Chief Financial Officer / Chief Operating Officer
Chief Financial Officer and Chief Operating Officer (CFO/COO) Coleman Foundation, Chicago
ABOUT THE COLEMAN FOUNDATION:
The Coleman Foundation is a philanthropic organization that leverages its resources by investing in the efforts of community-based organizations and local institutions to create more equitable and inclusive access to resources and opportunities that improve peoples’ lives. Through its grantmaking, the Foundation seeks to preserve and strengthen the physical health and the economic and emotional well-being of people living in and around Chicago.
The Foundation was created in 1951 with a current endowment of $170 million. The Foundation approved $11.5 million in grants in 2020 and $10.5 million in 2019.
Visit colemanfoundation.org for more information.
The Chief Financial Officer and Chief Operating Officer is a critical partner to the President/CEO. The CFO/COO is the top financial and administrative position with responsibility for overall financial management, formulating financial policy and plans, investment oversight, human resources, information technology and other administrative responsibilities. The CFO/COO provides strategic direction and executes the accounting, tax, financial analysis and reporting, budget, investment, insurance, audit, treasury and human resource functions. The CFO/COO seeks to minimize financial risk to the Foundation and ensure that financial transactions, policies, and procedures meet the Foundation’s short and long-term objectives, needs and regulatory requirements. The CFO/COO works closely with the President and the Board of Directors to support their governance responsibilities.
They will work closely with the President and the staff team to provide leadership, promote teamwork and collaboration across the Foundation in furtherance of the mission. The CFO/COO will be a trusted partner and resource to all members of the Foundation.
PRIORITIES AND RESPONSIBILITIES:
- Build a mission-driven budget through broadly engaging staff members in the strategic decision-making process, effectively communicating budget priorities to diverse stakeholders, including the Board and the program staff. The budget Includes grant making, operating expenses, capital, and cash; Monitor actual performance and reforecast, as necessary. Develop and maintain planning and budgeting tools and analysis
- As the staff member of the Investment Committee, ensure the security of the Foundation’s investment portfolio (the Foundation’s sole funding source), manage liquidity (cash) risk, monitor the investment performance of the portfolio, assist with annual update and execution of the Investment Policy Statement for good governance and account for all investment transactions
- Perform accurate monthly accounting close including maintenance of financial systems and reporting tools as well as appropriate supporting documentation.
- Preparation of accurate and meaningful financial reports – including monthly reports with narrative, periodic Board presentations and government filings
- Analyze and interpret financial results via monthly trends, comparisons to prior year and budget, benchmarking, etc.; identify areas requiring attention; present findings and specific recommendations to President and Board, as appropriate.
- Working with program staff, monitor and communicate Foundation’s progress toward meeting IRS Minimum Distribution Requirement
- Prepare and execute accounts payable
- Supervise the custody and banking relationships and function
- Coordinate annual external audit and preparation of financial statement report with footnotes
- Work with outside tax preparers to prepare and file annual tax return (Form 990PF) and other state returns; calculate and submit estimated quarterly tax deposits, monitor Foundation’s compliance with tax regulations to maintain exempt status
- With President, responsible for effective and efficient internal controls to safeguard the assets and minimize financial risk. Include review and approval of financial obligations (i.e. contracts) and transactions (disbursements, grants, investments)
- Working with the President to ensure that all staff have defined job responsibilities, written goals, annual performance evaluations, staff development/training plans
- Conduct annual salary benchmarking and present to the Board
- Review and update the personnel manual, at least annually, as appropriate. Ensuring compliance with all federal and local regulations. Identify best practices for consideration
- In conjunction with outside provider, prepare semimonthly payroll. Review provider’s annual preparation of Forms W-2. Prepare 1099s
- Serve as plan administrator for retirement plan, including compliance, benefit contributions, and participant communication
- Secure and monitor employee benefit insurance plans. Serve as group administrator
- Evaluate and maintain the business insurance policies, including workers compensation, property and risk
- Responsible for Foundation’s office space lease.
- Ensure efficient and effective information technology issues with Executive Assistant
- Assist with other duties as assigned
IDEAL EXPERIENCE AND CHARACTERISTICS:
- A CPA, MBA or advanced degree in a relevant field is preferred
- Ten years of accounting/finance/investment experience in a leadership role required
- Thorough knowledge of Generally Accepted Accounting Principles (GAAP) and accounting for investments. Understanding of IRS regulations related to foundations, philanthropic practices, and non-profit law
- Previous experience and responsibility for investment management, budgets and forecasts, financial reporting, financial analysis, cash management and tax
- Previous hands-on experience with accounting system is required – QuickBooks is a plus
- Ability to utilize data to inform decision-making and narrative change
- Ability to communicate financial data to others who may lack a finance background
- Excellent written and verbal communication skills
- Strategic, analytical problem solver, who identifies and leverages resources
- Knowledge of, and high comfort level with, computer software systems: PowerPoint, Excel, video conferencing.
- This is a full-time position based in Chicago
- The Foundation’s staff are currently working remotely and taking all necessary precautions due to COVID-19. This position will likely remain remote for the foreseeable future
- Ordinarily, this position operates primarily in an accessible office environment in Chicago
- While performing the duties of this job, the employee is regularly required to talk or hear and use hands to operate office equipment such as computers, phones, photocopiers, scanners, filing cabinets
- Workplace is a smoke-free and drug-free environment
- Equal employment opportunity and having a diverse staff are fundamental principles at the Coleman Foundation, where employment and promotional opportunities are based upon individual capabilities and qualifications without regard to race, ethnicity, color, creed, religion, sex, sexual orientation, gender identity or expression, age, national origin, citizenship status, military service and/or marital status, order of protection status, handicap, disability, or any other factor determined to be unlawful by federal, state, or local statutes.
- Salary is in the $185,000 - $200,000 range, based on experience. Excellent employee benefits.
Reports to: President/CEO
Date: December 2020
- Interested applicants should email a cover letter and resume to the search committee at firstname.lastname@example.org, using Your Name as the subject line
- In the cover letter, please include how your skills and experience meet the responsibilities noted above, your salary range requirement, and where you learned of the open position
- No phone calls please
For additional information visit The Coleman Foundation