Chief Financial Officer

Maryland Association of Community Colleges (MACC) - Freeland, MD

Full-time - Executive

Freeland, MD

Educational Services

About the position

The Chief Financial Officer (CFO) at Penn-Mar is a pivotal role that reports directly to the CEO/President. This position is responsible for providing strategic financial leadership across the organization, ensuring that financial planning, budgeting, management reporting, external reporting, general accounting, treasury, payroll, and tax compliance are effectively managed. The CFO will work closely with the executive team, including the CEO/President, COO, Board of Directors, and Finance Committee, to align financial activities with the organization's business and service needs. The role requires a proactive approach to support operations with timely, accurate, and insightful financial information. In addition to overseeing the financial team, the CFO will manage the facilities team and ensure compliance with all financial regulatory reporting across the Penn-Mar enterprise. The CFO will serve as a strategic thought partner to the CEO/President, fostering relationships with stakeholders at local, state, and national levels. This includes developing and implementing strategic goals and objectives, providing analytical support for merger and acquisition activities, and preparing high-level presentations for the Board of Directors. The CFO will also ensure that the Board receives all necessary disclosures as required by regulatory agencies and best practices. The CFO will maintain comprehensive knowledge of the agency's financial condition and oversee various financial functions, including controllership, accounting, payroll, accounts payable and receivable, and billing. The role involves managing tax-exempt financing, establishing relationships with financial institutions, overseeing cash flow planning, and ensuring compliance with tax and regulatory agency requirements. The CFO will also be responsible for creating predictive financial models, providing regular financial snapshots, and ensuring that all accounting practices adhere to GAAP and other regulatory requirements. Additionally, the CFO will oversee the preparation of annual budgets, manage audits, and participate in policy development as part of the senior leadership team.

Responsibilities

• Serve as strategic thought partner to the CEO/President regarding resource management and financial planning.
• Foster and develop strategic stakeholder relationships on the local, state and national levels.
• Develop and implement strategic goals and objectives within all areas of responsibility.
• Provide strategic and analytical support to Penn-Mar's Merger & Acquisition (M & A) activities.
• Prepare and present high-level financial status reports to the Board of Directors.
• Ensure the Board of Directors receives all required disclosures as mandated by regulatory agencies.
• Demonstrate comprehensive knowledge of the financial condition of the agency and its programs.
• Oversee the financial team including controllership, accounting, payroll, accounts payable and receivable, and billing.
• Manage tax-exempt and other financings, negotiating effective rates and terms.
• Establish and maintain relationships with financial institutions for operational banking services.
• Oversee cash flow planning and forecasting, asset management, and financing strategies.
• Build and maintain relationships with management, staff, outside agencies, and vendors.
• Assess benefits of prospective contracts and advise management on programmatic design.
• Oversee PMHS's insurance and risk management program, implementing competitive benefit plans.
• Maintain knowledge of current financial reporting trends and developments in accounting, tax, and finance.
• Ensure compliance with tax and regulatory agency requirements, ensuring accuracy and timely reporting.
• Create predictive financial models to help management anticipate future contingencies.
• Provide regular financial snapshots to enable internal groups to manage resources effectively.
• Ensure all accounting and financial reporting practices comply with regulatory and GAAP standards.
• Oversee preparation of annual budgets and forecasts, manage annual audits, and ensure internal controls are in place.
• Resolve all annual audit issues and ensure compliance with 403(b) requirements.
• Participate in policy development as part of the senior leadership team.
• Serve as Executive Director of Penn-Mar Development Corporation and as a member/officer of the Penn-Mar Foundation Board.

Requirements

• Bachelor's degree in accounting, finance, or a related field required; CPA and/or M.S. in Accounting, Finance, or Business preferred.
• Minimum of 5 years of finance/accounting leadership experience in a senior financial-management role.
• Experience leading strategic planning for an organization.
• Experience evaluating and reporting on financial information and making actionable recommendations to senior leadership and the Board of Directors.
• Experience managing finance and accounting for a nonprofit with a budget of at least $25 million preferred.
• Experience managing M&A activities and related processes preferred.
• Excellent written and oral communication skills.
• Demonstrated leadership ability, team management, and interpersonal skills.
• Excellent analytical, critical thinking, and abstract reasoning skills; excellent organization skills.
• Demonstrated knowledge in ensuring compliance with regulatory and third-party requirements (GAAP, etc.).
• Solid experience in budgeting, forecasting, and identifying cost control/improvement opportunities.
• Experience managing annual audits with outside auditors and ensuring appropriate internal controls are in place.
• Ability to serve as a subject matter expert in financial compliance and reporting.
• Experience providing financial leadership in a multi-state organization preferred.
• Experience serving on a Board preferred.

Nice-to-haves

• Experience in a nonprofit organization with diverse funding sources.
• Experience in strategic financial planning and analysis for large organizations.
• Familiarity with financial software and automated support systems.

Benefits

• Health insurance coverage
• Dental insurance coverage
• 401k retirement savings plan
• Flexible scheduling options
• Professional development opportunities
• Paid holidays and vacation time
• Life insurance coverage
• Employee discount programs