Chief Financial Officer

Employer
Lumina Foundation
Location
Indiana, United States
Salary
Salary Commensurate with experience
Closing date
Feb 12, 2023

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Position Type
Executive, Administrative, Accounting and Finance
Fields
Education
Employment Type
Full Time
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Organizational Overview

Lumina Foundation (“Lumina” or “Foundation”) is an independent, private foundation committed to making opportunities for learning beyond high school available to all. Lumina envisions a system that is easy to navigate, delivers fair results, and meets the nation’s need for talent through a broad range of credentials. Its goal is to prepare people for informed citizenship and success in a global economy. With an endowment exceeding $1.4 billion, Lumina is the largest philanthropy in the United States focused solely on increasing the proportion of Americans with learning beyond high school. The Foundation is working toward a goal of 60 percent of working-age people in the United States with college degrees, certificates, and other quality credentials by 2025. Since its founding in 2000, Lumina has made grants totaling more than $1 billion. Lumina is headquartered in Indianapolis, Indiana. The Foundation also has an office in Washington, D.C.

Position Summary

The Chief Financial Officer (CFO) is a key member of the CEO’s senior leadership team and a strategic partner to him and the board. The CFO is responsible for the financial health and integrity of the Foundation, oversees its investment assets and facilities, serves as a key driver of Lumina’s financial strategies, and ensures that internal fiscal processes and systems support informed decision making and increased operational effectiveness. In addition, the CFO is responsible for ensuring that the finance team partners effectively throughout the organization, continuously evaluates and refines business processes, and uses technology to create a strong culture of partnership and service. This individual maintains ongoing responsibility and accountability for Lumina’s organization-wide outcomes and metrics to ensure high performance and advancement of the Foundation’s emerging work, including impact investing initiatives. The new CFO will play a key role in setting the strategic direction of the next chapter of the Foundation.

 

Key Responsibilities

  • Leading Finance, Accounting, and Facilities

The CFO will serve as Treasurer and  maintain overall strategic responsibility for the following elements of the finance and accounting function including, but not limited to:

  • Establishing and maintaining a strong internal control environment.
  • Managing Lumina’s budget process.
  • Ensuring accurate, correct, and compliant internal and external financial reporting.
  • Managing relationships with Lumina’s external auditors, credit providers and property/casualty insurance provider.
  • Treasury management, including both depository and line of credit/liquidity management.
  • Providing for the development of a long-term space and facility strategy and management.
  • Directing Investment Strategies

The CFO will design, articulate, and monitor Lumina’s investment strategies as aligned with the policy direction of the board’s Investment Committee. This individual will guide and maintain a strategic relationship with Lumina’s chief investment advisor and oversee external investment strategies to ensure that investment actions are consistent with Lumina’s investment policy statement and philosophy. The CFO will also be responsible for providing investment analyses and translation of critical investment information to key Lumina stakeholders.

  • Lumina Impact Investing (LIV)

LIV is Lumina’s impact investing strategy for advancing racial equity and making opportunities for learning beyond high school available to all. The CFO will oversee the strategy for sourcing, structuring, underwriting, and negotiating impact investments made through LIV.  

  • Championing Lumina’s Commitment to Racial Justice and Equity

The CFO will advance Lumina’s commitment to ending systemic racism and barriers to learning beyond high school for Black, Latino and Native American individuals. To that end, he/she will further Lumina’s specific practices that promote racial and ethnic diversity in hiring, contracting, grantmaking, inclusive decision making, and achieving fair and just outcomes. The CFO must also effectively communicate Lumina’s commitment to racial diversity and equity to internal and external partners.

Lumina Foundation is being assisted in this recruitment by Spencer Stuart. Interested parties should submit comments, nominations of others or information in support of their own candidacy to the confidential email address of the Spencer Stuart team: LuminaCFO@spencerstuart.com.

 

It is the policy of Lumina Foundation to provide equal employment opportunity for all, regardless of race, color, sex (including pregnancy), sexual orientation, gender identity, religion, national origin, age, veteran status, disability, genetic information, or other bases protected by local, state, or federal law. Lumina also prohibits retaliation and harassment of any individual based on any of these characteristics.

This Equal Employment Opportunity policy governs all aspects of employment at Lumina, including recruitment, selection, job assignment, compensation, corrective action, termination, and access to benefits and training. Job assignments, promotions, transfers, upgrading, terminations, and other changes in employment status, compensation, and training may be based on job-related criteria that may include, but are not limited to, past work performance, length of service and willingness, capacity, and ability to perform the essential functions of the job.

Lumina will make reasonable accommodations for qualified individuals with known disabilities unless doing so would result in an undue hardship or a direct threat is posed to the employees or others.

 

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