The Director of Finance plays a critical role in the 21st-century museum environment. Reporting to the Chief Operating Officer the Director of Finance supports: support the museum’s strategic planning goals and initiatives; by leading and managing all day-to-day finance operations; and ensure. S/he ensures compliance and integration of best practices in the areas of: finance and accounting systems; policies and procedures; and financial data analysis and forecasting. The Director of Finance supervises two staff: an Accountant and a Revenue & Budget Administrator.
Key Priorities and Responsibilities
Working with the COO and other members of the finance team, the Director of Finance focuses on the following priorities:
- Act as thought partner for museum staff and board leadership by engaging in strong financial analyses that aggregate historical data, forecast future trends, and support strategic and critical decision making.
- Leading and building a high performing team with a strong customer service orientation through staff development and active coaching and feedback
- Advancing timely, accurate financial reports that are appropriate for the intended audience.
- Developing and implementing well formulated financial policies and procedures that support efficient, effective work through the finance department and the museum.
- Staying current with new guidelines and regulations that impact the institution and communicate necessary changes with plan for implementation, as needed
- Proactively recommending and implementing technology and system enhancements to support the on-going development and compliance within the Walters’ finance department.
In addition to these key priorities, the Director of Finance will:
- Establish, direct, and oversee finance functions for the Walters Art Museum to include, but not limited to, general ledger and income statements, tax returns, audits (including A-133), Form 990, cash accounting, and reports to granting agencies and institutions.
- Act in a lead capacity in the development and implementation of upgrades/improvements to the financial accounting and related systems such as POS (website and on-site) and ticketing system.
Financial/Treasury Management, Banking, and Planning
- Prepare, analyze, and oversee the museum’s financial portfolio including operating, capital, endowment, and investment accounts. Ensure liability and risk exposures are identified and addressed with any new programs, services, or system changes.
- Be responsible for state and city charitable registrations, licenses and reporting.
- Analyze data and forecast budget and capital cost.
Internal Controls and Compliance
- Working in conjunction with the Development office and the Revenue and Budget Administrator, ensure the museum properly records restricted and unrestricted gifts, and ensure that the terms of the gifts are being administered appropriately and in accordance with UPMIFA and GAAP regulations.
- Prepare and distribute timely, accurate financial reports.
- Monitor, update, and maintain a written accounting manual. Administer all financial policies and procedures in accordance with accounting standards, tax regulations, and museum policies.
- Maintain and monitor the financial accounting system ensuring accuracy and compliance with audit requirements.
- Oversee, implement, and monitor internal financial controls throughout the museum.
Budgeting and Reporting
- Facilitate the organization-wide annual budget and audit processes.
- Prepare and administer monthly, quarterly statements with projections.
- Work directly with front-line staff to identify and implement revenue enhancing and cost reduction initiatives.
- Oversee and administer the museum’s capital improvements budget, including but not limited to preparing reports and submittals for city, state, federal, corporate and foundation funding as necessary.
Leadership Expectations and Relationship Building
- Lead by example and promote collaboration
- Encourage professional growth and development of finance team.
- Maintain the highest level of professional ethics and conduct
- Engage in cross-divisional collaboration with peers on strategic goals and objectives.
- Establish a solid and collaborative working relationship with the Human Resources Department to ensure accuracy and improve systems, particularly related to payroll.
- Act as the Committee liaison to the Investment Committee of the Board of Trustees
- Support the COO as liaison to the Finance and Audit Committees.
- Build and manage strong relationships with banks, auditors, city budget office, and investment and retirement plan advisors.
- Foster and maintain open communication with internal Walters staff and external audiences and stakeholders, actively engaging in the exchange of ideas while maintaining constructive relationships all audiences
The Walters’ finance staff depends on a variety of tools to support their work. The organization has multiple lines of business, including a museum store and cafe, facility rental for functions, exhibitions, education programs, outsourced parking lot operation, four rental properties, and two leased facilities. The finance department currently uses Financial Edge.
Payroll reports to Human Resources with cross-departmental responsibilities in the finance department. Upcoming efforts will include the integration of a full-service HRIS system to include compatible payroll processing system.
As required, the organization completes an A-133 with its annual audit and a IRS 990 reporting process.
Qualifications, Requirements, and Skills
Highly qualified candidates will bring the following experience and attributes:
- 10+ years of experience in museum and/or non-profit finance/accounting required.
- 5+ years supervisory experience and demonstrated ability to lead a team.
- Demonstrated Excellent communications skills:
- Ability to craft reports that are highly tailored to the recipient audience
- Strong communication skills with all levels of the organization including, but not limited to, COO, Executive Director, board members, HR Director, and other Walters’ staff
- Provide outstanding internal and external guidance and customer service
- Superior analytical skills.
- Ability to problem-solve, test, recommend, and implement improvements that benefit the finance operations and the organization as a whole.
- Track record of developing and implementing policies and procedures that are GAAP compliant, align with the mission and values of the organization, and support high quality, timely outputs.
- Experience in monitoring and reporting on mid-size to large endowments; experience as liaison to Board committee a plus.
- Sound professional judgement and decision-making
- Demonstrated strong interpersonal skills with a resourceful and positive approach.
- Detail-oriented, dependable.
- Ability to work discreetly with sensitive, confidential information.
- Experience with computerized financial systems; prior experience with Financial Edge preferred.
- Proficient in Microsoft Office with advanced Excel experience.
- B.A. or B.S. in Accounting, Finance or related field required.
- CPA or Master’s degree in Accounting, Finance, Business preferred.
Salary is commensurate with experience. The Walters offers a robust benefits program that includes health insurance (medical, dental, vision, prescription drug plans), a 457b retirement plan with a museum match, flexible spending accounts, paid time off, holidays, participation in the pre-tax MTA commuter program and discounts at the Museum store and cafe.