Detroit Employment Solutions Corporation (DESC) is a 501(c)(3) serving as the fiscal and administrative agent of the Mayor’s Workforce Development Board (MWDB), which is the local Workforce Investment Board (WIB). DESC is also the MichiganWorks! Agency for Detroit. In concert with the Mayor’s Office of Workforce Development, DESC is the implementation and operations partner for the City’s workforce strategy.
The Chief Financial Officer (CFO) oversees all fiscal activities for the agency. S/he reports to the President on all strategic and operational matters and is a member of the Executive Leadership Team (ELT). As financial leader and decision-maker, the CFO balances both financial operations and mission critical priorities; manages and provides safeguards for the organization’s assets, monitors the organization’s financial status, facilitates operational and strategic financial planning, oversees organizational financial policies and procedures, and plans and manages the organization’s risk management. The CFO is responsible for cost- benefit analysis, budget management, grant management, forecasting, and compliance with all contractual and programmatic requirements. The CFO ensures comprehensive fiscal policies and practices that comply with the federal, state, and local requirements of a MichiganWorks! Agency, and key customers including the Mayor’s Workforce Development Board, and DESC’s Board of Directors. The CFO provides inspiring and creative leadership in refining DESC’s role as the fiscal and administrative agent. The CFO works with staff to set and monitor defined performance objectives and standards, and conduct continuous feedback and coaching. The CFO will work closely with the President and other senior leaders to advance the agency’s culture of collaboration, metric-driven accountability, data-driven decision making, and transparency.
1. Finance Strategy and Operations
· As a member of the leadership team, develop systems and tools to provide critical financial and operational information to the leadership team to inform actionable recommendations.
· In collaboration with the Program leadership, ensure that all relevant and forward-looking financial data and information are incorporated into key operational decisions.
· Engage the board finance committee around issues, trends, and changes in financial operating model(s) and the resulting or potential impact on strategy and operations.
· Lead finance process optimization, continuous improvement and overall finance operation efficiencies that result in the agency’s position as among the best-in-class for workforce agencies in the State.
· Develop and ensure a ‘fiscal health’ mindset among all staff. Work with senior leadership to ensure baseline understanding of key financial principles and goals across the organization.
· Represent the agency to financial partners and investors, including government entities, philanthropic investors, foundation executives, auditors, public officials, etc.
· Engage the finance committee of the board of directors to develop short, medium, and long-term financial plans, projections, metrics, and reports.
· Proactively remain current on nonprofit and quasi-government agency audit best practices and state and federal law regarding nonprofit and MWA fiscal operations.
· Keep abreast of changes in workforce development legislation; anticipate and adapt fiscal procedures to ensure compliance.
· Responsible for communicating and coordinating effectively with the Mayor’s Office, City Council, and the MWDB in a timely and accurate manner, all information necessary to make informed decisions.
· Responsible for establishing and maintaining relationships with various philanthropic organizations, governmental entities including State of Michigan and City of Detroit department leaders, elected officials, and nonprofit provider partners
3. Finance and Accounting
· Provide leadership of the Finance Department staff, including oversight of procurement, purchasing, accounts payable and contract invoicing functions.
· Ensure DESC has the financial technology to meet the needs of the organization.
· Administer and coordinate the organization's financial information systems to meet organization management, planning needs, and funding body requirements.
· Oversee all accounts, ledgers, and reporting systems, ensuring compliance with appropriate Generally Accepted Accounting Principles (GAAP), regulatory requirements, and audit requirements.
· In collaboration with the Director of Finance, proactively manage cash flow and forecasting monthly. Develop a reliable cash flow projection process and reporting mechanism that includes minimum cash threshold to meet operating needs.
· Provide necessary leadership oversight and implementation of the budget preparation process.
· Develop and maintain systems of internal controls to safeguard financial assets of the organization and oversee federal awards and programs. Oversee the coordination and activities of independent auditors ensuring all A-133 audit issues are resolved, and all 501c (3) compliance issues are closed, and the preparation of the annual financial statements is in accordance with U.S. GAAP and federal, state and other required supplementary schedules and information.
· Serve as the lead staff for DESC’s Audit/Finance Committee of the Board.
· Monitor banking activities of the organization.
· Ensure adequate cash flow to meet the organization's needs.
· Serve as one of the trustees and oversee administration and financial reporting of the organization's Savings and Retirement Plan.
· Oversee the management and coordination of all fiscal reporting activities for the organization including: organizational revenue/expense and balance sheet reports, reports to funding agencies, development and monitoring of organizational and contract/grant budgets.
· Prepare monthly, quarterly and annual financial statements that are timely, accurate and useful for both internal and external audiences including, senior leadership, finance committee, board of directors, federal and state funders and foundations.
· Ensure financial reporting to funders is consistent, timely and in compliance with federal and state regulations and funding agreements.
· Maintain a better-than-State average percentage of error free findings from external audits and monitoring conducted by state and federal authorities, and internal audits and monitoring.
Education and Experience:
The CFO position requires a Bachelor’s degree in accounting, finance or a related field, seven to ten years of progressively responsible experience in accounting and finance, five years of management experience, and experience in a senior leadership role. Master’s degree in accounting, business administration, public administration or a related field and CPA are preferred. Must have experience with complex budget planning and management for a nonprofit organization or government agency, including financial reporting, government contracts, and audit processes. Experience in an organization with multiple funding streams required. Position requires demonstrated ability to analyze complex financial data, interpret, explain, and apply applicable laws, rules, regulations, and policies controlling budgetary and fiscal record keeping; and leading edge experience developing financial reporting solutions that meet the vision of the organization and needs of multiple internal and external stakeholders.
CERTIFICATES AND/OR LICENSES
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
WORKING CONDITIONS AND ENVIRONMENT
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. While performing the duties of this job, the employee is regularly exposed to an inside environment.
DESC offers a comprehensive benefits package and ongoing professional development opportunities, and more.
Detroit Employment Solutions Corporation (DESC) is an Equal Opportunity employer committed to enhancing equity, inclusion, and diversity within our organization. DESC actively seeks applications from women, persons of color, veterans, individuals with disabilities, and other underrepresented groups.