Senior Vice President for Finance, Chief Financial Officer, and Deputy Treasurer

About Drexel

Drexel is a comprehensive global research university ranked among the top 100 in the nation. With over 24,000 students, Drexel is one of America's 15 largest private universities. Drexel is one of Philadelphia's top 10 private employers, and a major engine for economic development in the region. Drexel has committed to being the nation’s most civically engaged university, with community partnerships integrated into every aspect of service and academics.

Job Summary

Drexel University, the 14th largest private university in the nation, seeks a respected and experienced financial leader to serve as its next Senior Vice President for Finance, Chief Financial Officer and Deputy Treasurer (CFO).

Reporting directly to the Executive Vice President, Treasurer and Chief Operating Officer (COO), the CFO will oversee, manage and report on approximately $1.0 billion in revenue and $1.2 billion in net assets, of which $715 million are investments, and will play a vital role in providing strategic financial leadership and direction to all Drexel campuses. The successful incumbent will be expected to support the core educational and administrative objectives of Drexel and direct all financial planning, accounting and investment practices for the University and all of its subsidiaries and related entities.

The CFO will provide financial stewardship, vision and innovation to implement best practices in support of the University's strategic plan; will manage resources, make recommendations, projections and set strategy regarding cash management, capital planning, investments, bonds and other treasury issues; and will serve as the primary liaison for all university banking relationships and rating agencies in addition to collaborating with key stakeholders within and outside of the University. The CFO will be expected to drive a culture of accountability, consistency and equity. An entrepreneurial spirit is required for this position, along with a commitment to providing a high level of customer service.

The selected candidate must have excellent interpersonal, communications and relationship- building skills and be able to lead a staff of over 75, with six direct reports and five major departments: Comptroller, Budget and Financial Planning, Tax Compliance, Investments, and Treasury. The ability to understand and engage in trends and issues facing institutions of higher education, a global perspective and a clear understanding of the keys to future success are required, along with the ability to be resourceful, organized, results-oriented and to utilize sound judgment in making decisions. The ability to influence and motivate others and to work in a very fast-paced environment is essential for success at Drexel.

The CFO will serve as a financial leader, problem solver and mentor on financial matters throughout all Drexel organizations and their constituents including the Board of Trustees, faculty and professional staff at all levels. The CFO has major responsibility for key financial management including treasury, investments, planning & budget, taxation, accounting, forecasting, borrowing and bonding.

Essential Functions

• Ensure the custody of all Drexel funds, securities & assets; the CFO will provide timely & accurate analysis of budgets & financial reports that will assist the COO, President, Board of Trustees & other senior leadership in fulfilling their responsibilities.
• Direct & coordinate the establishment of multiple budget programs, including the annual operating & capital budget process.
• Analyze operational issues affecting Drexel & determine their financial impact. Assist in the development of key metrics & best practices upon which organizational performance can be measured. Work collaboratively with the College of Medicine, Academy of Natural Sciences, Drexel University Online and Academic Properties, Inc., executives to develop performance and budgetary metrics.
• Oversee management of Drexel's endowed & investment funds consistent with the policies established by the Investment Committee of the Board of Trustees. Provide leadership & guidance on the ongoing assessment of the endowment & other investments in terms of strategy, process & policies in light of the University's current and future needs.
• Oversee endowment-related reporting to Trustees and management & recommend capital allocations in accordance with the University's Investment Policy Statement.
• Direct investments to optimize performance, ensure appropriate due diligence in the University's relationship with investment management firms and consultants, analyze investment performance and establish open & consistent communication with all stakeholders.
• Coordinate tax reporting & investor-relations activities.
• Analyze, consolidate & direct all cost accounting procedures with other statistical & routine reports.
• Oversee & direct the preparation and issuance of annual financial reports.
• Provide advice & counsel to the Executive VP, Treasurer & COO regarding future indebtedness, debt capacity, disposition of assets, liability management, financial policies and all aspects of strategic, capital and financial forecasting. Represent and act on behalf of the Executive VP, Treasurer & COO with senior management, trustees, donors and finance staff as needed.
• Direct & analyze studies of general economic, business & financial conditions & impact on the organizations' policies & operations.
• Provide strategic financial input & leadership on decision-making issues affecting Drexel, including evaluating potential alliances, acquisitions and/or mergers and pension funds and investments.
• Ensure compliance with internal, Sarbanes-Oxley principles & other U.S. regulatory & business controls, as well as international regulations affecting operations.
• Direct the development & establishment of accounting policies and procedures relating to the organization's financial planning, budgeting & reporting. Control & ensure compliance with GAAP, federal regulations & audit requirements.
• Direct the implementation & continuous improvement of the University's Responsibility Centered Management (RCM) model of budgeting.
• Track & model expected cash flows of the institution's operating companies & holding company, including implementation & management of Treasury component, to forecast the University's cash/liquidity position.
• Oversee a broad array of Treasury Management services, including managing external bank & custodial accounts for Drexel University & all subsidiaries. Manage banking relationships & oversee evaluation and implementation of banking & credit products. Manage the University's cash including payments of liabilities, deposits of funds & investing of same. Prepare & maintain ongoing cash flow projections.