Jewish Community Foundation of Greater Hartford Seeks CFO
About the Foundation
Celebrating its 50th anniversary in 2022, the Jewish Community Foundation of Greater Hartford ("The Foundation”) strengthens and protects Greater Hartford’s Jewish community by building a permanent pool of charitable dollars provided by generous donors who share its vision of a strong, resilient, creative, and joyous community for generations to come. Guided by Jewish values, the Foundation assists donors in structuring charitable gifts, building legacies, facilitating personalized philanthropy, and distributing community grants to a broad range of programs and institutions. The Foundation knows that giving is personal, so when donors partner with the Foundation, they put their passion and values into action. To help donors support what matters most to them, the Foundation offers many giving options, including Donor Advised Funds, Scholarship Funds, Legacy Funds, and Designated Funds.
In fiscal year 2022, the Foundation awarded 1,142 grants totally $4.5 million. Of those grants, $3.3 million were awarded to local Jewish organizations and $1.2 million was collectively awarded to Jewish and secular organizations in Greater Hartford, across the United States and around the world. When the pandemic hit, the Foundation and the Jewish Federation established the Jewish Hartford Rapid Relief and Recovery Fund. Bolstered by a corps of volunteers, they raised $1 million from about 500 donors. To date, $930,000 has been granted to local organizations so they could continue to provide essential programs and services, including humanitarian and financial relief from COVID-19.
Based in West Hartford, the Foundation currently manages approximately $155 million across 1,400 funds for individuals, families, and community organizations located across in the Greater Hartford area. Designated Funds (31%) and Donor Advised Funds (27%) comprise the largest proportion of the Foundation’s assets, followed by Community Action (Unrestricted) Funds (24%), and Custodial Funds (18%). With a dedicated staff of 11, the Foundation is led by Jacob Schreiber, President/CEO, and overseen by a 15-member Board of Trustees comprised of community leaders.
About the CFO Transition
After expertly managing the Foundation’s financial and investment accounting and tax reporting functions for over 22 years, the Foundation’s long-serving CFO, Rhona Morgan, will retire at the end of 2022.
Reporting directly to the President/CEO, the CFO will be an integral member of the Foundation’s leadership team responsible for the administration of fiscal functions and for financial and investment accounting for the overall operation of the Foundation. The CFO assists the President/CEO in the implementation of financial and investment policies established by the Board of Trustees. The CFO also is the Foundation’s primary liaison to the Treasurer and the Chairs of the Investment, Budget and Finance, and Audit Committees. Reporting directly to the CFO are the Controller and the Accounting and Finance Associate.
Accounting, Budgeting, and Fiscal Oversight
- Assume responsibility for the Foundation’s financial functions and ensure self and/or staff:
- Maintain the chart of accounts and provide oversight for accounts payable, accounts receivable, bank deposits, bill payments, and general ledger entries.
- Maintain and reconcile the general ledger in accordance with the Foundation’s cost allocation plans, GAAP, and FASB.
- Manage all bank accounts and bank reconciliations.
- Resolve all accounting and financial problems and/or issues.
- Carry out oversight of cost-sharing, rent payments, and associated expenses related to the Foundation’s occupancy of office space in the Community Services Building.
- Maintain interagency expense spreadsheets and schedules.
- Ensure strong internal controls and compliance:
- Maintain effective internal controls to prevent fraud, minimize risks, assure safeguarding of assets, and reliability of financial reports and statements.
- Comply with all financial and tax reporting requirements for regulatory and governmental agencies.
- Maintain complete and up-to-date operating procedures for all accounting and financial systems and controls, as well as the permanent accounting manual.
- Manage the budgeting and reporting functions:
- Prepare annual operating and capital budget and revenue projections in consultation with President/CEO and other senior leaders.
- Monitor budget activity and produce quarterly financial statement and budget to actual variance reports, ensuring accuracy and timeliness.
- Review all foundation tax filings and returns at the donor/vendor level including but not limited to Form 1099, Form 5227, and K-1’s.
- Oversee the preparation of all organization Federal and State information and tax filings including Forms 990, 990T, CT990T, Federal extensions, etc.
- Manage the annual audit process and make recommendations concerning improvements to internal controls and financial policies and procedures.
Investment Management and Oversight
- Develop systems and processes to support the Foundation’s implementation of Board-approved investment policies.
- Implement investment-related decisions made by the Investment Committee within the Foundation’s guidelines.
- Monitor investment activities to ensure assets are safeguarded.
- Ensure that administrative fees and investment earning accruals and amortizations are allocated properly to all participating funds.
- Prepare quarterly cash availability reports and a summary of investment activities for presentation to the Investment Committee and Board of Trustees.
Human Resource Management
- Set staff salary structure and annual merit pool in conjunction with the President/CEO.
- Prepare and manage semimonthly payroll, attending to all payroll-related tax issues, employee status changes, and reporting; ensure time and attendance records are maintained.
- Manage all aspects of employee health/welfare/retirement benefit plans, including procurement, enrollment, reporting, reconciliations, payments, vendor relations, and benefits summary reports.
- Coordinate and participate in various employee benefit/compensation and other surveys.
- Arrange for annual review of business insurance policies and recommend changes to coverage when necessary.
- Serve as a public representative on behalf of the Foundation to support the President/CEO and other senior staff to advance the Foundation’s mission and goals.
- Perform additional duties as requested by the President/CEO, Treasurer and Chairs of the Audit, Budget and Finance, and Investment Committees.
Profile of the Ideal Candidate
- Minimum of a bachelor’s degree in accounting, finance, management, or a related field.
- At least 7 years’ senior financial leadership experience at an organization of comparable size, scope, and financial complexity.
- Accounting/financial certification (CPA, CMA, CFA) or advanced accounting degree is preferable.
- Knowledge of or exposure to community foundations, fund accounting, and/or investment and endowment management is ideal.
Skills and Experience:
- Strong knowledge of GAAP and a proven ability to manage a complex organization’s accounting, finance, and administrative functions with a commitment to develop and implement sound finance and accounting principles and recommend improvements to policies, procedures, and processes, when needed.
- Experience with fund/endowment accounting policies, practices, processes, procedures, and reporting, including the proper implementation of unitization principles.
- Ability to prepare comprehensive budgets and analyze financial statements, including budget to actual reporting, rolling budgets, and cash flow analysis and forecasts.
- Prior experience supporting and/or participating on an investment committee would be advantageous.
- Experience with external auditors, compliance management, and regulatory oversight and reporting.
- Strong written and verbal communication skills with the ability to convey financial information with transparency to diverse audiences with varying levels of financial acumen.
- Prior supervisory experience with the ability to motivate, empower, and maximize the potential of others while pitching in as a team player.
- Solid computer literacy, including word processing software, spreadsheets software, and automated accounting systems. (The Foundation uses Foundant’s CommunitySuite.)
- Flexible and creative problem solver and strategic thinker with strong organizational skills and the ability to multi-task while attending accurately to details.
- A passion for the Foundation’s mission and a commitment to its core values of collaboration, accountability, respect, and self-reflection.
Compensation and Benefits:
This is a full-time, salaried, exempt position with a starting salary range in the mid to upper $100,000s, commensurate with experience and qualifications. The Foundation also offers a comprehensive and generous benefits package.
Application Process and Additional Information
The Foundation is an Equal Employment Opportunity and Affirmative Action Employer which strongly encourages applications from candidates from diverse races, backgrounds, genders, and cultures. Candidate must include a resume and a cover letter that describes how your qualifications and experience match the needs and mission of the Foundation.
Applications will be accepted until the position has been filled. Upload required documents to: https://eostransitions.applicantpool.com/jobs/. This executive search is being conducted by Eos Transition Partners consultant John Tarvin. All submissions will be acknowledged and are confidential, and any questions must be submitted to John at: [email protected].