Job Description of a CFO

Who is an CFO? The chief financial officer (CFO) is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management. In some sectors the CFO is also responsible for analysis of data. The title is equivalent to finance director , a common title in the United Kingdom. The CFO typically reports to the chief executive officer and to the board of directors, and may additionally sit on the board. The Job Description of a CFO may be described as under:

CFO
Job Title Company Job Code FLSA (Fair Labor Standards Act) Status Division/Department Reports to Salary Grade
SUMMARY

: Chief Financial Officer (CFO) : F & A 001 : Exempt : Finance And Accounts : CEO/President :G-1

Responsible for all financial and fiscal management aspects of company operations. Provide leadership and coordination in the administr ative, business planning, accounting and budgeting efforts of the company.
PRIMARY RESPONSIBILITIES

1. Create, coordinate, and evaluate the financial programs and supporting information systems of the company to include budgeting, tax planning, real estate, and conservation of assets. 2. Approve and coordinate changes and improvements in automated financial and management information systems for the company. 3. Ensure compliance with local, state, and federal budgetary reporting requirements. 4. Oversee the approval and processing of revenue, expenditure, and position control documents, department budgets, mass salary updates, ledger, and account maintenance and data entry. 5. Coordinate the preparation of financial statements, financial reports, special analyses, and information reports. 6. Develop and implement finance, accounting, billing, and auditing procedures. 7. Establish and maintain appropriate internal control safeguards. 8. Interact with other managers to provide consultative support to planning initiatives through financial and management information analyses, reports, and recommendations. 9. Attend Board and Subcommittee meetings; including being the lead staff on the Audit/Finance Committee. 10. Ensure records systems are maintained in accordance with generally accepted auditing standards. 11. Develop and direct the implementation of strategic business and/or operational plans, projects, programs, and systems.

12. Assist in obtaining the necessary licenses and insurance required to start a business. 13. Analyze cash flow, cost controls, and expenses to guide business leaders. Analyze financial statements to pinpoint potential weak areas. 14. Establish and implement short - and long-range departmental goals, objectives, policies, and operating procedures. 15. Serve on planning and policy-making committees. 16. Oversee financial management of foreign operations to include developing financial and budget policies and procedures. 17. Other duties as assigned.

ADDITIONAL RESPONSIBILITIES

1. Represent the company externally to media, government agencies, funding agencies, and the general public. 2. Recruit, train, supervise, and evaluate department staff.

KNOWLEDGE AND SKILL REQUIREMENTS

1. Experience in strategic planning and execution. Knowledg e of contracting, negotiating, and change management. Knowledge of finance, accounting, budgeting, and cost control principles including Generally Accepted Accounting Principles. Knowledge of automated financial and accounting reporting systems. Knowledge of federal and state financial regulations. Ability to analyze financial data and prepare financial reports, statements, and projections. 2. Work requires professional written and verbal communication and interpersonal skills. Ability to motivate teams to pr oduce quality materials within tight timeframes and simultaneously manage several projects. Ability to participate in and facilitate group meetings. 3. This is normally acquired through a combination of the completion of a Masters Degree in Finance or Accoun ting, ten years of experience in a senior level finance or accounting position, and a CPA. 4. Work requires willingness to work a flexible schedule.
WORKING CONDITIONS

Working conditions are normal for an office environment. Work may require occasional weekend and/or evening work. The CFO's job is a very complex one. We have only scratched the surface of the many things this executive is responsible for. One thing is ce rtain: a great CFO will usually differ from a good CFO by the way that he or she is able to project the long term financial picture of the company and by how the company thrives based on his or her analyses.

Chief Financial Officer GENERAL

Job Descriptions Main Page

DEFINITION

The Chief Financial Officer (CFO) provides both operational and programmatic support to the organization. The CFO supervises the finance unit and is the chief financial spokesperson for the organization. The CFO reports directly to the President/Chief Executive Officer (CEO) and directly assists the Chief Operating Officer (COO) on all strategic and tactical matters as they relate to budget management, cost benefit analysis, forecasting needs and the securing of new funding. ESSENTIAL DUTIES AND RESPONSIBILITIES y y y y y Assess the benefits of all prospective contracts and advise the Executive Team on programmatic design and implementation matters. Ensure adequate controls are installed and that substantiating documentation is approved and available such that all purchases may pass independent and governmental audits. Provide the COO with an operating budget. Work with the COO to ensure programmatic success through cost analysis support, and compliance with all contractual and programmatic requirements. This includes: 1) interpreting legislative and programmatic rules and regulations to ensure compliance with all federal, state, local and contractual guidelines, 2) ensuring that all government regulations and requirements are disseminated to appropriate personnel, and 3) monitoring compliance. Oversee the management and coordination of all fiscal reporting activities for the organization including: organizational revenue/expense and balance sheet reports, reports to funding agencies, development and monitoring of organizational and contract/grant budgets. Oversee all purchasing and payroll activity for staff and participants. Develop and maintain systems of internal controls to safeguard financial assets of the organization and oversee federal awards and programs. Oversee the coordination and activities of independent auditors ensuring all A -133 audit issues are resolved, and all 403(b) compliance issues are met, and the preparation of th annual financial statements is in e accordance with U.S. GAAP and federal, state and other required supplementary schedules and information. Attend Board and Subcommittee meetings; including being the lead staff on the Audit/Finance Committee. Monitor banking activities of the organization. Ensure adequate cash flow to meet the organization's needs. Serve as one of the trustees and oversee administration and financial reporting of the organization's Savings and Retirement Plan. Investigate cost-effective benefit plans and other fringe benefits which the organization may offer employees and potential employees with the goal of attracting and retaining qualified individuals. Oversee the production of monthly reports including reconciliations with funders and p ension plan requirements, as well as financial statements and cash flow projections for use by Executive management, as well as the Audit/Finance Committee and Board of Directors. Assist in the design, implementation, and timely calculations of wage incentives, commissions, and salaries for the staff. Oversee Accounts Payable and Accounts Receivable and ensure a disaster recovery plan is in place. Oversee business insurance plans and health care coverage analysis. Oversee the maintenance of the inventory of all fixed assets, including assets purchased with government funds (computers, etc.) assuring all are in accordance with federal regulations. Assist in performing all tasks necessary to achieve the organization's mission and help execute staff succession and growth plans. Train the Finance Unit and other staff on raising awareness and knowledge of financial management matters. Work with the President/CEO on the strategic vision including fostering and cultivating stakeholder relationships on city, state, and national levels, as well as assisting in the development and negotiation of contracts. Participate in developing new business, specifically: assist the CEO and COO in identifying new funding opportunities, the drafting of prospective programmatic budgets, and determining cost effectiveness of prospective service delivery.

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REQUIRED KNOWLEDGE, SKILLS, AND ABILITIES y y Knowledge of:: Not-for-profit accounting in accordance with U.S. Generally Accepted Accounting Principles, OMB Circulars A-133, A110 and A-122, TANF program regulations and compliance requirements, and appropriate Code of Federal Regulations sections. Current trends, developments, and theories in job readiness training and adult education. Current trends and developments in welfare reform and the development of Welfare -to-Work programs under the DHHS TANF and other federal programs. Issues, concerns, and barriers of employees newly entering the workforce. Laws, regulations, and rules governing work requirements for TANF participants. Resources of public and private social service and related agencies. Organizational development, human resources, and program operations. General office software, particularly the Microsoft Office Suite and MIP software (or other similar not-for-profit general ledger software) and use of databases. Ability to: Foster and cultivate business opportunities and partnerships. Create and assess financial statements and budget documents. Recognize and be responsive to the needs of all clients of the organization, including funding organizations, the Board of Directors, local community advocates, participants, and employers. Supervise staff, including regular progress reviews and plans for improvement. Communicate effectively in both written and verbal form.

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EDUCATION AND EXPERIENCE Education: y y y Completion of a bachelor's degree at an accredited college or university or equivalent work experience. Completion of a master's degree at an accredited college or university or equivalent work experience. Certified Public Accountant (CPA) preferred.

Experience: y y y y The Controller or Chief Financial Officer level. Five to seven years of financial experience and management experience with the day -to-day financial operations of an organization of at least 50 staff persons. Two years of direct service delivery experience working with long-term unemployed adults. Any equivalent combination of education and experience determined to be acceptable.