CFO for a Financial Institution with CRA Experience
Company: Clearinghouse CDFI
Location: Remote, All
Job Function: Financial Services
Background
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) is a full-service, direct lender financing projects that create jobs & services to help people work, live, dream, grow, & thrive in healthy communities. The company was established in 1996 to serve low-income and disadvantaged communities in Southern California. Since then, Clearinghouse CDFI has expanded its service area to address unmet credit needs throughout the U.S., focusing on CA, NV, AZ, NM, TX, & Indian Country.
Summary
The Chief Financial Officer (CFO) directs and oversees all financial activities within the corporation, including the development, enhancement, and maintenance of sound financial systems in accordance with CECL standards and regulations. This includes overseeing the preparation of timely internal and external financial reports, audits, and compliance items. Strong knowledge of the Community Reinvestment Act (CRA) and/or community development is preferred. The (CFO) will also be responsible for monitoring the annual budget, planning, and oversight of cash liquidity, including collateral related to secured debt facilities, and utilizing financial modeling software to create various financial projections. Additionally, the CFO will monitor and ensure compliance with any tax regulations, investor requirements, New Markets Tax Credits (NMTC), and reporting requirements to the CDFI Fund. Oversight of the Loan Servicing Department and its compliance is also a key aspect of this role.
Responsibilities
Financial Management and Reporting:
- Direct the preparation of all financial and investor reports and schedules, including monthly/quarterly Financial Packages, NMTC financials, reports to shareholders, corporate and LLC tax returns, and reports for government regulatory agencies. Oversee preparation for annual audits for Parent Company, CRA Investment Funds, NMTC LLCs, and NMTC Investment Funds.
- Plan, develop, and oversee annual and three-year forecasts. Review staff reports analyzing projections against actual figures, budgeted expenses against final totals, and suggest methods of improving the planning process as appropriate. Utilize financial modeling software to analyze scenarios with various financial and economic assumptions.
- Study long-range economic trends and project company prospects for future growth in overall sales and market share, opportunities for acquisitions, or expansion into new areas. Analyze company operations to pinpoint opportunities and areas that need to be expanded, reorganized, downsized, or eliminated. Confer with the president and other executive management to coordinate and prioritize strategic planning.
- Direct and oversee the company’s liquidity in terms of operational cash flow, involving strategic utilization of available sources of funds and required ratios.
- Work with the Executive Team on strategies related to capital raising and GAP analysis of portfolio loan and debt maturities. Review periodic cash and liquidity forecasts and approve general direction for controller managing requirements for loan originations and operating liquidity.
Compliance:
- Oversee the preparation of periodic reporting and compliance certifications, such as CDFI Fund CIIS, investor certifications, and covenant analysis, Department of Corporation Annual Lender Reports, and NMTC investors, including all required semi-annual CDE and QALICB compliance reporting.
- Oversee preparation of K-1s and Partnership tax returns for NMTC LLC’s.
- Oversee the Loan Servicing Department. Monitor delinquencies and maturities. Work with the Loan Servicing Manager on workout strategies. Review problem loans/proposed solutions with the Executive Team. Assist with NMTC loan workouts and LLC dissolution.
- Responsible for the organization’s risk management functions, including quarterly analysis of loan loss reserve matrix factors and impairment analyses as appropriate.
- Oversee annual 1099/1098 reporting and filing.
- Serve on the Executive Compensation Committee. Responsible for preparing Annual Compensation and Long-Term Incentive Compensation Plan (LTICP) Schedules and Analysis for the Committee. Quarterly LTICP performance analysis for the Executive Team.
- Work in conjunction with Human Resources and potentially other stakeholders regarding finance-related items that are confidential in nature. These items can include but are not limited to the evaluation of compensation and bonus budgets, new employee compensation plans, 401k matches, and the review of payroll processing for internal controls/separation of department duties.
The foregoing essential duties and responsibilities have been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this position.
Supervisory Responsibilities: This position directly supervises the Controller, the NMTC Accountant, and the Loan Servicing Manager, who are responsible for the Accounting/Finance and Loan Servicing Departments.
Requirements
Knowledge, Skills & Abilities:
- Strong management skills.
- Excellent communication and presentation skills.
- Strong project management skills.
- Effectively delegates work assignments, gives authority to work independently, sets expectations, and monitors delegated activities.
- Ability to read, analyze, and interpret the most complex documents.
- Ability to respond effectively to the most sensitive inquiries or complaints.
Education and/or Experience: A master’s degree (MA/MS) or equivalent, ten to fifteen years related experience and/or training, or an equivalent combination of education and experience, are required. You must have banking/financial institution experience. You must know about the CRA (Community Reinvestment Act) and its relationship to the banking/finance industry. A minimum of three years as a CFO is preferred. Experience/knowledge of taking a company public is a plus.
Certifications, Licenses, Registrations: Certified Public Accounting (CPA) designation is a plus.
Compensation and Benefits
The annual salary range, excluding discretionary bonuses, is between $180,000 and $260,000.
In addition, we provide a comprehensive benefits package that includes Medical, Dental, Vision, HSA, FSA, LTD, Life Insurance, EAP, supplemental benefits, paid vacation, sick leave, floating holidays, and approximately 10 recognized holidays each year. We believe that our commitment to our staff’s well-being and financial success sets us apart from other companies, and we are confident that you will find our compensation and benefits package among the best in the industry.
How to Apply
We believe you have the skills and experience to excel in our open CFO position. To apply, please follow the provided Indeed link and take the first step towards becoming a valuable member of our team. We look forward to reviewing your application: