What are the responsibilities and job description for the CHIEF FINANCE OFFICER position at 4Front Credit Union?

POSITION TITLE : Chief Financial Officer (CFO)

DEPARTMENT : Executive Management

CLASSIFICATION : Exempt

APPROVED BY : CEO

REPORTING RELATIONSHIPS

POSITION REPORTS TO : CEO

POSITIONS SUPERVISED : Finance and Analytics Manager, Controller, Payment Services Manager, VP Risk Management, Deposit Operations Manager

POSITION PURPOSE

Responsible for the daily operation of the credit union's financial and risk management functions and for significant contributions to the formulation, implementation, and administration of corporate-wide policies and business goals. Manages the CU's finances, including investments and securities. Performs accounting and financial analyses and prepares and compiles budgets and financial reports. Establishes and maintains internal accounting controls and oversees preparation and submission of government tax forms and payments. Manages the CU's liquid assets, and participates in portfolio management. Oversees borrowing activities and establishes and maintains relationships with lenders. Directs the activities of subordinate managers and ensures all subordinate areas of responsibility support credit union policies, programs, and goals.

ESSENTIAL FUNCTIONS AND BASIC DUTIES

Responsible for the development and implementation of effective risk, financial and accounting strategic planning.

Oversee and ensures procedures, protocols and strategies are fully implemented to protect credit union and its assets.
Assists Senior Management in developing short and long-term goals and objectives.
Participates in developing policies and procedures and ensures they support and complement credit union-wide strategic goals.
Conducts periodic reviews of existing policies to ensure effectiveness. Ensures policies are updated and are in accordance with evolving regulations, legal requirements, and industry trends.
Executes established operational goals and coordinates their implementation.

Assumes responsibility for developing, recommending, and implementing such internal accounting and financial risk controls and programs as are necessary to preserve and expand corporate assets.

Oversees the purchase of financial instruments or securities from financial institutions as directed.

Manages the credit union's liquid assets.

Oversees the credit union's checking and depository accounts.

Establishes and maintains an accounting system and prepares related reports.

Directs the budgeting process.

Oversees payment of the credit union's suppliers and vendors.

Oversees the credit union's borrowing activities.

Ensures effective tax planning.

Conducts financial research and analysis.

Provides recommendations to Executive Management.

Assumes responsibility for the effective maintenance and reporting of financial records.

Oversees preparation of monthly, annual, and other financial reports and statements as requested.

Coordinates audits of the credit union's financial statements.

Ensures governmental filings and payments are accurate and timely.

Directs the maintenance of the credit union's financial and accounting records.

Effectively supervises assigned personnel, ensuring optimal performance.

Provides leadership through effective goal setting, delegation, and communication. Conducts regular staff meetings to ensure personnel are well informed of changes in programs, policies, and procedures.

Selects, trains, and directs area personnel. Provides assistance and support as needed.

Conducts performance appraisals as assigned. Provides measurable feedback to accounting personnel and suggestions for improved performance.

Formulates and implements employee corrective actions as needed.

Assumes responsibility for the effective performance of area functions.

Oversees establishment and implementation of area organizational structure, policies, and procedures.

Develops area operating budgets.

Keeps management informed of area activities and of progress toward established goals.

Coordinates functions with other departments. Interfaces with department to ensure accounting procedures are accurate and consistent with organizational objectives.

Assumes responsibility for establishing and maintaining effective business relations with vendors, outside auditors, and regulators, and with those from professional trade and civic groups.

Serves as a liaison between the credit union and regulatory authorities.

Establishes and maintains effective relationships with vendors.

Ensures the Company's professional reputation is maintained.

Assumes responsibility for related duties as required or assigned.

Stays informed of trends and changes in the accounting and finance field.

Ensures work area is clean, secure, and well maintained.

Comply with the U.S. Patriot Act and the Credit Union's Bank Secrecy and OFAC Policies and Procedures.

Comply with the Gramm-Leach Bliley Act and the Credit Union's Information Security program, maintaining the privacy and security of information, systems, and locations.

PERFORMANCE MEASUREMENTS

Financial and accounting statements, records, and reports are accurate and timely. Management is provided useful information and is appropriately informed.

Corporate assets are safeguarded and preserved.

Financial and accounting functions are conducted in accordance with established principles, standards, and legal requirements. Procedures and policies are modified and updated as needed.

Good coordination and effective working relations exist with other departments. Assistance is provided as needed.

Area personnel are effective and efficient.

Good working relationships, DEI and collaborative initiatives exist with credit union personnel.

QUALIFICATIONS

EDUCATION / CERTIFICATION :

Bachelor's degree in finance, accounting, or related field or equivalent work experience.

CPA, CMA, or MBA preferred.

REQUIRED KNOWLEDGE :

Thorough understanding of financial and accounting practices, procedures, and regulations.

Knowledge of investments, financial research, and reporting.

Understanding of information systems.

Thorough knowledge of the Company's products, history, and organizational objectives.

EXPERIENCE REQUIRED :

Seven to ten years of related progressive experience.

Significant supervisory experience required.

SKILLS / ABILITIES :

Solid organizational and analytical abilities.

Ability to operate related computer applications.

Ability to develop and complete reports and research on time.

Strong interpersonal and leadership skills.

Excellent communication skills.

PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION

TALKING : Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.

AVERAGE HEARING : Able to hear average or normal conversations and receive ordinary information.

AVERAGE VISUAL ABILITIES : Average, ordinary, visual acuity necessary to prepare or inspect documents or products, or operate machinery.

PHYSICAL STRENGTH : Sedentary work; sitting most of the time. Exerts up to 50 lbs. of force occasionally. (Almost all office jobs.)

WORKING CONDITIONS

NONE : No hazardous or significantly unpleasant conditions (such as in a typical office).

MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION

REASONING ABILITY :

Ability to apply logical or scientific thinking to a wide range of intellectual and practical problems.

Able to deal with very difficult concepts and complex variables.

MATHEMATICS ABILITY :

Ability to use advanced algebra, exponents, logarithms, linear equations, quadratic equations

Ability to compute discount, interest, profit, and loss; commission markup and selling price; and ratio, proportion, and percentage

LANGUAGE ABILITY :

Ability to read scientific and technical journals, abstracts, financial reports, and legal documents.

Ability to prepare business letters, proposals, summaries, and reports using prescribed format and conforming to all rules of punctuation, grammar, diction, and style

Ability to prepare and make comprehensive presentations, participate in formal debate, communicate extemporaneously, and professionally communicate before an audience.

INTENT AND FUNCTION OF JOB DESCRIPTIONS

Job descriptions assist organizations in ensuring that the hiring process is fairly administered and that qualified employees are selected. They are also essential to an effective appraisal system and related promotion, transfer, layoff, and termination decisions. Well constructed job descriptions are an integral part of any effective compensation system.

All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate.

In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.

Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.

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