SUPERVISES: Finance, Information Technology, People & Culture, Facilities
The Chief Financial and Administrative Officer (CF&AO) is responsible for ensuring the financial well-being of Lyric Opera of Chicago, including short- and long-term financial and capital planning, accounting, forecasting, budgeting, financial reporting, treasury, and endowment management. The CF&AO will serve as the principal financial officer of the company, overseeing all aspects of Lyric’s financial, administrative, human resources, information technology, facilities, and legal functions. The CF&AO reports regularly to the Board of Directors, serving as the management liaison to the Executive, Finance, Audit, and Investment Committees.
DUTIES AND RESPONSIBILITIES:
Formulate the long- and short-term financial strategies for Lyric and establish annual financial goals for the company, in collaboration with members of the senior management team and the Board Finance Committee. Provide financial guidance and strategic direction for all dimensions of the business impacting revenue and expense. Monitor ongoing financial performance against objectives; identify problems and initiate appropriate corrective action to help Lyric meet its goals.
Coordinate the annual operating and capital budgeting process, ensuring alignment with Lyric’s long-term strategic plan and Lyric’s overall financial strategy. Manage processes for financial forecasting, budgets, analysis, and reporting. Ensure timely, accurate, and transparent financial reports to management and the Board of Directors.
Work with the Investment Committee of the Board of Directors to establish and review endowment investment policy and performance, ensuring activities and results are in compliance with Board-approved policy.
Responsible for the financial records of the company, including treasury, asset/liability management, financial reporting, accounting and taxes and financial planning and maintain industry-leading procedures and best practices for Lyric’s needs. Ensure adherence to proper accounting principles and standards and governmental reporting requirements and that effective internal controls are maintained.
Develop and maintain cash and credit management programs to maximize the use of Lyric financial resources and ensure an adequate return on cash balances.
Evaluate and advise on debt financing and oversee debt obligations, oversee insurance policies and retirement plans.
Develop a competent, productive, and efficient departmental staff, professional accountants and accounting clerical support, through recruitment, development, supervision and delegation.
Develop financial and accounting policies and procedures and provide overall control of finance functions, including treasury, budget, accounting, tax, credit, property/risk management and insurance.
Lead the organization in the implementation of organization risk management policies and procedures.
Participate in Lyric’s Retirement Committee whose responsibilities include the maintenance of the investment policy statement, the selection of investment options, monitoring all service providers and investment funds and providing participants with access to investment education.
Responsible for review and approval of all Lyric contracts.
Serve as primary liaison to external evaluators and regulators, ensuring compliance with all federal and local governmental requirements and adherence to non-profit standards and best practices.
Maintain effective relationships with key members of the Board of Directors; organize and execute ongoing communications and special analyses as requested to support necessary decision-making by the Executive, Finance, Audit and Investment Committees of the Board of Directors.
Serve as Assistant Treasurer to the Board of Directors and a non-voting member of the Investment, Audit, and Compensation Committees.
Contribute to the overall success of Lyric by performing all other duties and responsibilities as assigned.
As a member of the Executive Leadership Team, advise the General Director, Board of Directors, and other members of the senior management team on the financial implications and risks related to key issues and important strategic decisions and provide leadership to the organization as a whole as it seeks to align revenue with expenses.
Evaluate and advise on the impact of long-range planning, introduction of new programs, strategies and business activities. Evaluate operating results to determine trends and opportunities to improve Lyric performance.
Acts as chief risk officer of the corporation, working closely with the Director of Environmental Health and Safety to ensure the safety of all employees and patrons of Lyric. Serves as the primary liaison with corporate legal counsel, seeking appropriate counsel where necessary.
Oversees the Finance, Information Technology, People & Culture, and Facilities departments, and provides guidance and assistance.
Provide guidance and assistance to the Vice President, People & Culture in the development and implementation of efficient and effective human capital strategies with a focus on improving underlying human resources operations while advancing Lyric’s organization strategy.
Provide guidance and assistance to the Vice President, Information Technology in the development and implementation of efficient and effective IT strategies and systems with a focus on providing the technical infrastructure necessary to effectively support Lyric’s digital marketing and sales efforts and the technical enterprise-wide support of the organization’s strategic objectives.
Provide guidance and assistance to the Senior Director of Facilities and team on short- and long-term maintenance and capital improvement projects.
KNOWLEDGE AND SKILLS:
Bachelor’s Degree in Accounting or Finance and a CPA and MBA are preferred.
Superb interpersonal and communication skills.
Skilled in mediation and negotiation and working across a diverse constituency.
Minimum 10+ years experience in a financial/administrative leadership role is required.
Successful track record of leading financial and other teams that have contributed to the overall success of an organization in times of change.
A track record of managing multiple priorities and developing infrastructure, policies, and systems that support the mission of an organization, strong teams, collaboration, and accountability.
Demonstrated success in strategic thinking, planning, implementation, and problem solving.
Excellent leadership and team-building skills, including the ability to motivate, inspire trust and confidence in, set goals for, delegate to, and ensure the accountability of colleagues.
Comprehensive understanding of the non-profit environment and the performing arts industry preferred.
Demonstrated success supervising personnel responsible for IT, human resources, facilities, and financial management.
Knowledge of accounting standards and Internal Revenue Tax Code applicable to nonprofit organizations.
Knowledge of investment management, financial investment principles, procedures and regulations.
Knowledge of financing methods, including bonds.
Skill in budget preparation, short- and long-term financial planning and fiscal management.
Ability to develop and implement effective financial and accounting policies and financial controls.
Outstanding interpersonal skills, ability to build and sustain relationships at multiple levels internally and with the various external constituencies.
The Lyric Opera of Chicago is committed to enhancing our diverse work environment and is proud to be an equal opportunity employer. Lyric does not discriminate on the basis of race, color, national origin, sex, gender identity, religion, sexual orientation, age, disability, parental status, veteran status, or any other protected status under applicable laws. We encourage individuals of all backgrounds to apply.
Through artistic excellence coupled with innovative, relevant programming; initiatives to connect with and grow new audiences; engagement with communities to ignite creativity across Chicago; and a modernized Opera House that is the setting for truly great experiences, Lyric is leading the advancement of opera. This collaborative vision will deliver ever more exciting, thought-provoking and inclusive audience and community experiences – while increasing the gravitational pull of our art form, our company, and our city.