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Director of Foundation Finance and Accounting

Virginia Museum of Fine Arts Foundation
Virginia, United States
Salary Commensurate with experience
Closing date
Feb 23, 2024

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Position Type
Administrative, Accounting and Finance
Museum, Other Fields
Employment Type
Full Time

The Virginia Museum of Fine Arts Foundation is seeking a highly skilled executive to serve as Director of Foundation Finance and Accounting. The Director of Foundation Finance and Accounting will have ownership for the integrity, accuracy, and informational quality of overall finance functions and in compliance with Generally Accepted Accounting Procedures (GAAP) and the Internal Revenue Service (IRS). Areas of coverage for this position include Statements of Activities and Financial Position (Gifts, A/P, payroll, debt, and Fixed Assets), Cash Flows and all other regulatory requirements of the legal entity.

Responsibilities include all fiscal period close processes, financial reporting, financial systems maintenance, internal controls and regulatory compliance procedures, tax reporting, and integration of any state initiatives. This position is also responsible for all accounting, reporting, and due diligence work on the endowment pool. Furthermore, the position will also lead activities supporting budgeting/forecasting and variance analyses. The highly skilled executive is expected to manage the accounting department towards efficient and value-added processes, and interact effectively with all levels of the organization within the Foundation as well as the broader Virginia Museum of Fine Arts. This position will be supervising VMFA’s Accounting Manager and Staff Accountant.

Duties & Responsibilities: 

• Monthly, Quarterly, and Year End Closing and Financial Reporting.
• Responsible for producing timely, accurate, and GAAP compliant financial results for all fiscal periods that properly reflect donor and not-donor restricted assets and net assets utilizing a fund accounting methodology.
• Lead and assist in preparing all supporting work papers and schedules for the VMFA Annual Financial audit and Agreed-Upon Procedures and liaise with the external auditors to plan and carryout the audit. In conjunction with external auditors, prepare all financial statements and notes.
• Oversee quarterly budget to actual, Statement of Financial Position, and Statement of Activities for the Board and Committee meetings (Executive, Investment, Budget and Compensation, Audit and Governance) as well as any internal or external requests.
• Oversee all accountings functions and develop and maintain financial accounting systems for cash management, accounts payable, contribution, purchasing, grants, payroll, and endowments.
• Lead all IRS and VA state tax required filings to include 990, 990T, 5500, VA550, UBIT, Sales and Use Tax, and any additional investment required tax forms.
Ensure that all funds transferred to the Museum have met any restrictions set by the donor or the Board.
• Oversee the preparation of and certify the Component Unit Report as required by the Commonwealth of Virginia.
• Manage the acquisition of capital assets and ensure that assets are properly recorded, amortized, and disposed of as appropriate.
• Prepare and ensure all debt covenants are met and made available to the bank.
• Participate in preparation of split interest and deferred gift agreements and oversee the recording and periodic distributions to donors and final closure of the agreements.                                                                                                                                                                                                      •Oversee calculation and preparation of payroll, 401K transactions, and profit share deposits including preparation of 401K census data for 5500 submission.                                                                                                                                                                                                                               •Oversee Foundation Human Resource needs including, onboarding, offboarding, open enrollment, and annual benefit vendor review for discussion and approval by management.

Endowment Accounting and Management:

• Manage all new investment subscription documents and any liquidation of investments as directed by the Investment Committee.
• Ensure all income is properly recorded and distributed to each endowment and provide detailed reporting on dollars spent from the endowment and temporary restricted projects and funds.
• Oversee preparation of annual ASC 820 disclosure, benchmark roll forward, and Limited partnership commitments for all investments.
• Work with the Office of Advancement in preparing the annual endowment stewardship reports.
• Implement the endowment investment policy as it relates to the Foundation staff responsibilities.
• Lead due diligence work required on money managers by liaising with money managers on a regular basis as well as the investment consultant.

Budgeting/Forecast and Variance Analyses Support:

• Lead formal financial forecasting process.
• Lead initiative to improve Foundation budget usefulness, understandability and relevance.
• Coordinate available funds with Museum Budget Manager on use of funds.
• Assist CFO and serve as backup in presenting budget to the Budget and Compensation Committee of the Board and internal staff.
• Manage cash flow and prepare cash flow forecasts for operating, art purchase, and investment transactions, ensuring appropriate available funds for spending.
• Research and provide variance analyses of actual versus budget/forecast/prior year.

Internal Controls/Policies and Procedures:

• Review and approve all purchase orders, invoices (including coding), payments, payroll, tax payments and returns.
• Review, improve, implement and enforce all areas of accounting policy, maintain internal controls, and manage fiduciary processes and procedures.

Management/Staff Development

• Supervise and develop staff.
• Establish priorities.
• Ensure staff is completing required functions and developing their technical and professional skills.
• Attend all Investment, Budget, Governance Committees and general Board meetings. Liaise with key stakeholders- Treasurer, Board of Directors or Committees as requested.
• Be recognized and established functional expert on all Foundation finance activities and GAAP accounting requirements.

Other Systems Support, Special Projects, Issue Resolution:

• Main contact for all banking, debt, and investment relationships, and cash transfer requests.
• Evaluate the need for new technology to meet the organization’s financial data processing, control, and reporting requirements.
• Serve as Post-issuance compliance officer for bonds.
• Provide leadership/management for a variety of ad hoc initiatives, including but not limited to financial systems improvements, process enhancements, accounting structures for paying museum expenses on their behalf, reconciliation diagnostics, and the like.
• Projects as assigned by CFO.

Minimum Qualifications:

• College degree in business/accounting finance or related field.
• MBA, CPA, or CGFM designation preferred.
• Five (5) or more years in a supervisory position in a not-for-profit accounting environment.
• Knowledge of investment accounting in a foundation with large pooled endowment assets.
• Ability to manage and coach other employees
• Ability to communicate effectively, both orally and in writing
• Ability in forecasting, supervision, dealing with complex organizational setup, managing processes, reporting research results, and decision making
• Significant experience preparing for external financial audit of a not-for- profit

Special Requirement:

• Selected candidates must pass a criminal history background check.


Salary commensurate with experience


To apply, please submit the following to

  • Cover letter
  • Resumé
  • Names and contact information for three professional references

This position is open until filled.

Diverse and inclusive hiring practices are at the heart of what we do at the Virginia Museum of Fine Arts. Read more


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