The Masonic Medical Research Institute is seeking a Chief Financial Officer who is a CPA responsible for leading the finance, accounting, audit and legal functions, assuring that the right people, tools and strategies are in place. The CFO is a key advisor to the Board of Directors and Board Committees (particularly the executive, investment, finance and audit committees). The CFO provides both strategic and hands-on leadership, is responsible for financial strategy decisions, oversees budgeting, financial modeling and analysis, accounting practices and procedures, and all borrowing, investing and cash management functions. The CFO is responsible for the Institute’s relationships with lending institutions, and for formulating and executing financing strategies to meet capital and operational funding requirements. In addition, the CFO is a key contributor to the formulation and execution of the organization’s long term strategic plan.
The successful candidate for this position will be a visionary with a demonstrated track record of success in leading a multifaceted financial management function, including recent experience as a CFO, or a similar level position, for an organization. The preferred candidate will have non-profit financial management experience as well as legal expertise. Prior experience working with federally funded grants & contracts and in a research environment highly desired. The successful candidate must be a team-player, a collaborator with other directors and managers who has effectively interacted, both internally and externally, with individuals at all levels, including individuals on the Board of Directors, investors, financial officials and senior government leaders.
Scope of Responsibilities:
Oversee accuracy, timeliness and reporting of month-end activities, including general ledger maintenance, balance sheet reconciliations and indirect expense allocations.
Oversee management and coordination of all fiscal reporting activities for the organization including but not limited to revenue/expense and balance sheet reports, reports to federal, state and county funding agencies, management of licensing contracts, grant budgets, donor funding and restricted fund reporting.
Ensure the maintenance and enhancement of financial and accounting systems, processes, and internal controls as well as external audits to safeguard financial assets of the organization and oversee federal awards and programs. Oversee the coordination and activities of independent auditors ensuring all A-133 audit issues are resolved and the preparation of the annual financial statements is in accordance with U.S. GAAP and federal, state and other required supplementary schedules and information. Assure compliance with federal, state and county accounting and indirect cost regulations as well as compliance with Generally Accepted Accounting Principles. Oversees the internal audit function.
Directly responsible for filings with IRS and other governmental agencies relating to financial matters.
Lead the organization’s budget development process, assuring timeliness and accuracy. Assure adequate financial tools are provided to ensure timely budget management by investigators and appropriate controls exist to prevent budget variance.
Prepare and present to the Board monthly financial status analysis including reasons for variances, anticipated issues/opportunities, and strategic and tactical recommendations for addressing issues/opportunities.
Participate and perform analysis of financial implications in developing new business/service/acquisitions; assist the Board in identifying new funding opportunities (public and private); draft prospective programmatic budgets and determine cost effectiveness.
Ensure adequate controls are installed and substantiating documentation is approved and available such that all financial transactions may pass independent and governmental audits.
Prepare quarterly/ annual financial status analysis and forecasts for the fringe benefit costs and recoveries.
Manage cash flow and forecasting. Develop a reliable cash flow projection process and reporting mechanism that includes minimum cash threshold to meeting operating needs. Optimize the handling of banking relationships and initiate appropriate strategies to enhance cash positions.
Lead long range planning and the development of multi-year capital budgets.
Oversee investment portfolio and provide expert guidance and recommendations to the Board on potential portfolio optimization and risk management strategies.
Execute routine contracts and address and advise on day to day legal matters.
Participate, as a representative of the Institute, in meetings with county and elected officials, major donors, foundations and venture capitalists, etc. Network with other financial leaders in for profit and non-profit organizations within biotechnology and research communities. Provide insight on financial trends, tools, and approaches and benchmark financial practices.
Mentor and develop accounting team, assuring the development of needed technical skills, effective performance management, work allocation, organizational structure & cost, succession capabilities and morale.
Partner with IT function to procure specialized technology systems that meet both the functional and cost the needs of the organization.
Partner with Tech Transfer to review and comment on contemplated licensing and other commercial agreements.
Partner with capital projects to anticipate funding needs and match cash inflows with proposed capital expenditures.
Critical Objectives -First 12 Months:
STRATEGY - Assume responsibilities for developing and leading financial strategies that will lead to the continued stability and growth of the Institute.
FINANCE - Identify areas of financial strength and weakness within the organization and its initiatives, while ensuring a consistent and robust flow of funding from diverse sources, and providing credible and digestible evidence for decision-making.
DEVELOPMENT - Provide sound financial advice for navigating the Institutes long-term growth plans and become a strategic advisor and leader of execution throughout planning and development.
TRUST – Quickly develop a high level of trust with key stakeholders, both internally and externally to the organization, through implementing transparent and rigorous financial processes and procedures, as well as modeling of transformational leadership skills and healthy management practices.
Skills & Experience Required:
Requires a proven track record in senior financial leadership positions, with regular direct Board interaction.
Experience with accounting and financial systems in complex organizations, demonstrated proven success as a financial leader.
Demonstrated track record with strategic financial planning, financial and investment management, debt financing and management, and cash flow management.
Requires prior experience with non-profit accounting in accordance with US Generally Accepted Accounting Principles, OMB Circulars A-133, A-110 and A-122, TANF program regulations and compliance requirements, grant accounting and appropriate Code of Federal Regulations sections.
Effective and persuasive communicator – both written and oral – with a track record of engagement with multiple and diverse stakeholders.
Adept at managing conflict and competing agendas.
Effective teaching and mentoring skills.
Management Style and Key Attributes:
STRATEGIC THINKING – Lead as an innovative, strategic thinker with the capability to understand and articulate a vision as well as the steps ahead necessary to bring such a vision into reality.
LEADERSHIP – Promote and generate cooperation among one's peers in leadership to achieve overall growth and sustainability; foster the development of a common vision in the creation of a unified leadership team that gets results.
FINANCIAL MANAGEMENT – Establish a systematic course of action for self or others to ensure accomplishment of a specific financial objective. Set priorities, goals, and timetables to achieve maximum productivity.
BUSINESS ACUMEN – Think carefully about the likely effects on others of one's words, actions, appearance, and mode of behavior. Select the words or actions most likely to have the desired effect on the individual or group to achieve business objectives and goals.
COMMUNICATION PROFICIENCY – Create an atmosphere in which timely and high-quality information flows smoothly up and down, inside and outside of the Institute; encourage open expression of ideas and opinions.
ETHICAL CONDUCT – Consistently make judgments and actions that are based on upholding a strong ethical foundation.
PERFORMANCE JUDGMENT – Make decisions authoritatively and wisely, ensuring that the strategic approach is based on results and organizational growth.
PERSONAL EFFECTIVENESS/CREDIBILITY – Be known for unquestionable integrity and ethical standards, sound judgment, and as a person whose advice is sought out and respected. Demonstrate excellence in delivering results, influencing positive outcomes, hands-on leadership,holding self and others accountable.
PROBLEM SOLVING/ANALYSIS – Build a logical approach to address problems or opportunities or manage the situation at hand by drawing on one's knowledge and experience base, and calling on other references and resources as necessary.
TECHNICAL CAPACITY – Thoroughly understand all aspects of the position, including possessing the necessary technical know-how. Demonstrate the ability to solve problems and the ability to adapt to new technologies and incorporate them into the position. Apply and improve extensive or in-depth specialized knowledge, skills, and judgment to accomplish a result or to accomplish one's job effectively.
Education Requirements and Preferences:
Master’s degree in Finance/Accounting or MBA preferred;
Juris Doctorate or legal expertise preferred.
About Masonic Medical Research Institute
The Masonic Medical Research Institute (MMRI) is dedicated to improving the health and quality of life for all humankind. The Institute’s primary mission is to conduct high quality basic biomedical and clinical research aimed at generating knowledge and information necessary for understanding molecular mechanisms of disease and development of medical cures and treatments of tomorrow. We are also committed to providing education and training to basic scientists, clinical researchers and students who will perpetuate and extend the fight against disease worldwide.
Our vision is to build scientific teams that can combine molecular biology, chemistry, computation, technology and engineering to create novel approaches to understanding and deciphering causes of disease. Using this knowledge, we will advance basic research to clinical application, therapeutics and cures. The Institute will foster an environment of creativity, risk-taking, and open sharing of data and research. We will seek collaborations, both within the Institute and worldwide, in our mission to combat disease.
MMRI is an equal opportunity employer and is committed to increasing the diversity of its faculty. It welc...omes nominations of and applications from women, members of minority groups, protected veterans and individuals with disabilities, as well as from others who would bring additional dimensions to the institution’s research, teaching and clinical missions.