Client Organization: University of Toronto Schools
Position Title: Chief Financial Officer
Reports to: Principal
Location: Toronto
ABOUT UTS
University of Toronto Schools (UTS) was established in 1910 by the University of Toronto and remains true to the cutting-edge aspirations of a progressive lab school affiliated with a university. Located on U of T campus, UTS is today an all-gender, independent school with an enrolment of approximately 675 students, grades 7 through 12. We are the only university co-educational preparatory school in Canada that is based solely on merit and affiliated with a university. UTS has a generous bursary program and attracts a unique, diverse community of exceptionally talented students, who arrive at the school prepared to be challenged and guided by extraordinary teachers to become socially responsible global citizens and principled leaders.
THE ROLE
The CFO reports to the Principal, is a member of the School’s Leadership Team and provides direction and guidance to the Principal, the Audit and Finance Committee of the Board and the Bursary Committee, ensuring decisions made are based on sound financial information guided by the school’s mission, vision and values. An important member of the school community, the CFO plays a pivotal role in building positive relationships and trust with multiple constituent groups including staff, students, the school’s parent community and the UTS Alumni Association. The CFO also works closely with the UTS Foundation, supporting both UTS and the Foundation in the achievement of the school’s financial obligations and strategic goals.
A dedicated professional with progressive experience in senior financial and operations roles, the ideal candidate has an understanding of the non-profit sector and experience working with a Board of Directors. A strong organizational leader with an innovative and strategic mindset, the CFO must act as an advisor while also being prepared to roll up the sleeves and execute solutions with a high level of agility and collaboration. Experience working within a unionized environment is beneficial.
PURPOSE
The incumbent will report directly to the UTS Principal and will have a functional reporting relationship to UTS Board Treasurer and Finance Committee with respect to the school’s finances. In addition, the Chief Financial Officer will routinely consult with the UTS Foundation Chair, UTS auditors and the Executive Director, Advancement on matters relating to the school’s finances, donations and investments. The objective of the position is to provide guidance and focused oversight with regard to long-term budget and finance strategy, and to guide the Finance Department in establishing best practice procedures. This position is responsible for the day-to-day functioning of the Finance Department (team of 4) as well as supervision and oversight of Finance Department staff, and the direction of financial planning and investment of funds for the UTS Foundation. The incumbent will also participate in strategic planning with the UTS Board and Senior Leadership Team. Additional broad responsibilities include ensuring that resources are in place to support an adequate infrastructure to meet UTS’ long-term objectives and that all financial activities are in accordance with the University of Toronto Schools’ policies, GAAP and auditor’s requirements.
RESPONSIBILITIES
UTS Finances
Under the direction of the Principal and the UTS Finance Committee Chair, and Treasurer, the CFO:
- Provides regular timely financial reports to the Principal and Board of Directors and fulfils other related fiduciary duties;
- Provides expertise pertaining to UTS’ financial management policies, practices and principles; advises the Principal on a range of issues;
- Collaborates with the Principal, Chief People Officer and the Board Finance Committee to establish and execute School financial policies and procedures which meet Board and auditors’ requirements to achieve internal controls;
- Assists the Principal and UTS Board of Directors on projects as required, including capital projects such as the building project at 371 Bloor Street West, and participates in related management and Board committee meetings;
- Prepares and/or oversees the preparation of financial reports and ad hoc analyses for the Principal and Board of Directors;
- Participates in strategic planning, evaluates and prepares financial models for specific projects, provides advice regarding financial implications of plans and projects;
- Oversees all financial transactions; delegates authority of receipt, disbursement, banking protection and custody of funds, securities and financial instruments to Controller or senior accounting staff and appropriate Finance department staff as necessary;
- Oversees and coordinates the preparation of the annual budget and project budgets in collaboration with the Controller and department managers/coordinators, and monthly/quarterly reporting;
- Coordinates activities with Finance staff to ensure that all finance/budget activities follow procedures, are accurate and up-to-date;
- Manages/trains Finance office staff and completes performance reviews of direct reports within the department;
- Ensures internal control procedures are established, documented, disseminated and maintained;
- Conducts internal reviews to ensure transparency and compliance with GAAP;
- Oversees UTS’ FS annual audit and tax filings;
- Oversees cash flow and projections and works with Controller to develop strategies/plans for bridging periods of financial constraints;
- Works with Controller or senior accounting staff to forecast long range projections of income and expenditures which will aid in establishing the appropriate level of tuition fees;
- Ensures school funds held on deposit earn best possible interest; evaluates need for procurement of funds and investment of surplus;
- Ensures that UTS meets legislated guidelines for financial reporting for not-for-profit organization with charitable status;
- Liaises as needed, with banking/financial/lending institutions on matters relating to loans, overdraft terms; ensures that best terms are negotiated and fosters positive long-term relationships;
- Liaises with the University of Toronto on financial issues as required;
- Ensures appropriate insurance coverage is maintained;
- Provides risk assessment input in relation to any financial arrangements with service providers, advises on ways to mitigate financial risks; with Principal’s approval, implements risk management measures;
- Communicates with various departments such as Advancement on a range of issues;
Bursaries
- Oversees UTS Bursary process, determining annual distribution of bursaries and supplementary bursaries;
- Works with Bursary Committee to develop Bursary Policy and Procedures.
UTS Foundation
Under the direction of the UTS Foundation Chair:
- Attends all Foundation Board meetings, acts as treasurer and fulfils all related fiduciary duties;
- Directs financial planning and investment of funds for UTS Foundation;
- Monitors the Foundation’s investments activity and ensures that investment procedures are consistent with the Foundation’s policies and meet legal obligations;
- Liaises with Foundation custodian, investment managers and bankers and maintains positive, long term working relationship;
- Oversees all financial transactions, delegates authority of receipt, disbursement, banking, protection and custody of funds, securities and financial instruments to Controller and appropriate Finance department staff as necessary.
UTS Alumni Association (UTSAA)
Under the direction of the UTSAA Treasurer and in collaboration with the Executive Director, Advancement:
- Ensures financial integrity of UTSAA accounts and provides quarterly reports;
- Delegates authority of receipt, disbursement, banking and other financial activities to Controller and appropriate Finance department staff as necessary;
- Monitors UTSAA investments and provides quarterly reports.
School-Wide Strategic Direction:
- Provides financial know-how and leadership in the development of school-wide initiatives, in particular as relating to capital intensive projects;
- Develops action plans, and works with departments, teams and other stakeholders to ensure buy-in.
- Collaborates with the members of the Strategic Leadership Team (SLT) on a range of projects in support of the school’s Strategic Plan, including UTS Building and Merit Based Admission