The Carnegie Foundation for the Advancement of Teaching is a private exempt operating foundation [501c3] founded in 1905 by Andrew Carnegie, whose mission is to catalyze transformational change in education so that every student has the opportunity to lead a healthy, dignified, and fulfilling life. Over the last century, the Foundation’s work has had a profound and positive impact, including creating the Carnegie Unit (the credit hour), TIAA-Cref, Pell Grants, ETS, the Flexner Report (shaping U.S. medical education), the Carnegie Classifications, and Improvement Science. Today, the Foundation is focused on two intersecting fronts with strong connections to our legacy: transforming the American high school and evolving postsecondary education into a more effective engine for social and economic mobility.  

Position Purpose  

The Foundation is seeking a Chief Financial Officer (“CFO”) to oversee the finance function and ensure the Foundation’s financial health and sustainability. Reporting to the President, the CFO oversees financial tax and management reporting, budgeting, forecasting, treasury, investments, grants and contracts administration, accounting and budgeting software, risk management and compliance.  

Essential Responsibilities 

Financial Strategy and Leadership  

• Works closely with the President, senior leadership and the Board to develop and implement financial strategies that support the organization’s mission and goals.  

• Sets a financial vision, develops processes, policies, and implements systems to support the Foundation’s long-term financial health.  

• Oversees the budgeting process in collaboration with program leaders. Sets targets and allocates resources to achieve the highest impact. Develops metrics to evaluate impact.  

Accounting/Treasury  

• Leads the annual audit, tax filings, and compliance requirements. Manages the auditors and reports to the Board’s Audit committee. Ensures that the Foundation is in compliance with all applicable laws and regulations 

• Oversees financial operations, ensuring strong internal controls and adherence to financial reporting practices and all applicable federal and state regulations, including ERISA, IRS, and DOL requirements. 

• Designs and maintains policies and reports for senior leadership and the Board on cash position, liquidity and reserves, and promotes a high standard of care for funds and prudent risk management. 

Investments 

• Works with the Foundation’s investment advisor and the Board’s Finance Committee to manage the Foundation’s endowment and ensure compliance with the Investment Policy Statement. 

• Proactively monitors the portfolio’s performance and capital market conditions to provide timely relevant information to senior leadership and the Board. 

• Coordinates performance reporting and ad-hoc reporting for Board presentations with the investment advisor.  

• Reviews the Investment Policy Statement annually with the advisor to recommend needed changes to the Board’s Finance Committee.  

Grants and Contracts Administration 

• Oversees grants administration. Works closely with program leadership and the finance team to draft grant proposals that are fiscally sound and strategically aligned. Monitors the progress of grant deliverables and spend rate. Provides timely progress reports to senior leadership and grantors. 

• Oversees contract administration. Works closely with program leadership to draft contracts, MOUs, and other binding agreements with external parties. Monitors contract deliverables and spend rates. Provides timely reports to senior leadership.  

• Executes contracts on behalf of the Foundation, up to $250K.  

Team leadership and management  

• Hires, develops, and manages the finance team, maintaining a culture of high performance, continuous improvement, and ethical behavior. 

• Communicates deliverables and develops performance metrics to foster a culture of collaboration and accountability  

• Reviews and streamlines processes to optimize performance   

• Provides mentorship and coaching to individual finance team members, fostering their career and professional development. 

Board and Partner Relations  

• Reports to the Board of Trustees and serves as the main point of contact for members of the Finance and Audit Committees.  

• Manages relationships with external partners (funders, collaborators), continuously improving communication and strengthening feedback loops to increase effective collaboration. 

• Communicates complex financial information with clarity and precision, with the ability to tailor messages to best suit the audience and occasion. 

Required Education & Experience  

• At least one of the following credentials/degrees: CPA, masters in accounting, and/or MPA/MBA with a focus in accounting. 

• At least 10 years of progressively responsible experience in accounting or financial management, with at least 5 years of leadership experience working in a nonprofit organization.  

• At least 3 years of experience overseeing an audit for a nonprofit organization.  

• Experience with leading process change, and the selection and implementation of software management and tools  

• Demonstrated experience managing a team of finance professionals 

• Demonstrated experience working with third party providers such as auditors and investment services providers.   

Required Knowledge, Skills, and Abilities 

• Demonstrated knowledge of investments, portfolio management, asset allocation, and performance monitoring. 

• Comprehensive knowledge of financial strategy, planning, analytics, treasury, investments, GAAP accounting, internal controls, risk management, and compliance. 

• Ability to collaborate with leadership to design and implement financial systems that support strategic objectives. 

• Experience with drafting and reviewing grant proposals, MOUs, contracts and other binding agreements. 

• Strong leader and manager with skills in recruiting, motivating, mentoring, evaluating, and retaining talent to build high-performing teams. Ability to work through people and maintain a culture of accountability. 

• Knowledge of change management frameworks and methodologies. Highly skilled in planning and executing strategies that guide teams through transitions.  

• High degree of professional and ethical integrity.  

• Ability to effectively communicate complex information through written, verbal, and visual formats. Skill in tailoring financial presentations to diverse audiences, ensuring clarity and comprehension. 

• Ability to build and maintain productive working relationships with external financial stakeholders – balancing assertiveness with diplomacy to achieve favorable outcomes in financial negotiations.

Compensation & Benefits

• The salary range for this position is between $240,000 - $300,000 annually
• Benefits include full medical, dental, vision, life and long-term care insurance, as well as employer subsidized flexible spending plans
• A retirement savings plan, including employer contributions of up to 12% of base pay after one year of service
• Generous time-off benefits and 8 weeks of paid parental leave
• Matching Gift program to benefit charitable organizations
• Educational Assistance to further your professional development