Non Profit Board Member- Chief Financial Officer

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Reports To: Board Chairperson/CEO
Time Commitment: Typically 5-10 hours per month, including meetings and oversight responsibilities

The Board CFO is responsible for overseeing the financial health and integrity of the nonprofit organization. They provide strategic financial leadership, ensure accurate financial reporting, and safeguard the organization’s assets. The CFO collaborates with the Executive Director and finance staff to ensure the nonprofit adheres to sound financial practices, regulatory requirements, and fiscal accountability.

1. Financial Oversight:

   • Monitor Financial Health: Oversee the organization’s financial activities, ensuring its long-term sustainability and fiscal responsibility.
   • Financial Reporting: Ensure accurate and timely financial reports are presented to the board, including balance sheets, income statements, cash flow reports, and budget vs. actuals.
   • Budget Development: Collaborate with the Executive Director and finance team to develop, review, and approve the organization’s annual budget, ensuring it aligns with the nonprofit's strategic goals.

2. Risk Management and Compliance:

   • Financial Controls: Ensure that the organization has adequate internal controls, financial policies, and risk management procedures to safeguard assets and minimize financial risks.
   • Audits and Reviews: Oversee the annual financial audit process, including hiring the audit firm, reviewing audit findings, and ensuring proper implementation of recommendations.
   • Legal Compliance: Ensure the organization is in compliance with all financial regulations, including federal, state, and local laws (e.g., IRS filings, Form 990).

3. Cash Flow and Investment Management:

   • Cash Flow Monitoring: Regularly review the organization’s cash flow, ensuring there is sufficient liquidity to meet operational and programmatic needs.
   • Investment Oversight: If applicable, provide oversight of the organization’s investment portfolio, working with investment managers to ensure prudent investment strategies and risk management.
   • Reserves and Endowments: Guide the board in establishing and maintaining financial reserves or endowments to ensure financial stability.

4. Strategic Financial Planning:

   • Long-Term Financial Strategy: Develop and implement long-term financial strategies that align with the nonprofit’s mission and goals.
   • Fundraising Strategy: Collaborate with the board and fundraising staff to develop revenue-generating strategies, including grant proposals, major donations, and corporate sponsorships.
   • Scenario Planning: Lead financial forecasting and scenario planning to prepare for different financial outcomes and contingencies.

5. Board and Staff Collaboration:

   • Financial Leadership: Provide financial guidance and advice to board members, ensuring they understand the financial implications of strategic decisions.
   • Finance Committee Leadership: Chair or serve on the finance committee, facilitating discussions on the nonprofit’s financial health and ensuring effective decision-making.
   • Staff Support: Work closely with the Executive Director, finance team, and other staff to implement and monitor financial practices and policies.

6. Board Reporting:

   • Present Financial Reports: Regularly present financial reports and updates to the board, ensuring transparency and understanding of the nonprofit’s financial status.
   • Key Metrics: Identify and report on key financial metrics, ensuring board members have the necessary information to make informed decisions.

7. Fundraising and Grant Management:

   • Grant Oversight: Ensure that grant funds are used appropriately and that all reporting requirements are met.
   • Financial Support for Fundraising: Work with fundraising teams to ensure a clear understanding of the financial implications of grant proposals, donor relations, and other revenue-generating activities.

• Financial Expertise: Strong understanding of nonprofit financial management, accounting principles, and best practices.
• Analytical Skills: Ability to analyze complex financial data and communicate it effectively to board members and stakeholders.
• Familiarity with Financial Software: Experience with accounting software and tools used in nonprofit financial management.
• Risk Management: Knowledge of risk management strategies and compliance requirements for nonprofit organizations.
• Collaboration: Ability to work collaboratively with board members, staff, and external stakeholders.

The term of service for the Board CFO is one year, with the possibility of renewal as determined by the board’s bylaws.

The Board CFO plays a vital role in ensuring the financial integrity and sustainability of the organization, providing key leadership on financial decisions, and supporting the nonprofit’s mission through sound financial stewardship.