Montclair State University (Montclair) seeks a collaborative, strategic, and innovative financial executive to serve as its next vice president for finance & treasury (VPFT). This role is reporting to the chief operating officer and senior vice president for finance and administration (COO/SVP), who is also the chief financial officer of the University. The vice president for finance & treasury plays a pivotal leadership role in advancing the University’s financial health and strategic objectives.
The vice president leads a team of more than 60 members and oversees all aspects of financial management, treasury functions, and fiscal planning, ensuring the financial integrity of the University. The ideal candidate will take a strategic approach to the challenges of maintaining a sustainable financial model for the University in a complex economic environment, including conceiving, structuring, and executing new opportunities. The VPFT will be a creative strategist for the long-term health and financial growth of the University.
Overview of the Position
The vice president for finance & treasury is a pivotal executive leadership role within the University,responsible for spearheading a forward-thinking financial strategy, the hands-on work of performance improvement and innovation, and the overall leadership and management responsibility for the centralized financial functions.
Reporting to the chief operating officer and senior vice president for finance and administration, the VPFT is a key contributor to the president’s cabinet. As leader of the Division of Finance and Treasury, the VPFT plays a central role in the management and oversight of a broad set of administrative functions (detailed under Responsibilities, below).
In close partnership with the COO/SVP and coordinating with other University constituents, the VPFT will develop and implement administrative plans that serve to further Montclair’s mission, vision, values and strategic priorities at the highest level – while continuing to prioritize fiscal responsibility and academic excellence.
The VPFT must be an experienced administrator with proven leadership skills, including at least 10 years of financial and administrative leadership in higher education. In addition, the VPFT must possess a keen sense of the multiple challenges facing higher education in this moment, especially those specific to a public research university of Montclair’s size and complexity. A demonstrated commitment to shared governance is also essential, as are the interpersonal skills required to lead change and implement efficient and effective policies across a large and diverse institution.
he VPFT will prioritize diversity, equity and inclusion and serve as a model for the University by cultivating an atmosphere that welcomes and celebrates all aspects of diversity. Excellent communication skills will be required for success in the VPFT role, as well as the ability to work collaboratively and promote a culture of collegiality and innovation.
The VPFT will join Montclair at a time of great opportunity as the University balances the institution’s need for financial stability with its high expectations and aspirations for students, faculty and staff, both now and in the future. Montclair has a strong $600 million budget.
In addition, Montclair has enjoyed much recent success at developing additional revenue sources including extramural research and philanthropy.
In this context, the VPFT will be expected to continue efforts to streamline and automate processes and reporting capabilities, while also having overall leadership and management responsibility
for centralized financial functions, including:
- Controller’s Office: financial accounting, financial reporting, external audit, grants accounting, accounts payable, accounts receivable, fixed assets accounting, student accounts, and capital budgets.
- Internal Audit (in partnership with the Office of the President): operational, financial and performance audits, and conducting continuous improvement plans.
- Office of Treasury: cash management, debt, risk management, investment management and treasury operations.
- Procurement Services: purchasing, negotiation and administration of contracts, supplier relations and compliance with state regulations for purchasing.
- Real Estate: purchase and sale of real estate, including management of University-owned housing.
- Construction Code Official: Electrical, elevator, fire, building, and plumbing sub code officials.
Teams NOT within the Finance Department, reporting directly to the COO include:
- Budget and Planning
- IT
- University Facilities
- Risk Management
- Office of Sustainability
- Human Resources
Additional duties and responsibilities include, but are not limited to, the following:
- Financial Analysis and Planning:
- Serve as the senior advisor to the chief operating officer and senior vice president for finance and administration on all financial matters.
- Lead the development, execution and monitoring of short- and long-term financial plans based on operational cash flow and balance sheet objectives.
- Lead the Finance team in the preparation of financial analyses that accurately evaluate and assess the University’s financial position.
- Develop appropriate “dashboard” reports on key financial metrics to regularly update the COO/SVP and University senior leadership on financial operations and performance.
- Financial Reporting/Audit/Compliance:
- Overall responsibility for the accounting function, including all accounting operations, timely and transparent financial reporting, and advising the COO/SVP on all accounting matters.
- Ensure that periodic financial reports accurately measure the financial condition of the University including: performance against prior year period; performance against budget; analysis and explanation of variances from operating/capital budget projections.
- Direct and provide oversight of the annual financial statement preparation and audit process; act as liaison with University’s external auditors.
- Oversee the accounting, compliance and reporting for external grants and sponsored research.
- Ensure that strong internal controls are implemented and maintained, including regularly reviewing and updating appropriate internal financial policies, and communicating to the responsible parties.
- Supervise the retention of financial records and information.
- Assess, review and recommend technology systems and Workday enhancements to meet current and anticipated needs of the Finance Department.
- Debt and Treasury Management:
- Overall managerial oversight of all University financial operations, from daily payments and student accounts receipts, to working capital cash position/short-term investments, debt issuance and capital structure.
- Ensure access to credit markets to maintain adequate bank credit lines, refinance existing debt, and fund budgeted new capital projects.
- In consultation with the president and COO/SVP, foster strong relationships with and communicate the University’s financial condition to external constituencies, including state agencies, banks, rating agencies, credit providers, issuing authorities, external debt consultants, investors and legal counsel(s) as related to financing/credit activity.
- Lead the Finance team in monitoring compliance with all debt covenants, ensuring that required reporting to banks, rating agencies and investors is completed on a timely basis.
- Participate and collaborate, as required, in the negotiation of major contracts for services, lease of property or facilities, major construction and renovation projects with diverse vendors, sale or purchase of real estate, and other key transactions relevant to the fiscal status of the University.
- Procurement Management:
- Direct the assessment and implementation of procurement processes to optimize customer service, process efficiency, cost effectiveness and vendor relationships.
- Collaborate with cross-functional teams to align procurement strategies with University business objectives.
- Risk Management and Insurance Programs:
- Lead the evaluation and enhancement of the University’s risk management framework, identify and mitigate financial risks.
- Oversee and evaluate current insurance programs, ensure adequate coverage and compliance. (The director of risk management will report directly to Benjamin Durant).
- Leadership and Management:
- Lead and provide direct supervision to the following business unit heads in the Finance Department: assistant treasurer, internal auditor, assistant vice president of procurement services, controller, construction code and others as assigned.
- Develop the team to ensure requisite functional knowledge and capacity to carry out the responsibilities of the Finance Department, effectively and efficiently.
- In collaboration with the COO/SVP, optimize the Finance Department’s organizational structure and overall performance.
- Foster an environment of teamwork, shared mission, inclusion, trust and collegiality, both within the financial management team.
- Represent the Finance Department on internal University committees and externally with governmental, civic, educational and professional organizations as needed and assigned.
- Advance the University’s ongoing commitment to a diverse workforce and to professional development for all members of the community.
- Communicate financial planning and budgeting to a diverse community involving undergraduate, graduate and online populations.
Professional Qualifications and Personal Qualities
Required Qualifications
- Bachelor’s degree from an accredited college/university in finance, accounting or a related field.
- Minimum of 10 years of substantial and increasingly responsible financial leadership experience in a large complex organization.
- Experience in financial leadership roles within higher education or public sector experience.
- Strong financial acumen and expertise in financial planning, accounting and financial reporting.
- Master’s degree in accounting, finance or a related field and/or Certified Public Accountant (CPA) certification.
- Ability to establish trust, credibility and influence with the Board of Trustees and all levels of institutional leadership.
- Strong analytical and strategic thinking skills.
- Advanced proficiency in data analysis and financial modeling.
- Excellent communication and interpersonal skills and the ability to communicate complex financial concepts to non-finance professionals.
- Well-developed team-building skills and emotional intelligence.
Preferred Qualifications
- Senior finance/accounting experience at a similar size public university.
- Knowledge of Workday, or relevant financial software and technology.
- Depth of knowledge and experience adhering to both federal and state laws relating to higher education.
- Active affiliation with a broad range of professional networks and organizations and ongoing community involvement.
- Strong organizational awareness and a proven ability to learn and navigate the decision-making structures within a complex organization.