NGO/Nonprofit/Charity/Humanitarian

United States of America, District of Columbia, Washington

Chief Financial Officer About the Wallace Foundation The Wallace Foundation, an independent, national philanthropy based in New York City, traces its origins back more than half a century to DeWitt and Lila Acheson Wallace, founders of The Reader’s Digest Association. The Foundation’s work is grounded in their mission to foster equity and improvements in learning and enrichment for young people, and in the arts for everyone. Their core values guide how they work together and with their partners. The Foundation aspires to create an engaging and inclusive work environment based on mutual trust and respect, and driven by equity, diversity, transparency, collaboration, and continuous learning. The Opportunity As a key member of the Wallace Foundation's senior leadership team and reporting directly to the President, the Chief Financial Officer (CFO) plays a pivotal role in shaping the strategic direction, policy development, and organizational advancement in alignment with the Foundation's mission. The CFO is a strategic partner to the President and a steward of the fiscal and business health of the Foundation. The CFO's core responsibilities encompass leading all aspects of financial management, including policy formulation, accounting, financial planning and analysis, cash flow management, grants administration, budgeting, payroll, payments, and tax compliance. The incoming CFO will ensure these activities adhere to generally accepted accounting principles and regulatory requirements, while maintaining robust safeguards to protect the Foundation's assets. This role involves significant interaction with the Board of Directors, primarily serving as the chief liaison to the Audit Committee and providing essential advisory support. The next CFO will bring leadership, analytics, transparency, and a high level of energy coupled with a can-do mindset. They will focus on leading, developing, and mentoring the team and be a strong advocate for a culture of diversity, equity, and inclusion. The role requires an individual gifted with strong finance, systems, and communication skills, and appreciation for the work of the Foundation in serving its communities. Responsibilities Executive Management Advise the President on developments in financial management practices and reporting, including potential and actual changes in accounting principles as well as tax, regulatory, and reporting requirements for private foundations; present recommendations on actions required by the Foundation. Advise the President on ways to improve the efficiency of the organization’s financial and operational practices. Act as liaison and support the Audit Committee of the Board of Directors, including delivery of presentations on financial matters to the Committee and Board. Financial Planning, Accounting, and Tax Manage and monitor the Foundation’s cash forecast, with particular attention to monitoring payout requirements; ensure coordination with the CIO and investments team and regular reporting to the President and senior management team for overall management of the Foundation’s grant making and operations. Spearhead the modernization of accounting systems and practices, aligning them with industry-leading standards to enhance efficiency, accuracy, and compliance. Prepare the annual operating budget in consultation with the President and the senior management team; manage systems and procedures to track expenses and report against the budget. Manage the accounting systems, processes, and procedures to record, monitor, and report on the Foundation’s assets and liabilities in compliance with generally accepted accounting principles and all regulatory requirements. Ensure the process and timely preparation of all financial statements and reporting, including regular financial statements to management, regulatory agencies, and the Foundation’s Board.    Serve as the primary interface with the external auditor and auditing partner; oversee the annual audit of the Foundation’s financial statements by its external auditors on a timely basis. Prepare and timely file the Foundation’s annual state, federal, and foreign tax returns; determine in which states the Foundation should file tax returns each year. Oversee all aspects of cash management including transfer of funds, payroll, cash receipts, and accounts payable. Support interdisciplinary strategy teams in creating financial models of large multi-year initiatives and periodically updating them as initiatives unfold. Grants Management Lead the Foundation’s grants administration unit to ensure all focus areas are supported in managing their grantmaking and that the Foundation’s grants management system serves as the central repository of the Wallace Foundation’s grantmaking for all reporting and historical purposes. Perform the financial review portion of the due diligence of prospective grantees and ensure grant payments are made in accordance with appropriate authorizations. Organizational and Team Leadership Build and inspire a high-performing and collaborative culture within the finance and grants management teams and across the Foundation, in support of the mission. Effectively coach, develop, and lead staff to simultaneously meet team and Foundation responsibilities and support the development of the team and each individual. As a member of the senior management team, sponsor and support organization-wide equity initiatives. Foster the culture the Foundation aspires to—fully aligned with its core values including diversity, equity, and inclusion. Understand where the Wallace Foundation finds itself on its own DEI journey and contribute to advancing that journey. Contribute to the development of the Foundation’s enterprise risk management system, year-in-review report, annual reports, and other presentations and knowledge dissemination efforts. Experience Qualifications Senior Finance Management Experience Over 15 years of experience in financial leadership roles in complex environments, with exposure to a broad range of financial, operational, and risk management principles and practices, preferably within the nonprofit and/or philanthropic sectors. Strategic Partnership A strong strategic orientation coupled with the ability to effectively collaborate with the President, members of the senior leadership team, and the Board of Directors. Technical and Analytical Acumen Strong analytical skills, financial modeling capabilities, data-driven mindset, and technical capability, including expertise with enterprise-wide systems. Team Leadership A collaborative leader with experience in management roles providing operational leadership and mentorship to a talented team, including best-in-class professional development opportunities for staff. Commitment to Advancing Diversity, Equity, and Inclusion Demonstrated commitment to equity as a foundational professional tenet; a keen understanding of the multiple dimensions that a truly equitable environment comprises. Academic Credentials Strong academic credentials required; an M.B.A. and/or related graduate degree(s) or a CPA or CFA is preferred. Critical Leadership Capabilities Leading Financial Strategy Develops and implements a financial strategy that supports the vision and goals of the institution. Enables informed decision-making by assessing and clearly communicating the financial implications of different options and considering risk and reward trade-offs. Brings a sophisticated understanding of organizational evolution and strong analytical skills to move the organization toward greater efficiency, optimization, and excellence. Driving Results Is a metrics-driven leader focused on efficiency, effectiveness, and continuous improvement, always in support of the Wallace Foundation’s mission, encouraging innovation, and intentional about long-term sustainability. Spends time building a clear understanding of the capabilities and potential of their team, and opportunities to build capability and capacity to support the whole organization. Fosters a culture of excellence and learning. An innovative thinker and creative problem solver Collaborating and Influencing Decisive and thoughtful leader who deftly engages stakeholders to achieve desired outcomes. A highly credible and experienced leader who partners effectively and collaboratively and instills confidence with the rest of the staff, senior leadership, and the board. Engages and leverages the team to facilitate increased collaboration across the organization, tapping their motives and values to energize them. Committed to the Wallace Foundation culture, which values the primacy of equity and prepares future generations for informed citizenship and success in a global economy. Other Personal Characteristics High EQ; an empathetic leader. Clear communication and presentation skills with the ability to be a visible and active external representative of the Foundation. Honesty and integrity. Compensation, Benefits, and Work Schedule The current salary range for this position is $423,900 to $471,000. A snapshot of our generous benefits package includes a choice of health insurance plans and a healthcare reimbursement account, a new stand-alone mental health benefit, 403(b) retirement plan with 15% employer contribution upon eligibility, and a community service matching gifts program recognizing employee volunteer hours with a financial contribution to a qualifying non-profit organization. The foundation’s regular in-person schedule is Tuesday-Thursday with the flexibility to work remotely on Monday and Friday. Contact The Wallace Foundation is being assisted in this recruitment by Spencer Stuart. Interested parties should submit comments, nominations of others, or information in support of their own candidacy to the confidential email address of the Spencer Stuart team, [email protected] . The Wallace Foundation is an Equal Opportunity Employer, committed to maintaining a diverse workplace where differing perspectives are a source of strength.

Maryland, United States