Position Overview:
NMSDC is seeking a visionary and experienced Chief Financial Officer (CFO) to lead the organization’s financial strategy, management, and modernization efforts. The CFO will play a critical role in ensuring the financial sustainability of NMSDC and its network while modernizing financial management systems, enhancing internal controls, and driving operational efficiencies. This role requires a forward-thinking leader to ensure NMSDC’s financial operations support its growth and long-term goals. The CFO is charged with overseeing and managing all the components of the financial management life cycle – revenue and expense management, general ledger management, contract compliance, audit management, budget preparation and forecasting, affiliate payments, reporting, and payroll.
Key Responsibilities:
Strategic Financial Leadership:
- Collaborate with the President & CEO, and leadership team to establish financial policies and strategies aligned with NMSDC's goals and mission.
- Lead efforts to meet operational and long-term financial objectives, focusing on sustainability and impact for minority business enterprises.
Budget and Cash Flow Management:
- Lead the development and management of NMSDC's annual budget, ensuring a balanced budget aligned with strategic priorities and organizational goals.
- Monitor cash flow, ensuring the organization can meet its financial obligations while optimizing cash management practices.
- Provide ongoing analysis of financial performance against the budget, adjusting forecasts as necessary and ensuring financial sustainability.
Revenue Management & Distribution:
- Oversee the timely receipt and accurate tracking of all revenue, including corporate dues, ensuring that funds are appropriately allocated to support the organization's mission.
- Manage the distribution of funds to NMSDC's regional affiliates, ensuring transparency, accuracy, and effective tracking of outcomes.
- Assist the VP Network delivery in developing measurement systems to assess the impact of distributed funds, ensuring alignment with organizational goals.
Stewardship of Reserve Investments:
- Oversee the management of NMSDC's reserve investments, balancing the preservation of capital with strategic growth of the fund.
- Implement sound investment strategies to maximize returns while minimizing risk, ensuring long-term financial security for NMSDC.
- Regularly review investment performance and provide reports to the board and leadership on the health and outlook of reserve funds.
Modernization of Financial Operations:
- Spearhead the modernization of NMSDC's financial systems, recommending and implementing automated accounting and budgeting systems for improved financial processing and reporting.
- Lead the integration of new technology and tools to streamline operations, increase efficiency, and improve financial transparency.
- Recommend policies and procedures to strengthen internal controls and ensure proper financial management practices.
Financial Reporting & Accountability:
- Oversee the preparation of all financial reports, ensuring accuracy, compliance with generally accepted accounting principles (GAAP), and timely submission.
- Manage the integrity of the general ledger, ensuring accuracy in journal entry postings and financial transactions.
- Coordinate and ensure successful completion of the annual audit and filing of Form 990 and other state tax returns.
- Assist in preparing financial presentations and maintaining financial dashboards for the organization's leadership.
Team Leadership & Development:
- Provide leadership and oversight to the finance team, ensuring the development of their skills and fostering a collaborative, high-performing team environment.
- Supervise and evaluate the finance team's performance, promoting professional growth and accountability.
- Ensure compliance with payroll processing, income tax withholdings, and quarterly and annual tax filings.
Risk Management & Compliance:
- Ensure NMSDC has adequate liability and property insurance coverage and manages relationships with insurers.
- Oversee the organization's online banking, including ACH payments, lockbox deposits, and downloading bank statements.
- Implement risk management strategies to safeguard the organization's assets.
Qualifications & Experience:
- Bachelor’s degree in finance, accounting, or a related field (Master’s or CPA preferred).
- Minimum of 10 years of financial management experience, with at least 7+ years in nonprofit or mission-driven organizations.
- Expertise in managing financial systems, budgeting, and forecasting, with a strong background in modernizing financial technology and processes.
- Strong data analytics and data management capabilities.
- Strong knowledge of federal, state, and local tax regulations, as well as nonprofit financial management.
- Experience in overseeing corporate dues, revenue tracking, and effective fund distribution.
- Demonstrated ability to lead a finance team, manage audits, and ensure regulatory compliance.
- Excellent communication skills with the ability to present complex financial data to the board and non-financial stakeholders.
Core Value Competencies:
- Creative Problem Solving - We institute creative problem-solving techniques to ensure every perspective and option has been considered before moving forward with a solution and to drive excellence.
- Thoughtful Collaboration - We believe in thoughtful collaboration, understanding that every action we take, either solo or as a collective, impacts the rest of the NMSDC team and the NMSDC Network.
- Adaptable - As we ask our MBEs to adapt to the ever-changing economic landscape, we too must remain adaptable to ensure we meet the needs of our stakeholders at every turn.
- Future Focused - To grow and connect MBEs, we must be future-focused, not only understanding the landscape of today, but where that landscape may shift in another 5, 10 years.
- Resilient - As DEI attacks get closer and closer to the work that NMSDC performs, we must remain steadfast and resilient to ensure we can continue to support MBEs when and where they need us.
Why Join NMSDC? NMSDC offers a unique opportunity to be part of a mission-driven organization where your financial expertise will directly support the growth and success of minority business enterprises across the nation. As CFO, you will play a pivotal role in ensuring the financial stability and scalability of the organization’s initiatives.