Chief Financial Officer/Chief Investments Officer

National Federation of Community Dev Credit Unions

Description
The National Federation of Community Development Credit Unions (the Federation) is seeking an experienced, energetic Chief Financial Officer/Chief Investments Officer (CFO-CIO) to build the organization's financial infrastructure and to manage and grow the Federation's $50 million portfolio. The new CFO-CIO will serve as a member of the leadership team, helping to guide the organization through its next stage of growth and service.

Based in New York City, the Federation is a dynamic, growth-oriented community development financial institution (CDFI) dedicated to bringing financial services to low-income communities through nonprofit, member-owned community development credit unions (CDCUs). The Federation achieves its mission by strengthening CDCUs that focus on serving urban, rural and reservation-based low-income communities throughout the United States.

The Organization

Founded in 1974, the Federation currently has 250 member CDCUs with combined assets of over $17.4 billion, serving more than 2.5 million members. CDCUs specialize in providing populations generally considered the hardest to serve, with safe and affordable financial products and services that promote greater financial stability and help build assets. The Federation's Community Development Partners include some of the largest credit unions in the nation that are actively committed to supporting the effort to better serve people of modest means. The Federation offers the following core programs:

• The Community Development Investment Fund (CDIF) manages a portfolio of more than $50 million non-risk and risk products through multiple development investment vehicles, invested in CDCUs nationally.
• The CDCU Mortgage Center, LLC includes a secondary market to purchase affordable home loans from member credit unions and provides training and assistance to CDCUs seeking to start new, or expand existing, mortgage programs.
• CUBreakthrough™ Consulting, our fee-based technical assistance and consulting arm, helps CDCUs and other credit unions expand or implement high-impact programs to serve their low- and moderate-income members more effectively. Services are delivered through a series of federal and local government contracts.
• Education and Training offers a broad array of programs from national and regional conferences to targeted institutes and ongoing webinar series.
• Targeted impact programs include initiatives to help low-income seniors gain financial security; innovative short term, small dollar loan pilot programs; a new alliance with a network of organizations serving people with disabilities, and more.

The Federation has a current staff of 16 FTEs and an annual operating budget of approximately $3.5 million (exclusive of subgrants), drawn from member dues, foundation grants, investment income, fees and contract revenues. A CDFI intermediary with more than $50M under management, the Federation seeks to grow dramatically in the coming years. We anticipate more than doubling the investment portfolio within the next three years and expanding the range of financial products offered to members.

The Position

Key Priorities

The Chief Financial Officer-Chief Investments Officer (CFO-CIO) reports to the Chief Executive Officer and is an integral member of the senior leadership team. The CFO-CIO will provide strategic leadership for fiscal/internal financial management as well as investment management. He/she will drive strategy, manage financial performance, ensure ongoing operational efficiency, and forecast and plan for growth and business opportunities. He/she will work closely with the CEO to dramatically expand the scope and impact of the Federation's investments while simultaneously managing appropriate risk and reporting regularly to investors on the financial and social bottom-line of the Federation.

The CEO has identified the following as top priorities for the new CFO-CIO over the next 12-18 months (not in specific priority order):

• Develop and expand staff capacity for the organization's financial team, advancing both the accounting/internal finance team as well as the community development investments/mortgage center team.
• Assess, strengthen, and grow the Federation's current portfolio.
• Recommend and implement changes and new strategies to maximize the utility of capital while minimizing risk.
• Serve as a strategic thought partner in the review and rethinking of the Federation's current lending and investment programs to generate greater impact.
• Build relationships with key partners for the Federation, supporting presentations and reporting to investors.
• Enhance the organization's financial stability and recommend and implement strategies for long-term financial sustainability.

Key Responsibilities

This newly created position combines leadership of the fiscal/accounting team and the community development investments/mortgage center team. The position will oversee both the Finance and Administration team as well as the Investment Fund team, which includes 8 to 10 FTEs. Key responsibilities of the position include:

• Manage all aspects of organizational finances, asset liability management, revenue maximization, and profitability management.
• Manage and grow the Federation's portfolio to support innovative products and services in low-income designated credit unions.
• Forecast organizational growth and sustainability through the development analysis and ongoing revision of 5-year growth projections, and annual budgets.
• Prepare, analyze and report on fiscal performance of the organization on a program-by-program basis.
• Prepare, analyze and present financial reports to management and the Board Finance Committee.
• Oversee organizational audits and recruitment of outside auditor function.
• Supervise 8-10 employees in fiscal, administration, and community development investment teams.

Experience and Attributes

The ideal candidates for this position will share the organization's commitment to assisting its member credit unions to better serve their own memberships, helping low- and moderate-income people become financially stable and build assets, and leading to long-term success and helping to raise communities out of poverty. He/she will possess a strong background in financial management, capital markets, and community investing.

Candidates must be strategic, possess deep financial analytic skills, and bring strong leadership and management skills. Successful candidates will bring:

• 10+ years' experience in financial leadership role within credit union, banking or CDFI environment;
• Deep experience with financial management of growth oriented businesses and portfolios, including: o Investment planning o Asset liability management o Risk assessment o Financial forecasting o Familiarity with deposits, nominee accounts, secondary capital loans, risk capital, etc.

• Successful record of fund and investment development, including marketing experience.
• Able to think strategically and critically, to analyze and synthesize complex finance issues and information, and to develop recommendations for change.
• Excellent professional written (being able to communicate analysis, familiarity, recommendations and oral communication skills; able to succinctly and persuasively convey written analyses and recommendations; able to communicate adeptly with various audiences including investors, funders, board members/committee, and other key stakeholders.
• Strong organizational and personnel management skills, with a successful track record of building and managing high-functioning teams; able to work well with a diverse staff;
• Background in the mortgage industry helpful; credit union experience a plus;
• Bachelor's degree in finance or business administration required; MBA strongly preferred;
• Certified Financial Analyst or CPA preferred.

Compensation

The Federation offers a competitive compensation and benefits package. The position is located in the New York City offices.

How TO APPLY:
To apply, please submit your resume, cover letter and salary requirements to: federation-cfo-cio@transitionguides.com.

For more information, visit the organization’s website at www.cdcu.coop or contact Karen Schuler at TransitionGuides: KSchuler@TransitionGuides.com or 301-439-6635.

The Federation works with member credit unions that serve ethnically, economically, and geographically diverse markets and communities. We value our diverse staff and seek to maintain that tradition of diversity.

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