Senior Director, Foundations Accounting and Investments NC State University Raleigh NC | Spring 2021
Foundations Accounting & Investments The department, Foundations Accounting and Investments, is a unit within the NC State Finance Division, and is responsible for providing investment, financial reporting, budgeting, accounting and corporate governance oversight for nine fundraising entities, as well as the NC State Investment Fund, Inc, the Endowment Fund of NC State University, and the NC State Partnership Corp (with multiple active LLCs). Each of these entities provides substantial resources in support of the University. As of June 30, 2020, these responsibilities included oversight for approximately 10,000 funds with a combined market value in excess of $1.7 Billion. Endowment spending produced $51 million of income for the University in fiscal 2021, and gifts to the University equaled over $200 million.
The Opportunity The Senior Director, Foundations Accounting and Investments reports directly to the Associate Vice Chancellor for Finance and University Treasurer, has four (4) direct reports and a combined staff of 23. The position oversees and manages functions and responsibilities for the Associated Entity Office (AEO) which includes the Associated Entity Operations and Accounting Unit, the Systems and Data Information Function services unit, and the business operations unit. Embedded in AEO are two directors: (1) Foundation Controller who provides day-to-day accounting oversight and accounts management for Associated Entities and the Endowment Fund; (2) Director of Information and Accounting Systems; AEO is responsible for providing financial reporting, budgeting, accounting, & corporate governance oversight for nine (9) University-related foundations, the Endowment Fund of NC State University, the Alumni Association, the NC State Partnership Corp. and its eight (8) or more active LLCs, and an Executive Education, LLC subsidiary for one of the foundations. In addition, the AEO provides financial reporting and accounting services for the NC State Investment Fund, Inc. and the NC State Intermediate Term Funds.
In addition, the Senior Director position provides HR and administrative oversight for the Director of Investments, who oversees the separate Investment Office, to ensure effective use of shared services and coordination of functions being provided to the same entities. The Investment Office has investment responsibility, and investment oversight for approximately 10,000 funds with a combined market value in excess of $1.7 Billion. The Director of Investments, with a dedicated staff of analysts, leads the planning, organization, and oversees managers of three separate portfolios (NC State Investment Fund, NC State Intermediate Term Fund, and the Sustainable and Responsible Investment Fund); and oversees the investment of Planned Giving Assets and operating cash in accordance with the policies established by the respective Boards and other offices of NC State. The Investment Office manages manager and investment board relationships and governance for the NC State Investment Fund.
The unit Business Officer reports to the Senior Director and provides HR and Business services to both AEO and the Investments Office.
The Position The Senior Director is responsible for the following:
Communicating with internal and external customers through frequent meetings and other forms of communication.
Consulting with deans, directors, faculty, and staff to coordinate services provided by the various offices. Additional contacts often include board members of Associated Entities (since the position acts as Assistant Treasurer for many of the fundraising foundations), bankers, investment custodians, and operational personnel of investment managers.
Maintaining current knowledge in a broad range of accounting and investment areas as it relates to operating cash management, and investment cash management. A working knowledge of traditional investments (equities and fixed income.), and alternative investments is required.
Understanding the technical aspects of investment management is not a responsibility of this position, as that is the purview of the Director of Investments. However, working knowledge in the cash requirements and cash flow of various investment strategies is necessary to ensure smooth operations across the two offices. Must understand the implications of new investments or redemptions on the cash flow of various participant organizations.
Expertise in various accounting standards such as Generally Accepted Accounting Principles (GAAP), Financial Accounting Standards (FASB), and Governmental Accounting Standards (GASB) overseeing the work of the Controller for Associated Entities in the production of 11 audited financial statements. The position is knowledgeable about tax matters, facile in the complexities of non-profit operations within the context of a major public research university, and demonstrates good judgment about key areas of enterprise risk.
Other duties and responsibilities of the position include:
Serve as ex-officio back-up and alternate officer to the University Treasurer for all associated entities in matters of operations, financial management, and governance, attending meetings on the Treasurer’s behalf to explain NC State policies and procedures and to notify the Treasurer about areas of concern with respect to risk management and compliance.
Serve as Secretary to The Board of Trustees of the Endowment Fund of NC State University and may serve in other official Board capacities as needed.
Engage in periodically establishing new policies and procedures that relate to the overall operations of the Associated Entity Office and various units and entities to which it provides services.
Minimum Experience and Education Requires a relevant post-Baccalaureate degree with a minimum of three (3) years or greater of related professional experience, or a relevant undergraduate degree and a minimum of five (5) years or greater of relevant experience may be substituted for the advanced degree.
The successful candidate will possess the following departmental skills:
A good understanding of non-profit, governmental and fund accounting, limited liability corporations, and accounting for various complex investment strategies is also required.
Must have prior experience with FASB and/or GASB accounting.
Ability to effectively engage, collaborate with, and communicate with a broad range of constituencies, including campus executive leaders, external foundation board members, and leaders of other campus functional areas.
Ability to lead and motivate significant numbers of employees, both directly and through subordinate managers.
Experience and skills in effective human resources management. Strong organization, analytical, and communication skills. Proven problem-solving skills, both directly and indirectly, are key to success in the position.
Ability to effectively engage, collaborate with, and communicate with a broad range of constituencies, including campus executive leaders, external foundation board members, and leaders of numerous other functional areas on campus.
Preferred Qualifications Master’s Degree and a minimum of three (3) years of related professional experience; or a relevant bachelor’s degree and a minimum of five (5) years of relevant experience may be substituted for the advanced degree.
Preference will be given to candidates who possess the following:
8 - 10+ years of applicable, increasingly-complex, and successful management experience.
A relevant advanced degree.
A North Carolina CPA designation or the ability to obtain reciprocity.
Working knowledge of public higher education, non-profits, and investment.
How to Apply Inquiries, nominations, and applications are invited and may be directed to Justin Lang, director, NC State Executive Search Services, at (919) 513-1963 or email@example.com. Confidential review of applications will begin in January 2021, and will continue until the position is filled. Candidates should provide a curriculum vitae, cover letter, and the names and contact information of three (3) references. References will not be contacted without prior knowledge and approval of candidates. These materials may be submitted online at https://jobs.ncsu.edu/ (position # 00008503).
About NC State At NC State, we create prosperity for North Carolina and the nation. We began as a land-grant institution grounded in agriculture and engineering. Today, we’re a pre-eminent research enterprise that excels across disciplines.
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Each year, NC State adds $6.5 billion to the statewide economy, equivalent to creating more than 90,000 new jobs. That represents significant return on investment for the citizens of North Carolina in the form of research advances, innovative technologies, successful companies, skilled graduates and new jobs waiting for them.
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