Chief Financial Officer

Location
Memphis, Tennessee
Salary
Up to $220,000 plus PTO, parental leave, and 6 WFH days/quarter, yearly 10% contribution to 401k
Posted
May 10, 2024
Closes
Jun 09, 2024
Type
Full Time
Level
Senior

The Community Foundation of Greater Memphis has been working to strengthen our community through philanthropy since 1969. The Community Foundation is a place where generous people from diverse backgrounds come together to make our community a better place. Collectively, they have created the largest Grantmaker - public or private - in the Memphis area. We fulfill our mission by:

  • Developing and managing charitable funds and endowments, offering the highest level of service and expertise to individuals, families, and institutional donors and their successors;
  • Actively addressing the needs of the community by examining community issues, securing and distributing resources, advocating for positive change, and convening meetings and conversation which encourage donors and the community to respond; and
  • Encouraging philanthropy and the growth of charitable resources among individuals, families, businesses, and community institutions.

The Community Foundation has many audiences – donors, professional advisors, nonprofits, students seeking scholarships, and the public in general. 

Position Summary

The Chief Financial Officer (CFO) is the head of the Finance team of the Community Foundation, reporting to the Executive Vice President & COO, and is a member of the executive leadership team. The CFO supervises the Controller and two Senior Accountants. The CFO works closely with staff across the Community Foundation to ensure the highest level of stewardship of the Community Foundation’s assets. The CFO is responsible for:

Executive Leadership

  • Serve as a member of the Executive leadership team responsible for organizational policy development and planning;
  • Work across the organization to develop the Community Foundation’s annual budgets for:
    • Operating and reserve funds,
    • Grantmaking funds,
    • Capital fund,
    • Development funds, and
    • Other internal funds, as needed;
  • Provide mentorship and leadership for the professional growth of the Finance team;
  • Remain current and knowledgeable about legal, accounting, tax, and public policy matters related to community foundations and philanthropy;
  • Understand donor-advised and other charitable fund options available to donors and assist (with Philanthropic Services, Executive, and other departmental staff) in evaluating proposed gifts for adherence to the Community Foundation’s policies and its ability to administer a proposed gift appropriately;
  • Raise awareness of the Community Foundation with national funders by participating in industry knowledge share and affinity groups.

Finance and Accounting

  • Demonstrate a complete grasp of Fund Accounting in accordance with generally accepted accounting principles (GAAP) and be able to apply that understanding to the management of charitable funds;
  • Serve as staff lead for Board of Governors’ Audit & Finance Committee;
  • Lead the development of operational policies and practices for the Community Foundation’s Finance team;
  • Manage costs, making sure expenditures are consistent with the organization’s budget, goals, and mission;
  • Reconcile cash due from/to outside investments and their related charitable funds, and coordinate the necessary collection efforts to satisfy any obligation;
  • Oversee the Controller in the management of all aspects of accounting, financial, and investment management, including such departmental activities as:
    • Management of cash and short-term investments;
    • Administration of non-cash assets including life insurance policies, real estate, and contracts;
    • Development and monitoring of internal control procedures;
    • Gift processing, cash receipts, grant disbursements, accounts payable, and treasury management;
    • Reconciliation and proper recording of all investment and cash accounts;
    • Strategic development and administration of charitable trusts, supporting organizations, and nonprofit designated funds;
    • Strategic development and oversight of Community Foundation’s fee structure and spending policy;
    • Preparation of financial reports and analysis as required by the board and staff;
    • Oversee payroll preparation and reporting.

Investments

  • Serve as staff lead for Board of Governors’ Investment Committee; Work with the Community Foundation’s investment consultant, investment managers, and custodians to execute the strategies adopted by the Board and Investment Committee, including asset allocation and other strategic decisions;  
  • Work with the Community Foundation’s investment consultant to monitor manager investment performance and compliance with Community Foundation guidelines and to provide appropriate reporting to the Investment Committee and Board;
  • Develop and extend networks in investment, community development, philanthropy and advocacy fields as means to identify opportunities and capture important information relevant to potential deals and other trends;
  • Consult with legal counsel as required on legal matters related to the Community Foundation’s investment program;  
  • Work closely with the Philanthropic Services team to ensure all assets are invested consistently with the terms of individual charitable fund agreements and donor intentions;  
  • Ensure proper investment of trusts for which the Community Foundation serves as trustee;
  • Communicate effectively and compellingly about the high stewardship standards and performance of the Community Foundation’s investment program to donors, nonprofit partners, and other interested persons;
  • Support the Board of Governors, Investment Committee, and staff in creating innovative investment strategies to better serve the Greater Memphis region;
  • Work with the Community Foundation’s Audit & Finance, Investment, and other relevant Board Committees to keep them well-informed and leverage their collective expertise to assess the organization’s financial condition, appropriate reporting, compliance with applicable regulation, and relative risk/return of potential investments and refine investment strategy and policy.

Compliance

  • Prepare annual financial statements in compliance with generally accepted accounting principles (GAAP);
  • Facilitate the completion of the annual independent financial audit, acting as primary liaison with external auditors;
  • Facilitate the completion of the annual IRS Form 990 & 990-T for the organization and its various supporting organizations;
  • Facilitate the completion of other external reports and filings including, but not limited to, the following:
    • State of Tennessee Annual Report for the organization and its various supporting organizations;
    • IRS Form 5227 for each Charitable Remainder Unitrust the organization administers;
  • Regularly review key financial vendor relationships (auditor, investment consultant, banking, custodians, others) to ensure compliance with the Community Foundation’s Investment Policy Statement and to ensure the highest level of service and reasonable fees;
  • Ensure that the organization and its various entities (supporting organizations, charitable funds, among others) are compliant with tax, charitable giving, and governance regulations.

Qualifications

  • Master's Degree in business, accounting, or related field and/or equivalent education and experience preferred;
  • Minimum of ten years with progressive management experience within finance and/or accounting departments – banking experience a plus;  
  • CPA certification desirable, but not required; Fluency in financial strategy, trends, and reporting;
  • Demonstrated mastery of accounting processes, systems, and generally accepted accounting principles (GAAP) for community foundations and the ability to extrapolate an understanding of GAAP Fund Accounting to the management of charitable funds and any related budget process;
  • Solid understanding of pertinent tax regulations and state and federal laws; Proficient computer skills – in particular, knowledge of Microsoft Office – and a willingness to learn new software programs;
  • Experience with integrated grants and accounting systems a plus.

A successful candidate will demonstrate:

  • The initiative and responsibility necessary to manage a variety of projects simultaneously;
  • Ability to take a proactive role in team efforts, promote cooperation and collaboration between team members, and encourage open communication across teams;
  • Integrity, judgment, and discretion in working with confidential information;
  • Ability to represent the Community Foundation at community and social events while highlighting key initiatives and investment performance;
  • Willingness to build rapport with people especially through email, over the phone, in group settings, and in one-on-one meetings;
  • Ability and willingness to lead, develop, and mentor staff;
  • Demonstrated interest in philanthropy and in serving community needs.

Additional Requirements

This position requires the candidate to work between 6-10 evenings a year at various Community Foundation events.

Salary

$210,000 - $220,000 based on experience plus benefits including paid time off, parental leave, and six work-from-home days per quarter, and a yearly 10% contribution to 401(k).

Reports to: Executive Vice President & COO

Women and people of color are encouraged to apply. The Community Foundation of Greater Memphis follows an equal opportunity employment policy and employs personnel without regard to race, creed, color, ethnicity, national origin, religion, sex, sexual orientation, gender expression, age, physical or mental ability, pregnancy, veteran status, military obligations, and marital status.

Resume and cover letter should be submitted via e-mail to info@cfgm.org. Inquiries by email only.

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