Chief Financial Officer CFOHybrid - Shuvel Digital

POSITION OVERVIEW

The Washington Area Community Investment Fund (Wacif) seeks a dynamic and experienced full-time Chief Financial Officer (CFO) to join our team. As a vital member of the Executive Team, the CFO will play a crucial role in providing strategic leadership and day-to-day oversight of Wacif's consolidated accounting and financial operations. The primary objective of this role is to drive the achievement of Wacif's long-term financial goals and objectives while ensuring the financial health and sustainability of the organization.

REPORTS TO: Chief Executive Officer (CEO)

SUPERVISES: Director of Finance and Financial Planning & Reporting Manager

DUTIES & RESPONSIBILITIES

1. People Management
   • Set clear and achievable goals for Finance team and regularly monitor progress towards those goals;
   • Provide ongoing support, guidance, and feedback to team members to facilitate their professional development and growth within the organization;
   • Coach, cross-train, and mentor team members to become experts in their positions and valuable business partners to the organization;
   • Foster a collaborative and inclusive team environment by encouraging cross-training and knowledge sharing among team members;
   • Promote a culture of accountability, transparency, and improvement within the Finance department.
2. Financial Strategy & Planning
   • Lead the development, implementation, and attainment of strategic financial objectives for Wacif, aligning with the organization's mission and vision;
   • Evaluate and contribute to the financial strategy of all Wacif entities (new & existing), ensuring alignment with overall organizational goals and objectives;
   • Provide strategic guidance to the development of short-term and long-term financial plans and projections, leveraging insights to drive informed decision-making;
   • Take ownership of long-range balance sheet strategy and capitalization planning, ensuring sustainable growth and financial stability;
   • Oversee and approve the investment of excess liquidity, optimizing returns while managing risk in accordance with organizational policies and guidelines.
3. Budgeting
   • Provides strategic guidance and leadership throughout the annual budgeting process, collaborating with relevant stakeholders to develop comprehensive and realistic budgets;
   • Present annual budget to Finance & Audit Committee and Board of Directors, articulating key assumptions, priorities, and financial implications for review and approval;
   • Monitors financial performance against budget, organizationally and at the project and/or department level, identifying variances and implementing corrective actions as necessary to ensure fiscal responsibility;
   • Manage the General & Administrative (G&A): Finance & Operations budget, optimizing resource allocation to support organizational priorities while maintaining financial sustainability.
4. Capitalization
   • Build and cultivate a robust pipeline of lenders to support capitalization plan and strategic initiatives;
   • Lead discussion and negotiations to secure debt capital funding, ensuring terms and conditions align with Wacif's financial objectives and risk tolerance;
   • Lead debt capital due diligence efforts, working closely with internal stakeholders and external partners to assess risk and evaluate opportunities;
   • Collaborate with General Counsel to negotiate terms, covenants, and structure of debt investments;
   • Facilitate the closing of financial transactions with investment counterparties, ensuring all necessary documentation and agreements are executed accurately and in compliance with regulatory requirements.
5. Financial Reporting
   • Provide comprehensive oversight, strategic advice, and tactical support to financial reporting function, ensuring accuracy, compliance, and timeliness in all reporting activities;
   • Identify and establish key financial performance indicators (KPIs) regularly monitoring and reporting progress against targets and provide insightful analysis on significant trends and variances;
   • Monitor and ensure restricted funding is applied according to donor specified requirements;
   • Present financial results, analyses, and other relevant items to the CEO and Finance & Audit Committee, offering clear and concise explanations to facilitate informed decision-making.
6. Financial Operations
   • Facilitate the opening and closing of new bank accounts;
   • Managing American Express (AMEX) corporate card account, including account ownership and adding/removing employee cards;
   • Oversee chart of accounts, department/project/budget codes structuring and overall financial data schema;
   • Authorize and release outgoing ACH/WIRE payments from Wacif bank accounts;
   • Approve financial management related policies;
   • Review and approve Finance, Operations, and Human Capital department expenses, ensuring alignment with approved budgets and adherence to Wacif policies;
   • Lead implementation of key accounting software solutions;
7. Risk & Compliance
   • Identify and implement strategies to mitigate risks facing all Wacif entities;
   • Update Finance & Audit Committee and Board on key risks and compliance issues facing all Wacif entities;
   • Ensure compliance with all lender covenants and grant requirements;
   • Identify and implement mechanisms to manage risk of loss associated with the loan portfolio;
   • Review and approve Lending Department Credit Memos;
   • Approve Loan Write-offs;
8. Audit & Tax
   • Foster and maintain a positive and collaborative relationship with external audit firm, facilitating effective communication and cooperation throughout the audit process;
   • Provide support to the Director of Finance in addressing audit and tax-related issues;
   • Review and approve Annual Audited Financial Statement and Single Audit Reports across Wacif entities;
   • Review and approve IRS Form 990, verifying the completeness and accuracy of the information reported to regulatory authorities;

QUALIFICATIONS

• At least 15+ years of progressive experience in senior financial management roles within financial institutions, investment firms, or broader financial services (non-profit experience preferred);
• Advanced degree in Accounting, Finance or another related field or commensurate similar experience (MBA, CPA, of CFA preferred);
• Strong communication skills, including the ability to effectively communicate with stakeholders at all levels of the organization, facilitate decision-making processes, and maintain transparency;
• Experience in leading or supporting organizational change initiatives, including restructuring, process improvements, or system implementations, to ensure smooth transitions and continuity of operations;
• Proven ability to identify and address complex challenges or issues that may arise, utilizing creative problem-solving skills and resourcefulness to find effective solutions;
• Experience in managing multiple projects or initiatives simultaneously, setting priorities, allocating resources, and ensuring timely delivery of results;
• Proven experience engaging with private and public sector debt investors through deal sourcing, due diligence and closing investment stages;
• Proven experience with creative and catalytic capital structures or blended capital financing models, including the use of credit risk guarantees, loan loss reserves, long-term subordinated debt (EQ2s);
• Experience making credit risk decisions and sitting on internal credit risk or investment committees;
• Experience leading a high functioning finance team within growing organizations;
• Working knowledge of non-profit revenue recognition principles (ASU 2014-09 Topic 606 and ASU 2018-08);
• Compliance and risk-oriented; strong analytical skills
• Experience working in a CDFI, financial services, or investment management firm a plus;
• A high level of motivation, initiative and attention to detail;
• Ability to work under pressure and handle stress;
• Advanced proficiency in MS Office Suite (Excel, Word, Outlook, PowerPoint);
• Interest in and commitment to Wacif's mission of working with low- and moderate-income individuals and underserved communities.