Chief Financial Officer | New Venture Fund
About New Venture Fund
New Venture Fund (NVF) was established in 2006 as a 501(c)(3) public charity to support innovative social entrepreneurs and nonprofit organizations seeking to address society’s most pressing needs. NVF gives funders and social change leaders the capacity to move toward desired outcomes faster, in an efficient, cost-effective and time-saving way.
NVF partners with philanthropists, change-makers and disruptors to build a fair, healthy and sustainable world for all people. The organization does this by supporting meaningful projects, providing a venue for risk-taking and bold action, and making sure their projects have what they need to succeed. NVF executes a range of fiscally-sponsored projects in conservation, global health, public policy, international development, education and other areas of public interest. NVF hosts projects, fiscally sponsors non-profits and coordinates grantmaking programs. More than half of the 50 largest U.S. grantmaking foundations have funded projects at NVF, including eight of the top ten. In 2018, NVF managed over $400 million in funding.
For more information on New Venture Fund, please visit the New Venture Fund website.
The New Venture Fund (NVF) is searching for an experienced, entrepreneurial financial professional to direct this complex non-profit’s financial operations and ensure its fiscal systems are best-in-class. The CFO manages investments and provides oversight of all financial services, including partnership with vendors. (NVF outsources its accounting and financial support to a financial services vendor which provides a dedicated team of professional staff.) The Chief Financial Officer reports to NVF’s President.
A strategic and experienced leader, the CFO’s primary focus is on directing and managing the organization’s fiscal functions and providing strategic financial vision in partnership with the President, General Counsel and Compliance Officer.
The ideal candidate will have the professional and personal qualities, skills, and characteristics to successfully carry out the following work:
Financial Planning and Strategy
- In partnership with financial services vendor, develop and oversee implementation of innovative, best-in-class financial practices and services, for both NVF as an organization and its projects, that are scalable and flexible for achieving the organization’s goals
- Direct management of NVF’s investments and assets, including selection and oversight of investment management firm and banking relationships
- Assist the President, board of directors and committees with organizational financial planning
- Provide regular financial reporting to the NVF Board of Directors and serve as primary liaison to the board finance committee
- In partnership with the President, develop and implement financial plans and projections for the organization; monitor organization’s financial progress
- Oversee management of organization’s unrestricted net assets to ensure financial health of the organization
- Make recommendations to NVF’s President on how organization might develop and implement innovative financial systems for accepting complex funding under the fiscal sponsorship structure
- Represent NVF to financial partners, including financial institutions, donors, foundation executives, auditors, public officials, etc.
- Oversee risk assessment and management; direct financial business continuity planning, ensuring vendors and projects have business continuity systems in place
- Participate in organizational policy development and strategic planning as a member of the senior leadership team
- Ensure financial services vendors have sufficient internal controls and procedures to safeguard financial assets of the organization
- Provide independent oversight of the financial services vendors, according to mutually established KPIs
- Review and approve all related-party transactions, including payments to the financial services vendors
- Oversee audits and proper filing of tax returns
- Evaluate and ensure outsourced technology systems and data security are sufficient to protect organization’s financial assets
- Ensure legal and regulatory compliance regarding all financial functions
The CFO will be a seasoned and mature leader with at least 10 years of finance experience, ideally including audit, as well as experience gathering and evaluating financial information and making actionable recommendations to senior leadership.
Strategic Leadership: The ideal candidate will bring considerable experience exercising visionary leadership in order to effectively serve as a strategic business partner to the President, Compliance Officer and General Counsel regarding the short-term and long-term financial health and sustainability of the organization. The CFO must be entrepreneurial and open to calculated risk-taking while simultaneously being flexible in setting goals and reprioritizing as needed. Of particular importance is having demonstrated, in organizations of similar size and complexity to NVF, the ability to understand, analyze, interpret and communicate complex problems as well as subsequently implementing appropriate and timely solutions. Moreover, the CFO will be able to provide counsel and leadership for decision-making involving current and future philanthropic projects.
Expertise in Financial Administration: The CFO will have the ability to translate a strategic vision into a financial and operational structure that is fiscally responsible and supportive of the mission. This leader will have a demonstrated history of success managing finance, accounting, budgeting, internal controls, and reporting. This leader will have strong analytical and financial modeling skills as well as knowledge of generally accepted accounting principles (GAAP) for nonprofits. The CFO will have sufficient mastery of GAAP to be able to use it as a tool for creative problem-solving, balancing the need to preserve the integrity of the institution with solving atypical and complex problems. This leader will be able to proactively identify and work with the financial services vendors to implement solutions to improve operational and financial results, and leverage technology to increase efficiencies. This executive will have demonstrated resourcefulness in guiding investments in systems and vendors.
Relationship Building, Collaboration, and Communication: The CFO will have excellent people skills, a collaborative and flexible style, and a strong service mentality. This individual will lead by developing strong working and interpersonal relationships with NVF leadership as well as its vendors providing financial, legal, compliance, technology, HR and other services. The CFO will possess the ability to communicate effectively across diverse constituencies, including the Board of Directors, the leadership team, donors and vendors. The CFO will effectively share information, keeping the executive team and others up to date on matters related to overall finance and administrative priorities or needs. The CFO will be able to synthesize divergent views and coalesce all constituents around a shared plan, and will work to establish regular, structured communication with the leadership team and financial services vendors. The CFO will be a team player who is committed to lifelong learning.
Passion for the Mission: The CFO will have a personal and professional interest and commitment to using philanthropy to shape an equitable and sustainable world and a commitment to the mission and work of The New Venture Fund and its projects. The CFO will exhibit a desire to work in an organization committed to creating and fostering an inclusive working environment. The CFO will be an individual of unquestioned integrity, ethics, and values, treating others with respect.
The position calls for a versatile senior staff leader with integrity, outstanding communication and interpersonal skills, exceptional financial acumen, and experience developing and implementing innovative approaches to financial strategies during periods of organizational growth and transition.
Essential Skills and Experience
- Master’s degree in business administration/accounting/finance or equivalent experience required
- Certified Professional Accountancy designation or equivalent required
- Minimum of 10 years of relevant professional work experience (at least eight years in a public charity or private foundation) with steadily increasing responsibility, including directing a large accounting and finance team, managing treasury and investment services, and overseeing annual audit and federal Form 990 preparation
- Strong knowledge of financial and accounting best practices, including Generally Accepted Accounting Principles (GAAP); demonstrated understanding of non-profit accounting related to 501(c)(3) and 501(c)(4) organizations, including sophisticated fund and grant accounting, compliance, and reporting
- Solid technology skills; demonstrated experience working with information technology vendors to develop complex finance and accounting solutions
- Proven leadership skills, with the ability to manage multiple projects and competing priorities
- Strong strategic analytical skills and resourcefulness that spur innovation and problem solving
- Professional demeanor needed to work effectively with sophisticated and demanding partners
- Excellent interpersonal and communication skills; experience in effectively communicating key data both verbally and in writing, including presentations to senior management, board or other outside partners
- Proven ability to work effectively and collaboratively in complex teams
- Familiarity with state, federal, and international laws and regulations concerning tax-exempt organizations, including IRS regulations impacting 501(c)(3) and 501(c)(4) organizations
- Solid client service experience and ability to explain complex financial topics to non-expert stakeholders
Other Preferred Skills and Experience
- Experience managing federal grants/contracts and familiarity with federal procurement guidelines and regulations such as OMB’s Uniform Guidance (“Super Circular”)
- Understanding and experience working with fiscal sponsors
- Experience managing an organization working in multiple foreign currencies
Compensation & Benefits
Salary is competitive and commensurate with experience.
Koya Leadership Partners has been exclusively retained for this search. Katie Bouton, Turner Delano, and Charlotte Harris are leading this search. To make recommendations or to express your interest in this role please submit your materials here. All inquiries and discussions will be considered strictly confidential.
NVF is committed to attracting, developing and retaining exceptional people, and to creating a work environment that is dynamic, rewarding and enables each of us to realize our potential. New Venture Fund is an equal opportunity employer and strongly encourages applications from people of color, persons with disabilities, women, and LGBTQ+ applicants.