What are the responsibilities and job description for the Chief Financial Officer position at Association of Art Museum Directors?
The Chief Financial Officer (“CFO”) is a member of the Honolulu Museum of Art’s (“HoMA”) leadership team and is responsible for effectively managing HoMA’s financial strategy and overseeing its overall financial health. As a key advisor, the CFO provides strategic business and risk management support to the Chief Operating Officer, the Director and CEO, the Board, and the Leadership team. Overseeing an operating budget of approximately $17M, and an endowment of approximately $90M, the CFO is both a strategic and hands-on leader who monitors the financial health of the museum, conducts proper reporting of income expenses and assets, and ensures that internal fiscal processes and systems support informed decision making and operational effectiveness. Additionally, the CFO leads the finance team in working effectively throughout HoMA and creates a strong culture of partnership and services.
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Minimum Qualifications :
A bachelor's degree in accounting, finance, business administration, or a related field.
Ten years of applied knowledge in a senior financial leadership role in a philanthropic or nonprofit setting.
Analytical and systemic thinker able to identify complex issues, delve under symptoms to find root causes, and analyze matters from multiple perspectives.
A thorough knowledge of General Accepted Accounting Principles (GAAP) and internal controls; Not-For-Profit accounting including taxes and audits; accounting assessment, research, and reporting; and financial laws and regulations applicable to the Museum.
Ten years of experience with budgeting, forecasting, and cash flow management and at least seven years of experience with a general ledger accounting system.
Extensive knowledge of financial systems with prior experience leading strategic financial planning, financial and investment management, financial reporting and cash flow management.
Experience overseeing 3rd party investment managers to maximize returns on a complex portfolio of assets.
Ability to understand and be responsive to the needs of the organization and its stakeholders.
Strong people management skills with a focus on encouraging a culture of inspiring, mentoring, coaching, empowering, planning, and problem solving while optimizing resources and driving efficiencies.
The ability to communicate effectively and diplomatically with individuals with varying levels of financial expertise.
Ability to work within and support a diverse community of visitors, artists, and employees.
Ability to build, lead, and develop a driven, diverse team of employees and volunteers.
Desired Qualifications :
A master’s degree in accounting, finance, or business administration.
Five years of experience as a Certified Public Accountant.
Experience with managing the financials of commercial activities, preferably food & beverage and retail.
Experience with an Enterprise Management System or CRM and ensuring effective use of systems.
Experience in KPI development and reporting.
Responsibilities :
Provides financial leadership for HoMA.
Oversees the development of annual and multi-year financial plans to ensure support of the strategic vision of the museum. Monitors plan performance against budget.
Leads the development, implementation, enforcement, and evaluation of financial policies, procedures, and processes that promote efficiencies, deliver timely and accurate outcomes, ensuring high quality internal and external customer service as well as compliance with industry standards / regulations.
Maintains accounting control over the Museum’s operating, restricted endowments.
Oversees the accurate and timely development and presentation of financial analysis, multi-year plans, and other scenarios for management and Board of Trustees.
Provides strategic leadership, management, mentorship, and oversight to the Finance Department, which comprises Accounting and Payroll.
Serves as the staff liaison to the Finance and Investment Committee and the Audit Committee.
Works with senior management to provide strategic guidance on the financial implications of programming decisions and revenue opportunities. Serves as a strategic thought partner with management on earned revenue strategies and targets.
Provides ongoing leadership, management, direction, and mentoring to Finance staff.
Attends board committee meetings and acts as liaison to any board committees as directed by the Chief Operation Officer and Director / CEO. Provides presentations to the Board and management in the areas of financial reporting, planning, cash flow management, risk management, financial analysis, investment performance, and tax reporting.
Oversees all treasury functions, including managing the cash flow and debt financing of the Museum as well as tracking the performance of endowment and cash investments. Ensures compliance with debt terms, serving as the key liaison with financial institutions and maintaining relationships with financial institutions and investment advisors / OCIO.
Directs research of the tax implications of revenue activities in line with regulatory guidance of 501(c)3 organizations and provides guidance on the structure of those activities to minimize risk.
Serves as the key liaison with the OCIO and / or investment advisors for all investments held by the Museum.
Ensures the timely and accurate preparation of various tax and statutory reporting, including, but not limited to, the 990 information return, the 990-T, 1099s (annuities), the NFP registration with the Attorney General and the Charitable Remainder Unitrust (CRUT) return. Ensures the Museum complies with all required tax filings, disclosures and government census reporting required by 501(c)3 organizations.
Establishes appropriate policies and internal control procedures to safeguard HoMA’s assets.
Oversees key museum contracts and agreements, reviewing, drafting and working directly with legal counsel when required.
Leads the finance department’s preparation of relevant portions of grant reports and billings to ensure compliance with requirements and policies of funding sources.
Oversees the annual audit process; consults with external auditors and the Audit Committee of the Board of Trustees.
Stewards various risk management activities, including risk assessment, insurance programs, and legal commitments.
With the Director of Human Resources, function as a fiduciary advisor on the Museum’s retirement plans.
Demonstrates a commitment to fostering, cultivating, and preserving a culture of diversity, equity, and inclusion through respectful communication and cooperation with others at all times, continuous training and modeling inclusive behaviors.
In partnership with Human Resources, supports the leadership team in ensuring equitable experiences, strengthening inclusion acumen, and promoting a culture of inclusivity and belonging that embraces the contributions of all staff.
Other duties as assigned by the Chief Operating Officer.
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