Vice President of Finance and Chief Financial Officer

Vice President of Finance and Chief Financial Officer December 2015 Vice President of Finance and Chief Financial Officer Trinity College in Hartfor...
Author: Barrie Caldwell
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Vice President of Finance and Chief Financial Officer December 2015

Vice President of Finance and Chief Financial Officer Trinity College in Hartford, Connecticut, seeks an accomplished and collaborative leader for the position of the College’s vice president of finance and chief financial officer (CFO). This senior leadership position focuses on strategic oversight and management of the College’s financial resources, planning, and operations, and will be instrumental in shepherding the College forward as it prepares to celebrate its bicentennial. As the college begins to develop a strategic plan and prepares for a new capital campaign, the CFO, in close collaboration with the president and cabinet members, will help the institution pursue its broad institutional vision by developing strategic and sustainable priorities and goals and designing and overseeing plans for their fulfillment. The CFO reports directly to the president and serves as a member of the president’s leadership team and as the treasurer of the college. This is a critical position: the successful candidate will serve as a strategic and innovative partner and provide expert consultation to the president, senior officers, members of the faculty and staff, and to the Board of Trustees through the Board’s committees, as the institution strives to fulfill its academic mission. Trinity College Since its foundation in 1823, Trinity College, located in the heart of Hartford, Connecticut, has been educating students in the liberal arts with the educational and experiential foundations they need to succeed as informed global citizens. Trinity is a member of the New England Small College Athletic Conference (NESCAC) and the Consortium on Financing Higher Education (COFHE). Faculty and alumni include recipients of the Pulitzer Prize, the MacArthur award, Guggenheims, Rockefellers, and other national academic awards. Trinity students integrate meaningful academic and leadership experience on the College’s celebrated campus, in the capital city of Hartford, and in communities all over the world. While Trinity has enjoyed a long, prestigious history, the College finds itself poised in transition as the landscape of higher education across the country undergoes a fundamental shift. Under the leadership of Joanne Berger-Sweeney, who was inaugurated on October 26, 2014 as Trinity’s 22nd President, Trinity is looking forward to a bold future that will require innovation borne out of long-term strategic planning will make the College even more visible and competitive. As the person primarily responsible for the planning and management of Trinity’s physical and financial assets, the next vice president of finance and chief financial officer will be part of a team that will guide the College in this period of transition. In this endeavor, the CFO will pull from many available resources: a distinguished faculty deeply committed both to students and to producing ground-breaking scholarship; engaged and loyal alumni; staff dedicated to the College and its mission; intelligent, creative, and curious students who value both their close working relationship with faculty and the rich academic resources and opportunities available to them on 2

and off campus. The new CFO, will be able to call on these constituencies across the Trinity community in order to shape the future of the College. The vice president of finance and chief financial officer plays a key role in shaping and informing the necessary campus dialogue that is essential to a sense of partnership and shared values among a diverse campus community. Finances, Endowment, and Fundraising Trinity’s 2016 operating budget amounted to $135 million with the following revenue composition: 73% net tuition, fees, room and board charges; 14% endowment income; 7% annual fund and 6% grants and ancillary activities. The market value of Trinity’s endowment portfolio at June 30, 2015 equaled $556.3 million, or $242,000 per student. Investment returns for fiscal 2015 amounted to 7.7%, placing the College in the top quartile for returns of its peer institutions. The College outsources its chief investment officer function to Investure. Cash and short-term operating fund investments amounted to $32.8 million at the end of the fiscal year. Outstanding long-term debt equals $133 million, consisting of six tax-exempt bond issues. Approximately 92 percent of the outstanding principal is fixed-rate debt. During the fiscal year 2015, Trinity’s credit rating and future outlooks were reaffirmed by Standard and Poor’s and Moody’s, which issued rating of A+ and A1 “stable outlook”, respectively. During fiscal 2016, the College refinanced all $22.9 million of its Series K bonds (4.75%) for series O fixed rate bonds (2.67%) creating a present value savings of approximately $2 million. No other bonds are callable until July 2017. Also during 2016, the College received board approval to issue 23 million of “new money” bonds for infrastructure projects around campus. These new series P bonds will be fixed rate 2.39% 30-year bonds with a 10-year call. The closing is scheduled for December 17, 2015. Trinity’s most recent comprehensive fundraising effort, which concluded in 2012, consisted of two parallel campaigns: the Cornerstone Campaign for outright gifts with immediate impact and the legacy Campaign to document and celebrate estate planning gift intentions. The total raised, $369 million in contributions and donor commitments, was more than double the amount of Trinity’s last fundraising campaign and surpassed the combined goal of $350 million. The College raises unrestricted operating funds through the Trinity College Fund, which yields $9 million to $9.5 million per year, and also pursues an agenda of capital fundraising each year. Additionally, Trinity received $20.9 million in restricted gifts and pledge payments during fiscal year 2015, with $4.4 million spendable for College priorities including the operating budget, $15.5 million in gifts to endowment, and $1 million in gifts for construction. Current fundraising efforts are focused on increasing the annual fund, financial aid resources and completing fundraising for proposed building projects for Trinity’s music and neuroscience programs, as well as raising funds for a proposed athletic fields project. 3

Physical Plant Trinity’s historic and beautiful 100-acre campus is located in the south end of the city of Hartford. With more than 1.8 million square feet and spread among 72 buildings, Trinity’s campus is a mix of classic collegiate gothic architecture and modern architectural design. Perhaps one of the most emblematic features on campus is the Long Walk buildings, which were designed by famed architect William Burges and house academic classrooms and offices as well as residence halls. The Long Walk is the oldest example of Collegiate Gothic architecture in the country, and underwent a $33 million renovation, which was completed in 2008. The Trinity College chapel is also an iconic building. The space is used for services, a variety of concerts, and other College events. With a growing demand and need for up-to-date dormitories and social spaces, Trinity unveiled the Crescent Street Townhouses, a new residence hall complex that has energized the campus. The next phase is under way with the construction of a new bookstore and the future renovation of the Mather student space. Additionally, the College unveiled the redesigned and renovated Vernon Social, which offers a much-needed spot where members of the campus community can come together to study, to eat, to relax, and to enjoy one another’s company. In 2015, the College purchased 200 Constitution Plaza, a building in downtown Hartford that represents the College’s commitment to transforming the city into a true “college town”. Trinity’s athletic facilities continue to be improved each year. Trinity owns an impressive boathouse that sits on the Connecticut River. The Koeppel Community Sports Center, often open to the public, is home to the Bantams men’s and women’s ice hockey teams. The Assaiante Tennis Center is among the best in college tennis, and the George Kellner Squash Center is one of the top squash facilities in the Northeast. In addition, the football field and track are currently undergoing renovation, and upgrades to the baseball, softball and soccer fields are planned. The new CFO will continue to play a major role in the architectural planning of the college, which has as its focus optimizing an environment for student learning. About Hartford Connecticut Hartford — Connecticut’s capital city -- is a historic river city that provides a wealth of learning, recreation, and cultural opportunities. The city’s vibrant arts community includes the Wadsworth Atheneum, the oldest public art museum in the country; The Bushnell, Connecticut’s premier performing arts center; and Hartford Stage, one of the leading resident theaters in the United States. Trinity and the city of Hartford are deeply connected, and the College boasts a vast network of connections with the city, allowing faculty, students, and staff to engage in community-based and real-world learning and research. Hartford is located in New England’s Knowledge Corridor, which runs from Middletown, Connecticut, north to Springfield, Massachusetts, and nearby Northampton and Amherst. The 4

Hartford metro region, with one million residents, also plays host to seven Fortune 500 companies. Hartford serves as the seat of state government, with the State Capitol, the Legislature, and numerous state agencies located just blocks from campus. Because of Trinity’s location in Hartford, the College is able to offer experiences and connections found a few small liberal arts colleges. Through the city, our students are made stronger and more world ready, our faculty have incredible research opportunities, and our staff and administration have access to programmatic resources and collaborations – all of which make Trinity’s liberal arts environment dynamic and innovative. The Position – Vice President of Finance and Chief Financial Officer The vice president of finance and chief financial officer will be an experienced leader in fiscal and plant operational management, with strong interpersonal skills and someone who possess or can develop a comprehensive and forward-thinking strategic vision for meeting the financial and operational challenges of operating a small liberal arts college in an urban setting. To do so, this individual must understand and be responsive to today’s complicated higher education economic environment, and have the ability to build a team that can create innovative solutions to address the myriad of issues that exist on campus. The CFO reports directly to the President and will lead an organization with direct supervisory responsibility for a team of seven full-time professional employees. These key direct reports include the director of building and grounds, comptroller, budget director, director of construction, design, and capital projects, director of capital programs and infrastructure, director of human resources, and director of business solutions. Key Primary Responsibilities The next CFO will be a strategic leader and innovator with responsibility for shepherding the College’s finances and operations as Trinity looks toward its changing future. This position is responsible for leading the discussion within the college about development of the institution’s annual budget and has primary responsibility for development of a multi-year financial plan including the allocation of fiscal resources in support of academic and administrative programs; and has ultimate responsibility for overall fiscal accountability including grants and contract administration and audit reviews. Opportunities for the Vice President of Finance and Chief Financial Officer will also include: 

Plan, develop, organize, implement, direct and evaluate the organization’s fiscal functions. Ensure timely and accurate budget analysis and financial reporting for senior leaders, the president, Board of Trustees, and state and federal regulators. Work continually to improve a multi-year budgeting process through education of senior management and timely reporting of financial issues impacting their budgets; 5

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Provide strategic planning leadership for the institution, matching business goals with financial and programmatic imperatives with consideration of enhancing revenues; Planning, preparing, supervising and presentation the College’s annual budget to the president and the Board of Trustees; Monitor financial investments to ensure they support the institution’s strategic plan, priorities, and values; Manage and develop financial resources in consideration of institutional planning; Ensure compliance with appropriate regulatory agencies by continually monitoring operations, programs and resources. Oversee in-state and or independent audits as necessary and required; Responsible for disseminating information within the College (to faculty, staff and students) on budgetary processes and procedures related to operating and capital expenditures; Advise the president and the President’s Cabinet on the impact of long-range financial and organizational planning. Provide strategic financial leadership and support on potential alliances, investments and other issues affecting the College’s business. Participate in the negotiation of contracts in collaboration with the College’s General Counsel; Manage and develop planning for and maintenance of physical plant; Oversee protocols for risk management across the institution; Overseeing major contracts such as for food and facilities management on campus; Establish credibility throughout the organization and with the Board as an effective problem solver; serve as a mentor to the College community regarding financial issues; Work with the campus community, both within established committees and beyond, to build trust and credibility, and to support transparent and collaborative teamwork regarding the College’s finances and operations; Evaluate the structure and responsibilities of the finance team; plan for continual improvement of the efficiency and effectiveness of the group as well as provide individuals with professional and personal growth opportunities; Develop, implement and enforce policies and procedures of the organization through systems that will improve the overall operation and effectiveness of the College; Drive and promote innovation, collaboration and partnerships across the college and with external constituencies, as needed; Work closely with colleagues across campus to ensure efforts are in place to create environmentally sound practices. Ensure that the College is actively working to achieve the goals as presented in the Climate commitment signed by Trinity College in 2007. For more information about the strategic plan: http://www.trincoll.edu/AboutTrinity/offices/sustainability/Documents/SP13.pdf Collaborate with internal departments and external agents and constituencies to provide financial information/reports and to work toward the realization of cost efficiencies in line with the College’s short and long-range plans; Work closely with other College leaders to prepare and execute a strategic planning process and capital campaign. 6

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Build and cultivate with Trinity’s external community, including managing planning and strategy for the College’s off-campus properties and presence. Create an effective relationship with the Board of Trustee’s, and serve as primary liaison to the Board’s Finance, Audit, and Investment committees.

Qualifications: The CFO will have the following experiences, capabilities, and attributes: 



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A proven, collaborative leader and financial executive with at least ten years of progressive management experience related to fiscal affairs within a complex and vibrant organization and a proven record of sound administrative and responsible financial judgment within such organizations; In-depth knowledge of budget development and management; accounting; investment management; financial risk management; contract/procurement; and promotion of diversity within a service orientation. This person must possess broad knowledge of best business practices in higher education or a similar industry with regarding to accounting principles, technology, and institutional practices and operational efficiencies; A visionary executive with sound technical skills, analytical ability, good judgment and a strong operations and systems focus; Well-organized and self-directed individual who exhibits a high level of integrity, the skills to navigate the political and legislative process as it relates to higher education in the context of a shared governance model at a liberal arts college; An intelligent and articulate individual who can relate to people at all levels of an organization; a team player who possesses superior communication skills and the ability to operate with transparency so as to foster collaboration within the organization; Adept at communicating financial information to people who do not have a finance background including faculty chairs, administrators and students; Demonstrated ability and willingness to share information, carry out initiatives, and serve as a mentor; Demonstrated commitment to environmental sustainability; Demonstrated ability to work and communicate effectively with students, faculty, staff, and alumni of varying racial, ethnic, religious, gender, cultural, disability, sexual orientation and socioeconomic backgrounds; and Bachelor’s degree required and MBA or doctoral degree and/or appropriate certification (CPA) preferred. Nominations and applications, including letters of interest, may be submitted to:

Andy Evans, Principal Mo Lashendock, Vice President Brill Neumann Associates, Boston, MA Trinity College is an equal opportunity employer and is committed to diversity in the workforce. 7

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