFO ensures that no individual, consultant, company, or entity disbarred from Federal awards and contracts performs any work related to projects holding federal funds.
K. The CFO from time to time reviews the agency’s Financial Operating Manual and Policies and makes any updates. The CFO ensures that the procedures and internal controls in the manual are followed to assure the fairness and integrity of the accounting system, internal controls etc.
A. The CFO directly supervises the HR/Operations Manager and ensures that all labor laws and standards are followed. To this end, the CFO works closely with the HR Manager in implementing agency personnel policies and protocols.
B. The CFO along with the HR Manager on an annual basis reviews and evaluates the agency’s health insurance and retirement benefits and any other benefits that may from time to time be added to the organization.
C. The CFO will review all insurance policies needed for the agency including but not limited to: General Liability & Umbrella liability, Directors & Officers, Employment Practices, Workers Compensation, Property, Contents, Business loss, employee dishonesty etc. To this end, the CFO serves as a risk manager for the organization.
D. The CFO in conjunction with the COMPANY’s General Counsel will make sure that annual reports of COMPANY and its affiliates are submitted in a timely fashion to the Secretary of the Commonwealth of Massachusetts.
A. Working closely with the Real Estate Department, and the Property Management Company, and the HR/Operations Manager, the CFO supports the management of the COMPANY campus (main COMPANY offices). This includes ensuring that contracts are in place for campus services, including but not limited to: repairs, elevator services, waste removal, snow removal, electrical and mechanical systems, plumbing, HVAC, inspections, janitorial, exterminating services etc.
B. The CFO ensures that all contracts and vendors for goods and services are providing best value for COMPANY, and works with the HR/Operations Manager to comparison shop for goods and services where necessary and determine the best choices for COMPANY vendors.
It is expected that the CFO will play a vital role in the work of all of the agency’s departments, and embrace COMPANY’s integrative and “network-centric” approach to community development. To that end the CFO is expected to engage and participate in the activities and events of the different departments as well as agency-wide activities and events.
•; Bachelor’s Degree in Accounting or related field required.
•; Five years plus in non-profit accounting particularly real estate development accounting.
•; Demonstrated experience establishing and maintaining accounting and financial systems.
•; Demonstrated capacity to manage internal systems, including financial and technological systems required.
•; Demonstrated teamwork, organizational, and communication skills are critical. Timely, accurate, and honest communication with other Senior Management Team and Board members is central to this position.
•; Willing to learn about and understand COMPANY’s unique approach to community development.
•; Ability to work well in a busy, loosely structured environment and adapt to organizational changes while maintaining rigorous financial accountability and controls.
•; Computer literacy with knowledge of various accounting software programs. Knowledge of Sage MIP Non-Profit Accounting software preferred.
•; Willingness to undergo comprehensive background (CORI) and credit check.