Vice President for Finance

Employer
Massachusetts Institute of Technology (MIT)
Location
Massachusetts, United States
Salary
Competitive Salary
Posted
Oct 08, 2020
Employment Level
Executive
Employment Type
Full Time

Vice President for Finance

Massachusetts Institute of Technology (MIT)

Cambridge, MA

  

The Massachusetts Institute of Technology (MIT) is recognized world-wide as a unique institution; a major university grown from an engineering school, the Institute now houses first-tier departments in science, engineering, computing, humanities, social science, architecture, planning, and management.  MIT culture is characterized by energetic collaborations and productive debate across the disciplines.  Among the most selective educational and research institutions of higher education, 45 percent of the undergraduate students identify as members of ethnic minorities. Decentralized administration coupled with faculty autonomy support research and innovation that has national and global impact.

 

The Institute is a coeducational, privately endowed university, with 1,067 (FY2019) faculty members, 4,530 undergraduate and 6,990 graduate students. Total employment is 12,852 (with an additional 3,546 staff members at Lincoln Laboratory, a Federally Funded Research and Development Center (FFRDC) dedicated to technology in support of national security). MIT is organized into five schools—Architecture and Planning; Engineering; Humanities, Arts, and Social Sciences; Management; and Science—and the newly launched MIT Stephen A. Schwarzman College of Computing, which opened in September 2019. At present, the schools are comprised of twenty-one academic departments, but a great deal of research and teaching takes place in more than 50 interdepartmental programs, laboratories, and centers whose work extends beyond traditional disciplinary boundaries.

 

In 2020, MIT performed nearly $800 million of research on the Cambridge campus that was funded by government, private industry, foundations and internally, and MIT’s Lincoln Laboratory performed an additional $1.09 billion of research.  The Institute has over $24 billion in financial assets and a nearly $4 billion operating budget. MIT is located on 268 acres across the Charles River from Boston, MA, in Cambridge, where it is one of the largest employers in the city. Additionally, MIT has offices at Singapore, Hong Kong, Chile, and the United Kingdom (MIT Press).

 

Position Overview

Reporting to MIT’s Executive Vice President and Treasurer (EVPT), the Vice President for Finance (VPF) will provide strategic and operational leadership for MIT’s financial management and operations while partnering and collaborating with other senior leaders to support the overall mission of MIT. The VPF will also play a key role in partnering with members of the MIT community to ensure VPF’s operations and processes are best suited to support the financial operations of Departments, Laboratories and Centers (DLCs) across campus. While building open and collaborative partnerships across Institute DLCs, the VPF will work to enhance the control environment and ensure accurate and timely financial reporting, optimize MIT’s financial systems and focus on continuously improving the business processes. The VPF will also collaborate with the MIT Investment Management Company (MITIMCo), which manages MIT’s $18.4B endowment.

 

MIT’s Vice President for Finance oversees the activities of the Office of the Vice President for Finance (VPF), which plays a critical role in the thoughtful stewardship and effective deployment of the Institute’s resources. The office’s responsibilities include assembling MIT’s Institute-wide budget, preparing its published financial statements and tax filings, advising senior leadership on endowment support for operations and other key financial dynamics, executing borrowings, managing liquidity and working capital, recording gifts, and providing payroll, procurement, and other services that enable research, education and innovation at MIT. 

 

The Vice President leads VPF’s 170-person staff of finance professionals. VPF comprises VPF Headquarters (including office administrative services, financial systems support, and training and community engagement services); Budget and Financial Analysis; the Controllership; Financial Operations; Office of Insurance; Office of the Recording Secretary; Strategic Sourcing and Contracts; and Treasury and Planning. The Office is committed to delivering the highest quality service to MIT's faculty, staff, and students with an emphasis on smooth systems, streamlined processes, and clear policies. It is also committed to an open communication policy, and welcomes comments and suggestions as to how it can better serve the needs of the community. VPF services include financial reporting and analysis, the provision of expert advice and policy recommendations, and assurance of compliance with financial rules and regulations.

 

Principal Duties and

  • Serve as a key member of the Institute’s senior leadership team, helping to define sustainable, efficient ways to deploy resources and deliver exceptional services
  • Work with the President, the Corporation, and other members of MIT’s senior leadership team to ensure that MIT’s financial resources are optimally deployed to deliver high quality results in a manner that supports and sustains the Institute’s academic mission of education and research
  • Conceptualize, plan, and develop financial strategies, approaches, initiatives, systems, and technologies which have Institute-wide impact
  • Steward MIT’s resources to sustain both long-term financial health as well as support MIT’s goals around the future of education and infrastructure improvements
  • Oversee a full range of financial services and functions including treasury, financial reporting and compliance, budget planning, accounts payable and receivable, payroll processing, strategic sourcing and contracts, procurement, tax, accounting for global operations, sponsored accounting, property accounting, gift recording, insurance, and travel and credit card services
  • Ensure consistent, high-quality, customer-focused financial operational services are delivered in a manner that best supports the Institute, with an eye on constant improvement
  • Guide the performance of broad financial analysis for senior leadership and the executive committee to enable sound reporting and decision making
  • In collaboration with the Provost, lead the Institute’s annual budget, financial planning and forecasting process
  • Oversee the preparation of the annual Report of the Treasurer
  • Advise on finances, compliance, and risk management for the Institute
  • procedures, processes, and disciplines fundamental to maintaining a solid and reliable control environment in a highly heavily decentralized environment
  • Ensure the quality, accuracy, and timeliness of financial information provided to internal and external parties, and with the Institute Auditor, manage the external auditor relationship

  

Qualifications & Skills 

  • Bachelor’s degree
  • At least ten years of related experience 
  • Demonstrated success leading and directing financial operations in a higher education institution or other organization of similar complexity and stature
  • Advanced-level knowledge of accounting, audit, finance, tax, reporting, budget, financial operations, and risk management principles and practices
  • Extensive and practical knowledge of complex financial transactions, GAAP, cost accounting principles and methodologies, internal control requirements, and regulatory compliance
  • Demonstrated success developing and communicating insightful financial analysis, performance measures, and financial metrics
  • Experience with global accounting and currency transactions
  • Demonstrated commitment to diversity, equity, and inclusion and ability to attract, lead, and develop a diverse, high-performing team
  • Excellent oral and written communication skills and demonstrated ability to relate effectively at all levels of the organization
  • Solutions-oriented with proven ability to influence and work effectively with colleagues in a decentralized, highly collaborative and non-hierarchical environment
  • Demonstrated strategic leadership, planning, change management and process improvement skills

 

Interested candidates may apply online at https://hr.mit.edu/careers. Please reference job number 18991.

 

MIT is an equal employment opportunity employer. All qualified applicants will receive consideration for employment and will not be discriminated against on the basis of race, color, sex, sexual orientation, gender identity, religion, disability, age, genetic information, veteran status, ancestry, or national or ethnic origin.