Chief Financial Officer
Company: Foundation Communities
Location: Austin, TX
Job Function: Accounting
Background
Foundation Communities has been creating housing where families succeed since 1990. It is a local, homegrown organization that has become a nationally recognized nonprofit that empowers low and moderate-income families and individuals through quality affordable housing and tools to increase their health, education, and economic standing. Its model empowers low and moderate-income Austinites to achieve stability and self-sufficiency.
Based on a sustainable nonprofit model, approximately 75% of the Foundation Communities budget comes from the affordable rents that the residents pay, which covers the operating expenses for the communities. Approximately 25% of the operating budget comes from a variety of long standing private and public supporters that underwrite our social services. With a strong commitment to the environment, Foundation Communities invests in green building initiatives to save on operating costs, reduce residents’ utility bills, and to reduce our carbon footprint. From the beginning, volunteers have been an important part of the Foundation Communities team. Today, over 3000 volunteers annually make the programs possible.
With an annual budget of over $65 Million and over 550 employees, Foundation Communities is a national leader in the affordable housing industry. FC is a member of the NeighborWorks® America network.
To achieve its mission, it focuses in four areas:
Housing: Foundation Communities owns and manages over 4000 apartment units across 29 properties in Austin and North Texas, providing quality affordable homes that are built and managed sustainably. It has nearly 1000 permanent supportive housing apartments where single adults who have chronic health problems and disabilities, have been homeless, or survive on fixed incomes can receive intensive case management.
Education: Onsite Learning Centers give more than 500 children of working parents academic and enrichment support and a safe space to go when not in school. Adult education is also a priority and includes job and computer skills, ESL and GED classes, and digital and financial literacy.
Health Initiatives: Residents and neighbors benefit from onsite exercise and nutrition classes, healthy food pantries, community gardens, and disease management/prevention services, as well as opportunities for social connectedness and community building.
Financial Coaching and Community Resources: Foundation Communities’ Prosper Centers provide free Tax Help to more than 35,000 low-income Central Texas households each year. Foundation Communities helps residents set and work toward financial goals through one-on-one financial coaching and other Financial Wellness programs. Finally, its Health Coverage program helps community members sign up for marketplace health insurance and use it to access affordable care.
Through these four key focus areas, Foundation Communities provides affordable, attractive homes and free on-site support services for thousands of families with children, as well as veterans, seniors, and individuals with disabilities. It offers an innovative, proven model that empowers our residents and neighbors to achieve educational success, financial stability, and healthier lifestyles.
Summary
The Chief Financial Officer (CFO) leads and directs the accounting and financial operations of the organization in coordination with the Executive Director and the Board Finance Committee. The CFO is responsible for the effective operation of the organization’s accounting technology, accounting department and administrative functions. The CFO is responsible for building, supervising and developing the necessary staff team. The CFO is a member of the executive leadership team with the other Chief Officer positions that meets regularly to work collaboratively on high stakes issues facing the organization. The CFO reports to the Executive Director and serves as the primary staff leader of the Board Finance Committee.
Responsibilities
FO responsibilities will include:
LEADERSHIP
- Oversee, motivate and lead a high-performance team of direct reports: Director of Property Accounting, Director of FC Core Accounting, and Director of Tax Accounting, and ensure their teams are managed and developed
- As a key member of the leadership team help to address critical issues facing the organization
- Assist with strategic planning with the FC Board of Directors and with the senior staff
- Provide staff support to lead an engaged FC Board Finance Committee.
- Advise the Executive Director and Finance Committee of the Board of Directors with respect to the financial conditions and trends of the organization; prepare reports for the Board
FINANCIAL
- Think strategically, plan and implement ways to optimize the organization’s financial health including cash reserves, working capital funds and debt management.
- Oversee the development of the organization’s annual operating budget
- Monitor performance against budget including cash flow planning and financial projections
- Establish, implement and monitor financial, accounting and related information systems
- Establish, implement and monitor the organization’s investment and financial management policies and coordinate with investment managers and the Board Finance Committee
- Coordinate annual audits, tax returns, and IRS filings of the organization and all related entities
- Review annual tax filings for each reporting entity and monitor compliance with all tax regulations
- Review monthly financial statements for the organization and its affiliates prior to distribution to funders and management
- Maintain and implement the Financial Management Manual
- Monitor the management of the organization’s accounting information systems and coordinate with appropriate staff and service providers
- Supervise and manage oversight of all operational banking relationships and corporate borrowing arrangements.
- Maintain a system of effective internal controls with appropriate levels of delegation, supervision, and timely and accurate recording of transactions and distribution of financial reports.
- Work closely with the Chief Real Estate Development Officer and Executive Director to review the financing on all new housing development, as well as refinance opportunities on the existing portfolio. Review limited partnership documents.
- Oversee the development and construction accounting for all new real estate development.
Requirements
QUALIFICATIONS
Professional Experience and Education
The ideal candidate will have the following education, demonstrated experience and skills:
- 10+ years of proven effective executive level experience in financial management/accounting including experience in non-profit, fundraising organizations
- Bachelor’s degree in Accounting
- Certified Public Accountant (CPA) is required
- Audit, tax and grant accounting nonprofit experience
- Successful experience overseeing the development and annual management of a large complex budget
- Experience with low-income housing finance, LIHTC, and property management accounting
- Excellent leadership skills and proven successful management of an accounting team and supporting other corporate departments
- Excellent written and verbal communication skills with ability to effectively collaborate across the organization to achieve goals.
- Critical thinking and problem-solving skills
- Strong commitment to the organization’s mission
- Experience with financial reporting to a board or board committee
- NetSuite or similar accounting software experience
Compensation and Benefits
COMPENSATION
Starting at $175,000 annually
BENEFITS
Foundation Communities provides an extensive benefits package to employees and their covered dependents. Here is a summary of benefits including plan overview, and pricing. Full-time employees working 30 or more hours per week are eligible to enroll in benefits on the first day of the month following your date of hire.
PAID LEAVE
Full-Time employees accrue Annual Leave and Personal Leave each pay period, and is available to use after ninety (90) days of continuous employment. Part-Time employees are eligible for Sick Leave that accrues each pay period.
Full Time employees are eligible for 13 Paid Holidays per year, in accordance with the FC Holiday Schedule. Part-Time employees are eligible for a prorated paid holiday benefit.
Paid Parental Leave is available to full and part time staff after 1 year of continuous employment, and paid Sabbatical Leave is available after 10 years of continuous employment.
RETIREMENT
Employees are eligible to participate in the Foundation Communities 401(k) retirement plan after 1 year of employment. Foundation Communities provides a 3% Safe Harbor contribution, and matches up to 2% of deferrals.
How to Apply
Apply on our website at www.foundcom.org