Cfo - Chief Financial Officer

POSITION TITLE: Chief Financial Officer (Internal Title: EVP, Finance Operations)

REPORTS TO: President, CEO

DEPARTMENT: Executive

FLSA STATUS: Exempt

PURPOSE:PURPOSE: The primary purpose of this position is to fulfill our vision of inspiring financial wellness. The position must deliver high quality service to both internal and external members by supporting and promoting our values to Care, Listen, Learn, Solve, and Act.

Working under the strategic direction set by the Board of Directors, develops with leadership, the financial strategy for the credit union and oversees the financial operations of the credit union. Is the credit union’s Chief Financial Officer (CFO).

Leads, manages and holds accountable the Vice President of Accounting for achieving credit union objectives.

ESSENTIAL DUTIES:

• Works with the CEO and Senior Leadership to identify business trends; develops strategy for addressing the Credit Union’s course of action which includes oversight of the credit union’s pricing strategy. Ensures the credit union’s financial performance is strong and sustainable.
• Ensures accurate and timely financial reporting to regulatory agencies as required. Establishes, coordinates and maintains an accounting system that properly reflects the financial position of the Credit Union. Supervises and coordinates the preparation of financial reports for management, Board of Directors, government agencies, and external parties
• Develop each employee to their highest potential by identifying their areas for improvement and appropriately coaching, training or correcting the employees’ performance
• Recognize employees who perform at a high level
• Hold employees accountable for their performance, attitude and behavior
• Meet with each employee monthly to review previous month’s performance, set goals for upcoming month’s performance and develop plans to improve employee’s performance
• Responsible for exceptional member service to every member, every time by ensuring employees deliver consistently high quality service to both internal and external member in alignment with the credit union’s core values
• Effectively operates department and staff goal setting and meeting structure within EOS framework, to include establishment of regular recurring L10 meetings, goal setting and people analyzer tools to support right people right seat strategies.
• Maintains a classification system for new and established general ledger accounts to meet the reporting requirements of all the various regulatory authorities and provides department managers with specific operating and financial data
• Serves as liaison between Credit Union personnel and regulatory authorities in connection with audits and examinations.
• Works with the Budget Committee in preparation of annual or as needed budgets for use by management based on input and assistance from staff members. Discusses and clarifies approvals and revisions with those affected
• Oversees preparation of management reports that compare actual versus planned budgetary performance
• Performs detailed statistical analysis on individual income and expense items to identify the basis for deviations and reviews results with appropriate personnel. Identifies and manages financial risks and opportunities.
• Oversees the creation and analysis of Branch and Product Profitability models. Ensure recurring profitability results are shared with key stakeholders and leads discussions on analysis of data, with a focus on providing forecasts complementing branch optimization strategies.
• Participate on Board Committees that includes, but not limited to, the Investment and Budget Committees. Assist in preparation of committee packets, including the agenda, and all relevant supporting data.
• Participate in Board of Directors Meetings and Board/Management planning sessions.
• Establishes and implements operating procedures to ensure proper internal controls in all accounting related areas. Identifies and implements technology solutions to improve the credit union’s financial operation’s efficiency and effectiveness.
• Ensure that all lines of report policies and procedures are in line with current federal, state, or local regulations. Proposes needed changes as regulations are introduced or changed
• Analyzes the Credit Union’s cash flow and makes recommendations to improve the efficient use of and/or rate of return on excess funds
• Invest credit union funds in accordance with limits established by the Investment Policy
• Prepares and analyzes asset and liability management (ALM) reports and makes recommendations to management for improvement
• Review ALM reports to assess credit union’s compliance with specific goals as established by Credit Union policies and plans
• Ensures the credit union’s compliance with Current Expected Credit Loss (CECL) methodology, processes, and reporting standards.
• Assists in establishing and maintaining pricing policies. Participates in the establishment of electronic models for product pricing and incentive compensation analysis.
• Coordinate and manage projects as assigned or by own initiative. Project management responsibilities may include organizing and chairing a committee
• Interacts with credit union vendors and business partners, analyzes vendor data and service levels for compliance with contractual requirements, negotiates timely, favorable contractual terms with existing and potential vendors, and creates recommended contracts for approval

DESIRED BACKGROUND:

• Must possess a minimum of a bachelor’s degree in Business Administration, Accounting, Finance, a directly related field, or equivalent experience.
• Must have 7 – 10 years finance and accounting managerial experience, preferably with a financial institution. 3-5 years senior management position experience
• Must be thoroughly knowledgeable within six months of credit union accounting procedures
• Must be able to prepare and interpret a wide variety of financial reports
• Must be thoroughly knowledgeable within six months of the Credit Union’s core computer system and be able to follow all transactions and know how they affect members record and the general ledger
• Must be able to maintain a high level of security in performing the duties included within this job description. This includes possessing the ability to ensure password confidentiality and the ability to responsibly access and alter only those files and programs that are necessary in the performance of duties
• Work requires professional written and verbal communication and interpersonal skills
• Ability to motivate teams to produce quality results and simultaneously manage several projects
• Ability to participate in and facilitate group meetings
• Must be able to deal effectively with employees, members and officials with tact and diplomacy
• Must have the ability to communicate effectively both orally and in writing. Should have the ability to speak before medium sized groups of employees and others
• Must be familiar with IRS and state tax laws as they relate to informational returns, personnel tax reporting, and income tax returns (CUSO)
• Must be familiar with Asset Liability Management
• Must have strong PC skills including the ability to create complex spreadsheets and databases

WORK ENVIRONMENT: The work requires physical mobility within the work area and minimal travel locally and infrequently to other areas within the United States. Work is performed in an office or meeting room environment but requires frequent hands-on involvement throughout the entire Credit Union area of responsibility to include all offices of Headquarters and all branch locations.