Ravenscroft School is a coed independent school located in Raleigh, North Carolina. The school enrolls students between Prekindergarten and 12th grade and serves 1,233 students. The school has three divisions: Lower School, Middle School and Upper School.
Our client is seeking an energetic, innovative and entrepreneurial financial and operational leader for the position of Chief Financial Officer / Chief Operating Officer that reports to the Head of School and manages all aspects of the daily operations for the school. The CFO/COO will join a dynamic leadership group as a member of the Leadership Team and also oversees Business/Finance /Accounting Operations, Data & Strategy, Facilities, Safety & Security, School Store and the Dining operations:
Member of Executive Team advising the Head of School on all institutional and administrative matters.
Attends and significant participation in Board of Trustees committee meetings to include the Audit Committee, Finance Committee, Investment Committee and Building & Grounds to focus on Institutional Strategy (includes Long Term Financial Sustainability, Enrollment Management, Risk Management).
Partners with Associated Head of School for Philanthropy on fundraising strategies and execution, support Athletics Dept on operational needs, and Technology Department on infrastructure and end-user device program.
Presents annually at the Board of Trustees Orientation and at all-employee meetings as requested by Head of School.
Collaborates closely with Assistant Head of School for Academic Affairs on financial, operational and administrative issues relative to program, and Director of Enrollment Management on enrollment strategy, market expansion in a competitive market, net tuition revenue and financial assistance tactics, and Assistant Head of School for Student Life on student health and wellness.
Partners with Director of Enrollment Management and serves as a member of the Financial Assistance Committee.
Works with Director of Technology on technology operations, budget and capital expense schedule.
Works closely with the External Programs department and School Store (Raven Zone) to increase non-tuition revenue sources including facility rentals and retail merchandise.
Responsible for community relations including relationships.
Leads Business Office staff of (4) in all functions of personnel and daily accounting operations including student billing and collections, accounts payable, payroll and general ledger.
Maintains Tuition Terms and Policy and follows up on delinquent accounts.
Develops an efficient and cross trained Business Office operation to ensure accuracy, timeliness, and a high level of customer service.
Provides guidance to accounting personnel to ensure a smooth and efficient operation.
Performs final review of disbursements by check and purchasing card program.
Reviews and approves monthly general ledger transactions and bank reconciliation reports.
Ensures that appropriate internal controls have been established including policies and procedures, documentation, etc. and monitors compliance.
Keeps current on new accounting pronouncements and assesses impact on the School.
Budgeting, Projections and Financial
Leads the budget process to include details in projections, multi-year financial modeling and presentations both internally and to the Board of Trustees; to include multiple expense reduction initiatives.
Assembles details of projected revenues and expenditures and prepares annual operating and capital expenditure budgets in coordination with the Head of School and the Finance Committee.
Establishes a tangible connection between expenditures and mission.
Monitors compliance with budget and prepares updates projections with input from divisions on a periodic basis during the year.
Helps administration, faculty, and staff understand the budget process and its implication on the School’s financial well-being.
Works with appropriate Board committees in developing strategic financial plan.
Investment and Cash Management
Works with the Investment Committee on investment/endowment issues, completes all paperwork for trades and transfers, and serves as primary contact for Investment Consultant.
Works with Director of Finance to monitor operating cash balances, implement short term investments, and execute transfers between bank accounts as deemed necessary and appropriate to maximize earning opportunities.
Manages bond financing process to include initial transaction execution, refinance, swap termination and transition to letter of credit and renewal.
Data and Strategy
Ensures annual submittal of school statistics to INDEX and NAIS and participates in National Business Officer Association (NBOA) surveys in order to gather peer school data and benchmarking.
Monitors industry best practices, risks, opportunities; evaluate them for impact and make recommendations.
Works closely with the Head of School, Director of Finance, and Associate Head of Academic Affairs to develop and maintain a Dashboard that is reliable and integrates data points representing all facets of school operations and academics.
Models financial and other scenarios for use in strategic decisions.
Generates presentations for various audiences.
Employee Benefits Administration & Risk Management – (Collaborates with Assistant Head of School for People and Culture)
to administer employee benefit programs including pension, health care insurance, group life and disability insurance, and flexible spending accounts, 403B planning and maintain Human Resources compliance.
All compliance related to Summary Plan Descriptions, Disclosures and Form 5500
Researches and negotiates alternative employee benefit plans as appropriate.
Ensures proper processing of worker’s compensation claims and addresses related issues as they arise.
Helps faculty and staff understand the employee benefits available to them; facilitates opportunities for employees to get support on health insurance plans, retirement and other benefits as needed.
Keeps current on labor laws and regulations.
Oversees Risk and Compliance for the School and maintains a risk management spreadsheet.
Manages Facilities staff of (12) and Security staff (Internal and external) to ensure safe and secure operations on the (142) acre campus with 326,000 gross sq. ft. buildings.
Provides guidance to the Director of Facilities and maintenance staff to ensure smooth and efficient operation of the plant facilities.
Assesses long term campus and infrastructure needs and incorporates into annual capital expenditures budget.
Negotiates and monitors major contracts for repairs and ongoing maintenance, construction, etc.
Participates in design work and manages all construction projects and interior campus renovations, infrastructure replacements.
Monitors and maintain Forestry Area to include use for academic programming; ensure compliance for storm water management systems.
Safety and Security
Oversees the Director of Protective Services and staff to ensure a safe campus environment.
Assists Director of Protective Services with the evaluation of school security staff and third-party guard service.
Works with Director of Protective Services to incorporate best practices in safety and security policies and protocol.
Reviews and approves the Annual Plan for training all employees as needed.
Ensures Crisis Plan is current and communication methods are in working order.
Evaluates capital needs associated with access controls and security camera equipment and software systems.
Provides guidance to the School Store Manager on store operations, including book vendor and sales.
Responsible for managing the Dining Hall including vendor selection and performance review, and implementation of nutrition and environmentally sustainable waste management programs.
Responsible for managing janitorial and landscaping vendors including selection and performance review.
Works with Director of Auxiliary Services to manage revenue/expense associated summer programs, camps and the use of school facilities by outside organizations.
Keeps current on government regulations affecting the School (IRS, OSHA, ERISA, etc.).
Procures and evaluates School’s insurance coverage. Processes claims and addresses risk management issues as they arise.
Addresses legal matters, as appropriate, in conjunction with the Head of School.
Attends conferences and seminars to stay current with profession and independent schools and maintains a professional network with peer institutions locally and nationally.
Coordinates work of outside auditors.
Performs other special projects as assigned by the Head of School.
Strong academic credentials are required. Bachelor’s Degree in Accounting, Business, or related field; CPA or MBA desirable.
A minimum of 15 years total professional experience, with a minimum of 5 years’ experience in a senior role equivalent to a CFO or VP of Finance with operations oversight.
Strong experience and expertise of Financial Planning and Analysis (FP & A)
Extensive experience with budgeting and monthly closings.
Ravenscroft School is an all gender independent day school in Raleigh, NC, with approximately 1,205 students enrolled in grades preschool through 12th grade.
Ravenscroft School Mission Statement: "The Ravenscroft community, guided by our legacy of excellence, nurtures individual potential and prepares students to thrive in a complex and interdependent world."