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Chief Financial Officer

Posted: 04/05/2022

165 Western Ave N

Suite 8, Office #100

St. Paul, MN 55102

Position Title: Chief Financial Officer (CFO) Supervisor: CEO
Department: Finance and Operations FLSA Status: Full time, exempt

Salary Range: 125k-135k Location: Hybrid (virtual, co-working space, field) **Must be in Minneapolis/St.Paul area**

Organizational Summary
WomenVenture is an economic development agency designated as an SBA Women’s Business Center and a CDFI. Over its 44-year history, WomenVenture has provided women of all ages, cultures, races, and income levels with the tools and resources to achieve economic success through small business ownership. Utilizing in-depth training, expert advice, access to capital, and a network of support we help our clients launch and lead businesses that are profitable and sustainable. Our work is guided by our values of inclusion, impact, and innovation.

Position Summary
This position provides strategic and operational leadership for all financial aspects of the agency including short- and long-term planning, accounting (GAAP), internal and external financial reporting, leadership of finance staff and the Board’s Finance and Credit committees, loan portfolio administration and support of complex grants. The CFO works collaboratively with the Board of Directors, CEO, and the Leadership Team to align work with mission, vision, and financial goals.

Core Duties and Responsibilities

Budgeting & Forecasting

  • Establish guidelines for annual budget and 3-year forecast preparation with the CEO and Board Executive Committee
  • Work with CEO and Leadership team to prepare draft of annual budget and 3-year cash flow
  • Present draft budget to Finance Committee and final draft to Board of Directors for approval
  • Build an automated agency forecast model including anticipated loan production and sales, update on a quarterly basis as a part of financial reporting to the Finance Committee and Board of Directors

Financial Accounting and Reporting

Payroll

  • Oversee all payroll functions to ensure employees are paid in a timely and accurate manner
  • Ensure that employees code their time to capture 100% of grant and contract related funding
  • Manage the submission of statutory and benefits remittances
  • Negotiate and manage the employee insurance and benefits plans

General Ledger

  • Oversee and ensure accurate recording and documentation of all agency cash disbursements and cash receipts
  • Oversee and ensure accurate recording and documentation of all agency short- and long-term assets and liabilities
  • Monitor the quarterly reconciliation of all balance sheet accounts and monthly reconciliation of all loan related and cash and cash equivalent accounts
  • Review reconciliations of subsidiary ledgers used for loan program transactions, donations, classroom revenue, etc. to the agency’s cash accounts and general ledger monthly
  • Utilize and maintain an automated, industry accepted financial accounting systems for recording agency financial transactions

Financial Reporting

  • Oversee the generation of timely internal financial statements, including analysis of significant variances from budget and previous year activity
  • Oversee timely production of departmental financial reports; working with departmental directors to understand significant variances from plan and assimilate into quarterly forecast
  • Serve as Agency lead in loan fund accounting and reporting, including credit quality, loan sales, portfolio trend analysis, liquidity ratios, loan fund policies and procedure manual, etc.
  • Closely monitor cash flow and line of credit, using automated forecasting tools and analysis
  • Prepare/oversee all supporting information for the annual audit, single audit, and federal form 990, and liaise with the board Finance Committee and external auditors as necessary

Grant Management & Reporting

  • In partnership with the CEO, Chief Advancement Officer, and relevant Program Directors prepare grant budgets for funding applications
  • Ensure timely and accurate expense tracking, invoicing, and collections
  • Support grant applications and amendments
  • Prepare grant related financial reports on a timely basis including SBA Federal Financial Reports
  • Serve as the agency expert on CDFI and OFN financial reporting; ensure complex reporting is completed on a timely basis.
  • Serve as the Agency expert on grant compliance and interpretation of OMB Circulars and all applicable regulations
  • Work with program and development teams to maintain all grant agreements and MOUs pertaining to grant awards

Loan and Consulting Teams Oversight

  • Oversee the internal loan committee and review credit presentations prior to external loan committee with focus on risk tier rating, payment viability and compliance with loan policies
  • Attend loan committee meetings and manage all requested member follow ups
  • Manage and monitor loan fund sources and work with underwriters on appropriate fund
  • Manage and monitor loan goals to remain in compliance with funding sources
  • Ensure the consulting team is connecting with loan clients to determine their business health to reduce portfolio risk
  • Work with the consultants to ensure they have the tools to assist the clients in meeting their business challenges.
  • Initiate thought creation regarding new loan and consulting products to better serve our clients.

Governance and Leadership

Board Governance; Executive, Governance, Loan, Finance and Credit Committees of Board of Directors (10%)

  • Report to Board of Directors and Board committees as requested by the CEO, Treasurer and Board Chair
  • Serve as the liaison to Finance and Credit Committees of the Board of Directors: o Meet with Committee Chairs on a quarterly basis; set committee agendas and related materials o Prepare meeting materials for distribution o Review and annually update committee charters and work plans o Review and edit meeting minutes for Committee approval o Meet with each committee member on an annual basis
  • Assist with the recruitment of new Committee members in partnership with the Committee Chair and CEO
  • Review, update and ensure compliance with Agency financial policies and procedures manual

Leadership Team and Staff Oversight

  • Actively participate in leadership team, using OKR approach
  • Embrace and live WomenVenture’s values of inclusion, impact, and innovation
  • Lead finance related staff and consulting resources to meet Agency short and long-term goals

Partnerships & Professional Development

  • Meet at least annually with key staff at DEED and the SBA district office
  • Attend SBA Technical Assistance training, Women’s Business Center annual conference and Certified Financial
  • Development Institutions/ OFN annual conference
  • Secure relationships with Senior Women (Sr. Manager / Partner) in regional accounting firms; meet with contacts at least annually
  • Pursue other trainings that furthers professional growth and development within the position. Minimum of two trainings annually.

Qualifications:

  • Minimum five years’ experience in Controller/CFO role, or three years in a Senior Manager role in a regional public accounting firm
  • Bachelor’s Degree in Accounting, Business, or related field; CPA designation desired
  • Minimum two years’ experience in managing a team of direct reports

Preferred Skills

  • Proficiency in automated Accounting Software Systems
  • Advanced intermediate Microsoft Excel skills
  • Demonstrated history of developing and implementing new processes, systems, and automation to increase efficiency
  • Highly organized, self-motivated, and able to manage complex projects, competing priorities and tight deadlines
  • Ability to speak, listen and write in a concise manner
  • Excellent meeting facilitation skills, including the ability to effectively present information to a wide variety of audiences
  • Comfortable giving and receiving constructive feedback and acting as a mentor to staff

Work Environment/Physical Demands
While performing the duties of this position, the employee is frequently required to sit for extended periods and may be required to stand for an extended period. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions of the position.

Application Procedure
Interested candidates should send a cover letter and résumé (both required) to hr@womenventure.org with “ Chief Financial Officer” in the subject line. No phone calls.

WomenVenture?is an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability status, protected veteran status, or any other characteristic protected by law. WomenVenture values diversity and strongly encourages candidates from all backgrounds to apply for this position.

This position description is intended to describe the general nature and level of work being performed by people assigned to this position. It is not intended to be an exhaustive list of all activities, tasks and skills required of people in the position.