Financial Vice President and Treasurer. Boston College Chestnut Hill, Massachusetts

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1 Financial Vice President and Treasurer Boston College Chestnut Hill, Massachusetts July 2015

2 Financial Vice President & Treasurer Boston College Boston College seeks a seasoned and effective leader to serve as Financial Vice President and Treasurer. Serving as the University s Chief Financial Officer (CFO), this member of the senior leadership team will report directly to the Executive Vice President and serve as a trusted strategic advisor to the President, and to University leadership. The CFO will lead the Finance division with creativity and integrity, providing solutions that balance long-term aspirations with near-term needs. The CFO also has responsibility for Investments, Internal Audit, Auxiliary Services, and Public Safety. This is a critical leadership position that will guide the University through financial decision-making and stewardship of its financial resources. The successful candidate will have a commitment to the values inherent in Boston College s identity as a Jesuit, Catholic University, and proven experience as a collaborative senior finance professional. Boston College Highlights Boston College was founded by the Society of Jesus and is committed to maintaining and strengthening the Jesuit, Catholic mission of the University. This applies especially to its commitment to integrating intellectual, personal, ethical, and religious formation, and to uniting high academic achievement with service to others. With an enrollment of 9,150 full-time undergraduate and 4,420 graduate and professional students, Boston College is ranked 31st among national universities by US News & World Report. Boston College is an institution with $4.3 billion in assets, approximately $950 million in revenue, and $45 million in external funding for research. The University has an endowment in excess of $2.2 billion. When founded in 1863, Boston College was a small undergraduate institution situated in Boston s South End. Today, it is recognized as one of the world s preeminent Catholic universities, offering 58 majors through its eight schools and colleges: the Morrissey College of Arts and Sciences; the Lynch School of Education; the Boston College Law School; the Carroll School of Management; the Connell School of Nursing; the School of Social Work; the School of Theology and Ministry; and the Woods College of Advancing Studies. The Boston College main campus is located on an idyllic 130 acre site in Chestnut Hill, and is supported by a 40 acre campus in Newton and a 65 acre campus in Brighton, in addition to the Connors Family Retreat & Conference Center in Dover and the Weston Observatory. Boston College has 758 full-time faculty, 94% of whom hold doctoral degrees, 1,096 FTE faculty and 2,750 non-faculty employees. 2

3 Today Boston College has a strong balance sheet thanks to prudent fiscal management and effective governance. The University s Moody s rating is Aa3. Over the past five years, Boston College has increased its operating budget by 20% and its total assets by nearly 40%, with the physical plant increasing in value by 30%. There are many capital projects visible across the campus including the construction of new academic buildings, residence halls, and creation of conference space and a new home for the McMullen Museum. Boston College is one of 19 private colleges and universities that are need-blind and meets the full demonstrated need of all accepted students. In the past academic year, undergraduate financial aid totaled $128 million with 70% of the student body receiving aid in the form of grants, scholarships, loans, and work-study. Boston College Leadership Father William P. Leahy, SJ became the 25th president of Boston College in July Under Fr. Leahy s leadership Boston College endeavors to educate a new generation of leaders men and women who will be capable of shaping the future with vision, justice, and charity with a sense of calling, with concern for all of the human family. As an institution of higher education, Boston College is committed to the discovery and transmission of knowledge. By reflecting its Jesuit and Catholic heritage, it also seeks to integrate excellence and religious commitment, to both inform and form its students. This is a worthy goal for any university, but particularly for Boston College, a university uniquely suited to be a beacon of hope and light for all. Fr. Leahy holds a PhD in history from Stanford University, an MA in US History from St. Louis University and a master s degree in divinity and sacred theology from the Jesuit School of Theology in Berkeley, California. Michael Lochhead was named Executive Vice President (EVP) late in He had previously served as Vice President for Administration and Finance, and Treasurer at the College of the Holy Cross. Lochhead oversees the University s Facilities Management, Finance and Treasury, Human Resources, Information Technology and Student Affairs divisions, and the offices of Institutional Research, Planning and Assessment, and Space Planning. A 1993 graduate of the Carroll School of Management with a BS in accounting, Lochhead received his MBA from the Carroll Graduate School of Management in David Quigley, who had been serving as Dean of the College and Graduate School of Arts and Sciences, was named as Boston College s Provost and Dean of Faculties in March Quigley arrived at Boston College in 1998 as an assistant professor in the Department of History. In addition to strengthening undergraduate academic opportunities, Quigley has an excellent record of encouraging interdisciplinary and crossschool collaboration. Dr. Quigley received doctoral and master s degrees from New York University. 3

4 Strategic Directions at Boston College The Boston College Strategic Plan Towers of Excellence brought input from diverse sources, which was distilled to form seven principal strategic directions. The vision for Boston College draws its inspiration and goals from the University s mission and potential, as well as the world s needs and possibilities. These strategic directions build upon existing strengths at Boston College: 1. Commit Boston College to becoming the leader in liberal arts education among American universities. 2. Develop and implement a student formation program that will be a contemporary model for colleges and universities committed to student formation. 3. Identify and support selected research commitments that will achieve excellence and distinction in addressing urgent societal problems. 4. Identify and commit targeted resources to selected natural science emphases that will establish Boston College as among the leaders in these areas. 5. Build on the strengths and reputations of Boston College professional schools to establish leadership in critical professional areas. 6. Become a significant intellectual and cultural crossroads by leveraging Boston College s international resources and partnerships and its Jesuit and Catholic networks. 7. Commit Boston College to becoming the world s leading Catholic university and theological center. Philanthropy is vital to the long-term ability of the University to achieve its goals. In October 2008, the University launched Light the World: the 150th Anniversary Campaign for Boston College. This campaign is nearing closure, and has raised $1.45 billion to be used to strengthen the dynamic and distinctive Boston College experience for today s students, and to secure the University s standing among the nation s leading academic institutions. The Position The Financial Vice President and Treasurer is the Chief Financial Officer of Boston College, responsible for overseeing all financial and certain administrative operations at the institution. The CFO reports administratively to the Executive Vice President and on programmatic and goal-related matters to the President. The CFO is charged with a variety of control, planning and leadership and management responsibilities as outlined below. Reporting directly to the CFO are the Associate VP of Finance, Chief Investment Officer & Associate Treasurer, Director of Internal Audit, Associate VP for Auxiliary Services, Director of Public Safety/Chief of Police, and the Director of Administrative Services. Control As the Financial Vice President, the CFO is responsible for ensuring the stewardship and safeguarding of the University s assets through financial control systems, developing and 4

5 overseeing annual operating and capital budgets, ensuring that reporting systems and financial statements are appropriate, acting as University Treasurer in accordance with University By-laws and the general statutes of the Commonwealth of Massachusetts, evaluating and directing purchase and sale of University assets, and working with other divisions to ensure that reasonable risk management and mitigation procedures are in place, including appropriate levels of liability insurance. Planning Acting in a role as advisor to the President, the CFO provides leadership and coordination of financial, operational, and capital planning and budget management functions to ensure that the University manages the long-term need of asset growth to fund future operations while meeting current spending priorities through the short-term deployment of resources. The CFO is singularly charged with the responsibility to build the capital base and influence decisions and activities that will result in that outcome on behalf of the President and Board of Trustees. This is done in collaboration with the EVP, Provost, and other members of the senior leadership team. In this context, the CFO is also responsible for maintaining the University s long-range financial planning model and capital financing plan. Leadership The CFO oversees the operations of the University Finance Division, Treasury, Investment, Risk Management, Internal Audit, the Operations Division, and the Public Safety Division. This includes developing and mentoring the senior leaders within these areas in their specific roles, their managerial capabilities, and their contribution to the mission and goals of Boston College. The CFO assists the President and EVP by serving on University-wide oversight committees including those for Compliance, Data Security, ITS Project Portfolio, Conflict of Interest Review, University Whistle Blower Oversight, and the University Retirement Plan, as well as the President s Cabinet. To coordinate efforts across the University, the CFO also works with other Vice Presidents, Deans and Directors, and their Fiscal Officers providing guidance and counsel on the use of centralized resources and compliance with University policies and procedures. For the Board of Trustees, the CFO provides administrative liaison to the Trustee Finance and Audit Committee and the Trustee Investment and Endowment Committee. The CFO also supports the President and EVP with Trustee Executive Committee and Trustee Building and Properties Committee activities. Lastly, the CFO represents the University on industry committees, including AJCU, NACUBO, EACUBO, and The Boston Consortium, in which Boston College has played a central role. 5

6 Key Challenges and Opportunities Boston College is in an exciting period of change. Under the strong leadership of Father Leahy, a new senior administrative team for the future of Boston College is being assembled. The strategic plan and capital campaign that have guided the University s decisions over the last years are ready for re-envisioning. The CFO will be a key member of the group guiding the discussion to create the next set of goals and initiatives for Boston College. Organizationally, Boston College is a centralized institution, giving the CFO the opportunity to be involved at all levels of the University and to develop and implement a comprehensive plan. The campus has grown extensively over the last decade with the acquisition of 60 acres on what is now known as the Brighton Campus. A 10-year, $1.6 billion expansion plan was unveiled in December 2007 and much progress has been made. In visualizing the future of Boston College, new programs in the sciences, and new facilities for athletics, recreation, residential life, and academic research are all likely to feature prominently. Boston College prides itself on having a close-knit community where support combines with ambition to inspire students, faculty, and staff alike. A key component of the University s culture is student formation and the continuous exploration and evolution of an individual s intellectual, social, and spiritual dimensions. Qualifications The Financial Vice President and Treasurer will possess many of the following abilities, attributes, and experiences: Extensive experience as a senior finance executive in a University, other not-forprofit, or other allied field; Excellent managerial abilities including decision-making, planning, reporting, supervisory and mentoring skills; proven ability to attract and retain talented professionals; Strategic and long-term thinker who can effectively advise the Board, President, EVP, Provost and other members of the senior leadership team; Excellent communication and presentation skills and the ability to represent the University at Trustee, donor, alumni, external constituent, and accrediting agency meetings and events; Excellent understanding of GAAP, A-21, A-133, portfolio management, investment banking, IRS, DOL, DOE and NCAA rules governing higher education financial management activities across the University; Good understanding of information technology systems that support financial controls and operating systems; and A commitment and ability to articulate, model, and contribute to the Jesuit, Catholic dimensions of Boston College s mission. 6

7 An MBA or comparable degree, and CPA are strongly preferred. The final candidate will be required to pass a successful background check as part of the hiring process. Beth Schaefer, Kristine O Brien and Elizabeth Adkins Neumann are assisting Boston College with this search. Please submit applications and nominations to: [email protected] Brill Neumann Associates Boston, MA Boston College is an Affirmative Action/Equal Opportunity Employer. 7