Friends Rehabilitation Program, Inc.
Chief Financial Officer Position Description
Friends Rehabilitation Program (“FRP”) is seeking to recruit a Chief Financial Officer (CFO) based at its headquarters in center Philadelphia
FRP is a Quaker-related non-profit whose mission is to provide housing and social services for low and moderate income households. Founded in 1961, FRP is governed by Quaker values of caring and respect for every member of the community. FRP, a developer and manager of affordable housing, currently works in the neighborhoods of Belmont, East and West Poplar, Strawberry Mansion, University City and Francisville.
FRP partners with neighborhood organizations to build quality, energy-efficient homes for low and middle income first-time homebuyers. FRP specializes in managing affordable housing for the elderly, homeless, disabled, and those living with HIV. It has extensive experience in the management and development of HUD Section 202 and Low-income Housing Tax Credit projects.
Revenues are in excess of $8 million per year.
Following a recent external evaluation of the its financial organization, the Company now wishes to recruit to the newly created position of CFO, a qualified and experienced individual capable of bringing leadership and direction to the financial and accounting function and to the organization overall. This position offers the opportunity for succession to Executive Director.
Reporting to the Executive Director, the CFO will be responsible for the financial, accounting, cash management, tax, audit and planning functions. The role will require supporting and advising the Executive Director on all financial matters as well as regular interaction with Operational Management. In addition to managing a small accounting team, the CFO will oversee the Payroll and the Information Technology functions. In addition, the CFO will be required to present regular financial reports to the Board of Directors.
Initially, while dispatching the specific, near term priorities below, responsibility for current bank relationships and funding for the organization will remain the Executive Director’s responsibility. However, many financial functions are expected to transition to the CFO at the earliest opportunity.
The Job Specifics
Near Term Priorities
The CFO’s near term priorities will be to ensure the integrity of the Company’s financial information, meet deadlines on a timely and accurate basis, and achieve compliance with all third party requirements specifically:
i. Monthly general ledger closing
ii. Processing and submission of invoices to third party funders
iii. Completion of company and tax audits
iv. Submission of required tax returns
v. Payroll processing and benefits accounting
The CFO will oversee the day to day activities of the finance department which currently consists of six individuals.
The CFO will be responsible for the further development of a cost effective accounting team capable of meeting the demands and expectations of the organization.
The CFO will develop and produce accounting and statistical reports appropriate for management to monitor business performance and implement action when necessary.
The CFO will engage with the City of Philadelphia, the Department of Housing & Urban Development (HUD) and the Philadelphia Housing Finance Agency (PHFA) on all matters financial including budgets, monthly reporting, capital expenditures and audits.
The CFO will be responsible for the oversight and control of the Company’s administration expenses.
The Job Specifics
Longer Term Priorities
The CFO will work directly with the Executive Director on Cash Management responsibilities, specifically:
i. Lender capital draw downs
ii. Lender reporting
iii. Overall liquidity planning
iv. Monthly cash forecasting
v. Tenant rent collections
The CFO will oversee short and long-term financial planning and will play a leadership role in formulating a company wide strategic plan, as well as developing the annual budget.
The Executive Director, the Board and Operational Management will rely on the CFO for tracking progress against short- and long- term goals.
The CFO will manage the Information Technology and Communications requirements of the Company to optimize user requirements at an affordable cost.
The CFO will work with the Executive Director on staff status and compensation changes and the annual benefits program cost.
The successful candidate will bring the following skills, characteristics, and experience:
A record of success 5 to 15 years in the financial function.
Experience in the low income housing sector and the accounting requirements for the Department of Housing & Urban Development (HUD), the Office of Housing & Commercial Development (OHCD) as well general partnerships.
Experience working in the construction/development industry a plus.
Experience working with the reporting demands of banks and other lenders. (Existing banking relationships, a plus).
In addition to P&L management, experience managing and optimizing an organization’s balance sheet and cash flow.
An undergraduate degree, ideally in finance or business.
A current CPA certification preferred.
A sense of urgency and a strong work ethic.
A willingness to be hands on when needed.
A collegial, team-focused style with an ego that is firmly in check.
Must possess obvious potential for future advancement.