| VICE PRESIDENT & CHIEF FINANCIAL OFFICER
OUR ORGANIZATION
The Law School Admission Council (“LSAC”) is a not-for-profit corporation devoted to promoting and furthering the quality, access, and fairness of the law school admission process by providing core products and services to law school candidates and law schools in the United States and throughout the world. LSAC’s mission is to promote quality, access, and equity in law and education worldwide by supporting individuals’ enrollment journeys and providing preeminent assessment, data, and technology services.
THE ROLE
The Vice President/Chief Financial Officer (VP/CFO) will be responsible for all accounting, budget, tax, risk assessment, audit and financial modeling activities of the organization and will manage all financial and accounting reports, controls and standards. The VP/CFO ensures accurate timely financial and statistical reporting and analysis, including the provision of timely and accurate financial reports to all LSAC managers to enable them to appropriately manage their work and budgets, and recommended actions for management and/or the Board of Trustees. As a member of the senior leadership team, the VP/CFO will be involved in strategic planning, evaluation and professional development initiatives, as well as planning for the organization’s expansion, supporting opportunities to invest in innovation and exploring new revenue-generating opportunities, and will actively collaborate with other senior leaders to develop new business models and lines of business.
The VP/CFO will define the process and implement the infrastructure/systems needed to support the organization’s strategic and financial initiatives to meet corporate goals and objectives. The VP/CFO will continue to build and manage effective and streamlined administrative/financial systems, including financial, accounting, and compliance.
The VP/CFO will report direct to the President/CEO, with a strong collaboration with the EVP/Chief of Staff. CRITICAL RESPONSIBILITIES • Execute the financial strategy of the organization to meet financial goals.
• Oversee the financial operations, ensuring a best-in-class office.
• Hire, direct and coach financial team members to ensure timely, proficient and accurate results – and drive continuous improvement in accounting/ finance processes.
• Prepare monthly/quarterly/annual financial consolidations, statements and reporting.
• Remain current on audit best practices as well as state, federal and local laws regarding company operations.
• Prepare/review audit schedules, tax reports, financial information, KPI’s, budgets, etc.
• Establish internal and external financial analysis and reporting as needed – capital expenditures, cost/benefit projects, ROI analysis, special projects and provide recommendations.
• Manage the capital request and budgeting processes.
• Responsible for overall treasury management. Establish and maintain banking relationships and relationships with investment managers and prepare cash projections, manage cash flow planning process and ensure funds availability.
• Collaborate with Human Resources on oversight of Payroll/Benefits Administration,
Business Strategy
• Partner with executive leadership on all operational and strategic issues as they arise; providing strategic recommendations to the CEO based on financial analysis and projections, cost identification and allocation and revenue/expense analysis.
• Engage with executive leadership to align financial management with short and long-term financial planning and projections. Serve on and engage the board finance committee, board investment committee, board audit committee and LSAC’s internal budget and committee around issues, trends and changes in the operating model and operational delivery. Oversee long-term budgetary planning and cost management in alignment with the strategic plan. Planning, Policy, and Board Relations articipate in corporate policy development as a member of the senior leadership team.
• Develop business plans and forecasts in collaboration with senior leadership.
• Partner with the CEO and the internal strategic priorities committee to coordinate planning and establish priorities for the planning process.
• Engage the finance and investment committees to develop short-medium-long-term financial plans and projections.
• Report to and engage with the audit committee.
• Represent the organization to financial partners including banking, auditors, investment managers, etc.
• Stay current to meet or exceed nonprofit audit “best practices,” and state and federal law regarding LSAC operations.
• Analyze operations to identify areas in need of reorganization, downsizing, or elimination.
• Works with business intelligence and business development boundary to evaluate opportunities. Financial/Operational Management • Oversee budgeting and the implementation of budgets so as to monitor progress and present operational metrics internally and externally.
• Ensure finance staff maintains financial records systems in accordance with GAAP and monitors use of all funds on a monthly basis.
• Preparation and approval of all financial reporting materials and metrics for board of trustees; prepare and communicate monthly, quarterly, and annual financial statements.
• Manage cash flow and forecasting, direct all financial, project-based and departmental accounting.
• Review all formal finance processes and administration; recommending improvements to the systems in place and managing changes going forward.
• Oversee cash management and ensure compliance with the board approved investment policy and investment of short-term funds in accordance with established guidelines and practices.
• Responsible for the annual audit, including the audit committee review process. Oversee long-term investment strategies and monitor long-term investments and investment managers. Accounting and Administration • Oversee accounting staff to ensure proper maintenance of all accounting systems and function, including, but not limited to, budget preparation, and audit functions; supervise staff.
• Ensure maintenance of appropriate internal controls and financial procedures.
• Guarantee timeliness, accuracy, and usefulness of financial and management reporting for internal managers and for board of trustees; oversee the preparation and communication of monthly and annual financial statements.
• Coordinate audits and proper filing of tax returns.
• Direct the preparation of all financial statements, including income statements, balance sheets, shareholder reports, tax returns, and governmental agency reports.
• Ensure legal and regulatory compliance regarding all financial functions. Administrative Leadership/Management Serve as a business partner to the CEO and Chief of Staff on the organization’s financial, budgeting and administrative processes, including payroll and benefits functions - with a keen eye on continuously developing and improving systems. Works with other boundary leaders and department managers to monitor each boundary and make recommendations. |
