Chief Financial Officer

Responsible for directing, coordinating, maintaining, and controlling an accounting system that properly reflects the financial position of the Credit Union. Monitors Department policies and procedures and recommends improvements. Functions as a member of the Executive Management Team, participates in establishing and implementing major goals and objectives of the Credit Union, and serves as a resource in all aspects of accounting and finance. This role will prepare and forecast the financial stability of the organization’s long-term direction, policies, procedures, strategic plan, as well as management of the interest rate risk and liquidity. Oversees budgeting, general ledger, accounts payable and receivable, risk management, asset and liability management, capital expenditures, and the investments of Credit Union assets. Ensures the accurate internal and external recording and reporting of financial transactions to state and federal regulatory agencies. Ensures that accounting activities are in compliance with established legal, regulatory, in accordance with accounting principles, GAAP, government regulations, and Credit Union procedures. Assigns, directs, and appraises accounting staff.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
1. Accounting and Finance Operations Management. Oversee all aspects of accounting and finance operations, including financial reporting, accounts payable/receivable, general ledger maintenance, and regulatory compliance.
a. Assists Executive Management in developing short and long-range goals and objectives for the Finance, Investment and Accounting Departments.
b. Develops and implements operational plans, policies, and procedures for the Department which further Credit Union objectives.
c. Continually evaluates established policies and procedures and updates or modifies them as necessary. Ensures that policies are in accordance with evolving regulations, risks, legal requirements, and industry trends.
d. Supervises the development and implementation of financial information and control systems, including general ledger, budgeting, cost allocation, mortgage accounting, and other subsystems.
e. Periodically reviews management's information needs and modifies the reporting systems as needed.
2. Treasury and Risk Management. Oversee asset/liability management, investments, liquidity, and interest rate risk.
a. Develop and implement strategies to manage the credit union's balance sheet, including liquidity management, interest rate risk, and capital adequacy.
b. Monitor and analyze asset and liability performance, identifying opportunities to optimize the balance sheet structure and enhance profitability.
c. Collaborate with lending and deposit teams to optimize loan pricing, deposit rates, and product offerings.
d. Identifies and measures the effect of related risk factors on the Credit Union.
e. Ensures the implementation of strategies, policies, and procedures to protect Credit Union assets.
f. Assists Executive Management in evaluating and determining risk levels.
3. Financial Planning, Reporting and Compliance. Assumes responsibility for the effective preparation, maintenance, and reporting of internal and external financial records and analyses.
a. Oversees development and preparation of daily, monthly, annual, and other periodic financial statements and reports. Ensures that accounts and reports provide responsibility centers with adequate operating and financial data.
b. Ensures that records and reports are in accordance with generally accepted accounting principles and government regulations.
c. Ensures that external document submissions and filings are accurate and timely.
d. Coordinates audits of financial records and statements.
e. Oversees the preparation of budgets. Assists in establishing operational budgets for each responsibility center.
f. Performs and oversees special studies for management, such as cost analyses, ratio and trend analyses, and other comparative examinations. Detects and analyzes trends in financial data.
g. Prepares reports and analyses of departmental and branch operations and performance.
4. Communication. Assumes responsibility for establishing and maintaining effective communication and coordination with Credit Union personnel and management.
a. Aids and advises branch and department managers in handling accounting entries and reports and various comparative analyses.
b. Coordinates functions with other departments. Interfaces with Information Technology in the development and implementation of efficient accounting procedures consistent with new technological applications.
c. Assists and supports Credit Union personnel. Responds to questions and information needs.
d. Keeps Executive Management informed of area activities and of any significant problems, issues or new and changing risks.
e. Attends and participates in board meetings and board committee meetings.
5. Personnel Development. Effectively supervises the Department staff, ensuring optimal performance.
a. Provides leadership to Department peronnel through effective objective setting, delegation, and communication. Conducts regular staff meetings.
b. Selects and trains personnel. Analyzes training needs and develops programs to meet them.
c. Directs, schedules, and coordinates Department functions.
d. Provides support and assistance to Department personnel as needed.
6. External Relations. Assumes responsibility for establishing and maintaining effective business relations with vendors, outside auditors and regulators, and with professional trade groups.
a. Serves as a liaison between the Credit Union and external auditors and state and federal regulatory authorities.
b. Represents the Credit Union with various trade professionals and groups.
c. Ensures that the Credit Union’s professional reputation is maintained. Ensures that appropriate levels of confidentiality are maintained.
7. Other Duties. Assumes responsibility for related duties as required or assigned.
a. Stays informed of trends and changes in the accounting, investment, ALM, risk, and tax fields.
b. Completes special accounting projects as assigned.
c. Ensures that Department work area is clean, secure, and well maintained.
d. Works a regular and predictable schedule.
PERFORMANCE MEASUREMENTS
1. Financial and accounting statements, records, and reports are accurate and timely. Executive Management is provided with useful and informative reports and data. The Credit Union’s financial position is accurately conveyed.
2. The Credit Union’s financial performance meets or exceeds established goals.
3. Appropriate department policies and procedures are developed and updated as needed.
4. Department functions are conducted in accordance with established principles, standards, and legal requirements.
5. Credit Union assets are safeguarded and preserved.
6. Department personnel are effective and efficient.
7. Positive business relations exist with business contacts, auditors, government officials, and trade professionals.
8. Good coordination and effective working relations exist with other departments. Assistance is provided as needed.
QUALIFICATIONS
EDUCATION/CERTIFICATION: Bachelor’s degree in accounting. Advanced degree and CPA and/or CMA are
preferred.
REQUIRED KNOWLEDGE: Thorough knowledge of financial and accounting practices and procedures.
Understanding of governmental regulations and reporting requirements.
Familiarity with related auditing and information services functions.
Understanding of Credit Union operations and information needs.
EXPERIENCE REQUIRED: Seven to ten years of related progressive experience, preferably in a financial environment.
Significant supervisory experience required.
SKILLS/ABILITIES: Strong communication abilities.
Solid organizational skills.
Excellent analytical abilities.
Solid supervisory skills.
PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
TALKING: Especially where one must frequently convey detailed or important instructions or ideas
accurately, loudly, or quickly.
AVERAGE HEARING: Able to hear average or normal conversations and receive ordinary information.
REPETITIVE MOTION: Movements frequently and regularly required using the wrists, hands, and/or fingers.
AVERAGE VISUAL ABILITIES: Average, ordinary visual acuity necessary to prepare or inspect documents or products, or
operate machinery.
PHYSICAL STRENGTH: Sedentary work; sitting most of the time. Exerts up to 10 lbs. of force occasionally.
(Almost all office jobs.)
WORKING CONDITIONS
NONE: No hazardous or significantly unpleasant conditions (such as in a typical office).
MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
REASONING ABILITY: Ability to apply logical or scientific thinking to a wide range of intellectual and practical
problems.
Able to deal with very difficult concepts and complex variables.
MATHEMATICS ABILITY: Ability to use advanced algebra, exponents, logarithms, linear equations, quadratic equations,
mathematical induction and binomial theorem, permutations, calculus, and/or analytic geometry.
Able to perform basic statistical calculations including frequency distributions, reliability and
validity of tests, normal curve, analysis of variance, correlation techniques, chi-square
application and sampling theory and factor analysis.
LANGUAGE ABILITY: Ability to read scientific and technical journals, abstracts, financial reports and legal documents.
Ability to prepare articles, abstracts, editorials, journals, manuals, and critiques.
Ability to prepare and make comprehensive presentations, participate in formal debate,
communicate extemporaneously, and professionally communicate before an audience.
INTENT AND FUNCTION OF JOB DESCRIPTIONS
Job descriptions assist organizations in ensuring that the hiring process is fairly administered and that qualified employees are selected. They are also essential to an effective appraisal system and related promotion, transfer, layoff, and termination decisions. Well constructed job descriptions are an integral part of any effective compensation system.
All descriptions have been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate.
In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.
Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.