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
Duties & Responsibilities:
• Monthly, Quarterly, and Year End Closing and Financial
• 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
• 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.
calculation and preparation of payroll, 401K transactions, and
profit share deposits including preparation of 401K census data for
•Oversee Foundation Human
Resource needs including, onboarding, offboarding, open enrollment,
and annual benefit vendor review for discussion and approval by
Endowment Accounting and Management:
• Manage all new investment subscription documents and any
liquidation of investments as directed by the Investment
• 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
• 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
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
• 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
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
• 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
• 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.
• College degree in business/accounting finance or related
• 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
• 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
• Selected candidates must pass a criminal history background
Salary commensurate with experience
To apply, please submit the following to email@example.com:
- Cover letter
- Names and contact information for three professional
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