Company: NeighborWorks Capital
Location: Silver Spring, MD
Job Function: Finance
About NeighborWorks Capital:
Our WHY statement: We believe the NeighborWorks America network is a powerful catalyst for locally driven community advancement. We support their equitable and inclusive work by connecting human, financial, and intellectual capital.
NeighborWorks Capital is a national community development financial institution (CDFI) that serves the organizational and affordable housing finance needs of the nearly 250 members of the NeighborWorks network located across the United States. Its current access to capital is $135 million with a portfolio of $100 million in loans outstanding nationwide and net assets of $54 million. NeighborWorks Capital is based in Silver Spring, MD.
NeighborWorks Capital’s lending includes short-term loans for pre-development costs, acquisition of sites and properties, construction or rehabilitation, interim/mini permanent/permanent financing for operating properties, lines of credits and organizational/enterprise level financing. NeighborWorks Capital is implementing the final year of its five-year strategic plan and will begin the development of a new strategic plan that will include an expansion of its engagement with members of NeighborWorks America. In 2023 we will be launching a new consulting line of business that will offer our customers the ability to supplement their own team’s competencies with outside expertise. This is an exciting time to become part of the NeighborWorks Capital leadership team.
The Chief Financial Officer (CFO) is a member of the senior management team and has overall responsibility for the organization’s capital strategy, balance sheet management, financial reporting, accounting, treasury management, human resources, and administrative systems of NeighborWorks Capital. The CFO is a critical strategic partner for the Chief Executive Officer (CEO) and has a significant voice in shaping the organization’s vision and planning to implement that vision. The CFO collaborates with the CEO, Chief Lending Officer (CLO) and Chief Portfolio Officer (CPO)to develop and implement the organization’s business plan.
The CFO develops, recommends, and implements the financial strategy needed to reach the organization’s goals, enhances and improves financial and administrative systems and processes, monitors and analyzes business plan results, builds and manages investor relationships, and ensures compliance with all investor and funder covenants and industry best practices.
The CFO will report directly to the CEO and will also work closely with the CLO, CPO, NeighborWorks Capital Board of Directors, and the Loan and Finance Committees.
Reports to: Chief Executive Officer
Status: Full-time, exempt
Location: Flexible. If remote, travel to Silver Spring, MD will be required as needed.
Organizational Strategy and Results:
- Collaborate with the CEO to identify opportunities and design business strategies.
- Develop, recommend, and implement strategies to ensure the organization has the financial resources to achieve its current and future goals, including flexible and low-cost capital. Once financial strategies are approved, the CFO is the lead on implementation, working closely with the CEO as appropriate.
- Remain current on the capital landscape and builds relationships with new investors who can bring flexible and low-cost capital to our customers.
- Develop and implement strategies to recognize and mitigate financial, operational, and reputational risks.
- Establish systems to track financial results with an emphasis on leading indicators.
- Propose strategies to increase organizational financial sustainability, including loan pricing, management of net interest margin, and duration gap, while meeting mission goals.
- Develop and maintain effective working relationships with the board of directors, finance committee, funders, investors, partners, consultants, vendors, peers, and other staff.
Capital Structuring and Management:
- Represent NeighborWorks Capital to external investors, lenders, and key partners, including NeighborWorks America, CDFI Fund, and AERIS, as it relates to the management of existing capital through robust relationship management, including financial and loan reporting
- Identify, structure, and secure new sources of loan capital from a variety of sources.
- Assure that all financial obligations are comprehensively monitored for compliance, including balance sheet, operating, reserve, and leverage covenants.
Financial Management and Reporting:
- Oversee organizational budgeting, financial reporting, capital management, near and long-range forecasting, loan loss reserve accounting, investment and cash management, audit, accounting, purchasing, and insurance activities.
- Represent NeighborWorks Capital with key vendors including consultants, landlord(s), human resources, benefits, and insurance partners.
- Direct, manage, and support the preparation and issuance of the annual audit.
- Administer, monitor, and recommend improvements to internal financial policies/procedures and investment policies to maintain adequate controls and services, and to execute or report on any transactions or information requests.
- Manage and monitor the organization’s cash flow and lending capital needs. Assure funds are available at optimum levels per loan pipeline projections. Optimize the investment of available funds in accordance with the NeighborWorks Capital’s Investment Policy.
- Supervise NeighborWorks Capital’s Controller, Accountant, and Office Administrator positions for the day-to-day accounting needs of NeighborWorks Capital that include, but are not limited to, month/year end close, accounts payable, financial reports, payroll, invoicing, cash receipts and financial aspects of loan servicing.
Board and Committees:
- Lead staff in coordinating activities of the finance committee, including scheduling and staffing meetings, developing agendas, and providing reports on matters including financial, lending, portfolio, compliance, investment, and organizational performance. Ensure the information provided to committee members is made available in a well-organized, accurate, and timely fashion.
- Attend all Board, Loan, and Finance committee meetings.
- Participate in annual and strategic planning processes.
Human Resources, Administrative:
- Coordinate and oversee the Office Administrator function related to NeighborWorks Capital office operations.
- Oversee administration of personnel, payroll, and administrative records.
- Negotiate and manage consultant and vendor contracts related to audit, human resources, insurance, payroll, and benefits.
- Maintain insurance coverage, including health and disability, general liability, professional liability, and D&O liability insurance policies.
- Maintain policies for Business Continuity
- Recommend improvements to NeighborWorks Capital’s employee benefits within the annual budget parameters.
- At least 10 years of demonstrated relevant finance and capital markets experience (CFO, Director of Capital Planning, or other similar finance experience) with technical and management proficiency in the operations of a financing organization. Minimum of 7 years of recent experience as CFO or equivalent in a lending organization preferred.
- Excellent understanding of the affordable housing and community development funding landscapes strongly preferred.
- A strong commitment to diversity, equity and inclusion is required.
- Excellent communications and relationship building/management skills.
- Strong financial planning and analysis skills.
- Strong Excel skills, including forecasting and scenario planning.
- Ability to synthesize and analyze large quantities of data and translate this information into an understandable narrative format.
- Knowledge and experience with lending operations, loan funds, and nonprofit organizations are strongly preferred.
- Knowledge and experience with office administration and human resources in a small office environment are preferred.
- Use of collaborative and facilitative approach and the flexibility to work with a broad range of cultures, personalities, and work styles.
- Demonstrated ability and willingness to collaborate required.
- Ability to demonstrate the greatest level of flexibility in an environment with frequent changing priorities required to meet market-focused changes (e.g. COVID, interest rate increases, market volatility) and the needs of NC’s internal and external customers.
- Demonstrated experience with the design and implementation of enhanced financial systems and procedures, which allow a mission-driven lending organization to operate effectively as it grows and diversifies its capital sources and products.
- Strongly self-motivated and able to follow through in completing high-quality, detailed work with minimal supervision.
- Capacity to prioritize and simultaneously manage multiple tasks to meet internal and external deadlines.
- Demonstrated ability to prepare clear, accurate, well-organized written and financial reports and to communicate verbally in an effective and concise manner.
- Bachelor’s degree required. Advanced degree preferred.
- Supervisory experience required.
- Limited travel within U.S. required (10%).
- Fluent in English.
- Possess valid U.S. driver’s license.
Compensation and Benefits
Competitive Salary. Excellent benefits package that includes medical, dental, holidays, unlimited paid time off, life insurance, 6% contribution to 401(k), transportation subsidy, and performance-based bonus. No phone calls please. NeighborWorks® Capital is an Equal Opportunity Employer. Women and minorities are strongly encouraged to apply.
How to Apply
Please submit a letter of interest, resume, and salary requirements to: email@example.com. Salary requirements must be provided to be considered.