Associate Vice President (AVP), Finance and Treasury Management

Associate Vice President (AVP), Finance and Treasury Management

University Overview

The University of Pennsylvania, the largest private employer in Philadelphia, is a world-renowned leader in education, research, and innovation. This historic, Ivy League school consistently ranks among the top 10 universities in the annual U.S. News & World Report survey. Penn has 12 highly-regarded schools that provide opportunities for undergraduate, graduate and continuing education, all influenced by Penn's distinctive interdisciplinary approach to scholarship and learning. As an employer Penn has been ranked nationally on many occasions with the most recent award from Forbes who named Penn one of America's Best Employers By State in 2021.

Penn offers a unique working environment within the city of Philadelphia. The University is situated on a beautiful urban campus, with easy access to a range of educational, cultural, and recreational activities. With its historical significance and landmarks, lively cultural offerings, and wide variety of atmospheres, Philadelphia is the perfect place to call home for work and play.

The University offers a competitive benefits package that includes excellent healthcare and tuition benefits for employees and their families, generous retirement benefits, a wide variety of professional development opportunities, supportive work and family benefits, a wealth of health and wellness programs and resources, and much more.

COVID-19 vaccination is a requirement for all positions at the University of Pennsylvania. New hires are expected to be fully vaccinated before beginning work at the University. For more information about Penn's vaccine requirements, visit the Penn COVID-19 Response website for the latest information.

Posted Job Title
Associate Vice President (AVP), Finance and Treasury Management

Job Profile Title
Associate Vice President

Job Description Summary
In partnership with the Vice President for Finance & Treasurer, the AVP provides leadership for all decisions related to Penn's $1.9 billion debt portfolio (FY21) and $3.3 billion working capital portfolio, including rating agency presentations and analyses. Debt oversight includes ongoing knowledge of current market conditions and changes, management of credit agency relationships, analyses and evaluation of debt financing and refinancing options, and maintenance of the asset and liability allocation and communication with the Budget and Finance Trustee Committee and the Debt Subcommittee. The working capital portfolio includes a three-tiered investment structure for maintaining short, intermediate, and long-term liquidity for the University in compliance with stated investment policies. The AVP will participate on the University's Capital Advisory Group and is responsible for maintaining a weekly, quarterly, and annual cash forecast, as well as the delivery of a comprehensive liquidity dashboard for Senior Executive Vice President and VP Finance & Treasurer decision support. This position focuses on continued process improvement and modernization of all treasury, banking, and financial analyses, and has the responsibility to identify and leverage opportunities and mitigate downside impact.

Job Description

The Division of Finance

The University of Pennsylvania's Division of Finance (DOF) provides financial leadership across the Penn community. The eight departments comprising the Division are essential to Penn's financial management and fiscal health ensuring Penn faculty, staff and students have access to funding needed to support their academic pursuits and perform their work. With more than 250 employees, the Division of Finance departments include: Comptroller's Office, Finance and Treasury, Financial Systems and Training, Gift and Investment Services, Global Support Services, Office of Research Services, Office of Risk Management & Insurance and Student Registration and Financial Services. Learn more about the Division of Finance.

In FY 2021, Penn's annual operating budget was $12.7 billion, and the endowment increased 41 percent to over $20 billion. Total net assets grew by 37 percent to $26.9 billion. Penn's credit ratings from Moody's Investors Service and S&P Global Ratings are Aa1 and AA+ for the University and Aa3 and AA for Penn Medicine, respectively. Penn is highly decentralized and uses a Responsibility Center Management budget model. To continue to strengthen the institution financially and to provide strong leadership, Penn seeks a talented, collaborative, and innovative finance executive to serve as the next Associate Vice President (AVP), Finance and Treasury Management.

The AVP is a senior member of the DOF, reporting directly to the Vice President for Finance and Treasurer. The AVP leads a cross-functional team of nine FTEs, which is responsible for overseeing Penn's treasury function, debt portfolio, and leading financial planning and analysis for a broad range of strategic institutional priorities. Across these functions, the AVP works with the highest levels of leadership at the University, including Penn Medicine, and must possess excellent communication and critical reasoning abilities.

In partnership with the Vice President for Finance & Treasurer, the AVP provides leadership for all decisions related to Penn's $1.9 billion debt portfolio (FY21) and $3.3 billion working capital portfolio, including rating agency presentations and analyses. Debt oversight includes ongoing knowledge of current market conditions and changes, management of credit agency relationships, analyses and evaluation of debt financing and refinancing options, and maintenance of the asset and liability allocation and communication with the Budget and Finance Trustee Committee and the Debt Subcommittee. The working capital portfolio includes a three-tiered investment structure for maintaining short, intermediate, and long-term liquidity for the University in compliance with stated investment policies. The AVP will participate on the University's Capital Advisory Group and is responsible for maintaining a weekly, quarterly, and annual cash forecast, as well as the delivery of a comprehensive liquidity dashboard for Senior Executive Vice President and VP Finance & Treasurer decision support. This position focuses on continued process improvement and modernization of all treasury, banking, and financial analyses, and has the responsibility to identify and leverage opportunities and mitigate downside impact.

The AVP plays a key role in University decision-making by developing timely and insightful strategic financial analyses and communicating them effectively to University leadership. The position will support initiatives for the VP Finance & Treasurer, Executive Vice President (EVP) Division, University of Pennsylvania Health System (UPHS), and all of Penn's schools and centers. The position will be engaged with leadership across the EVP Division and the University, as well as external constituents including auditors, investment and commercial banks, and rating agencies. The role will have primary responsibility for developing and managing the University's long-term financial models, strategic financial analyses, and issues including asset monetization, acquisition analyses, and public/private partnerships.

Responsibilities

Treasury

• Management of the University $1.9 billion debt portfolio and serve as the University liaison for UPHS's $2.7 billion debt portfolio.
• With VP for Finance & Treasurer establish and execute strategic direction and oversight of consolidated University debt portfolio.
• Provide expertise, insight, and timely analyses of capital markets for University leadership.
• Review the University's portfolio mix (fixed/variable/derivatives) for optimal structure and refinancing opportunities while maintaining compliance with the University's debt policy and IRS regulations.
• Provide debt reporting for senior management and Trustee committees. Oversee debt reporting for monthly financial statements, the annual financial report, and the IRS form 990.
• Review interest rate and liquidity risk and expenses and identify saving opportunities.
• Communicate, provide analysis, and present to Penn's Debt Subcommittee and Trustee members.
• Manage the University's Central Bank. Manage the University's internal loans to schools and centers. Supervise the production of quarterly financial statements for the Central Bank. Present quarterly central bank financials to the VP Finance & Treasurer and VP Budget Planning & Analysis.
• Work closely with the VP Finance & Treasurer and the University's investment office on maintaining an investment policy to meet liquidity needs and provide optimal return.
• Review capital and real estate projects to ensure appropriate funding is in place and cash flow is supported. Support the VP Finance & Treasurer on the University's Capital Advisory Group. Finance representative on annual capital planning meetings with school senior financial leadership. Create long-term liquidity forecast ensuring affordability of the capital plan.
• Oversight of working capital portfolio of $3.0 billion invested in three-tiered investment structure maintaining short, intermediate, and long-term liquidity.
• Provide various analysis including weekly balance and quarterly performance reporting for the SEVP and VP Finance & Treasurer on the working capital portfolio.

Financial Planning and Analysis

• Design, develop, and maintain the Consolidated University's comprehensive multi-year financial model which projects all aspects of the Consolidated University's financial health over a five-year period.
• Maintain thorough understanding of Penn's income statement, balance sheet, cash flows, tuition and financial aid dependencies, research drivers, capital planning, capital financing, debt capacity, and rating agency ratios.
• Develop, maintain, and present an integrated financial model, working collaboratively with Budget Planning & Analysis and Health System, which will support decisions and financial planning at the highest levels of the University, with delivery to the Executive Committee of the Trustees.
• Coordinate Trustee Budget and Finance Committee presentations. Supervise preparation of quarterly financial reports and long-term trends report. Work with General Counsel, Facilities, Health System, and others on resolutions for projects, contracts, debt, etc. requiring Trustee approval. Work with School Dean's Offices on school presentations.
• Serve as a strategic resource for schools/centers in developing standardized business and resource planning tools to enable decision support.
• Serve as a primary contact for high-level strategic financial planning issues and be responsible for framing of such issues (i.e., operating income analyses, assessment of new or ongoing campus initiatives, auxiliary enterprise pro forma analyses, asset/IP monetization).
• In partnership with Student Financial Aid, provide analyses and decision-making support related to undergraduate and graduate financial aid.
• Develop, design, and deliver modernized financial analyses, an FP&A scorecard, and presentations.

Desired Background

• Relevant master's degree in business, finance, or related field. At least seven years of professional experience.
• Demonstrated leaderships skills, strategic capabilities, and experience managing income, cash flow, and debt at large, complex, and decentralized organization.
• Experience in leading and developing inclusive and diverse organizations, and a track record of building partnerships with diverse external vendors and consultants.
• Experience developing and implementing process improvement that has impacted a large organization.
• Financial acumen and demonstrated judgement and expertise in the area of treasury.
• Experience developing and presenting complex financial modeling.
• Ability to communicate complex financial scenarios in a clear, concise, and understandable manner, including developing creative ways to visualize and present these analyses.
• Demonstrated experience developing and/or evaluating financial aspects of a long-term strategic plan.
• Strong understanding of compliance related issues, risk analysis, state and federal regulations and best practices across a large, complex organization (preferable higher education or non-profit).
• Experience and/or knowledge of a Responsibility Center Management or similar operational model.
• Track record in assessment of complex financial scenarios and excellent judgement related to financial scenarios.
• Appreciation for and ability to utilize technology to improve processes within department and across an institution.
• Appreciation for and ability to work with a wide range of diverse constituencies.
• Success in providing leadership on projects involving various constituents.
• Strong employee engagement skills and ability to develop and motivate staff.
• High degree of professionalism and proven track record of maintaining confidentiality and strong relationships across organization.

Job Location - City, State
Philadelphia, Pennsylvania

Department / School
Division of Finance

Pay Range
$50,000.00 - $350,000.00
Salary offers are made based on the candidate's qualifications, experience, skills, and education as they directly relate to the requirements of the position, as well as internal and market factors and grade profile.

Affirmative Action Statement
Penn adheres to a policy that prohibits discrimination on the basis of race, color, sex, sexual orientation, gender identity, religion, creed, national or ethnic origin, citizenship status, age, disability, veteran status, or any other legally protected class.

Special Requirements
Background check required after a conditional job offer is made. Consideration of the background check will be tailored to the requirements of the job.

University Benefits

• Health, Life, and Flexible Spending Accounts: Penn offers comprehensive medical, prescription, behavioral health, dental, vision, and life insurance benefits to protect you and your family's health and welfare. You can also use flexible spending accounts to pay for eligible health care and dependent care expenses with pre-tax dollars.
  
• Tuition: Take advantage of Penn's exceptional tuition benefits. You, your spouse, and your dependent children can get tuition assistance here at Penn. Your dependent children are also eligible for tuition assistance at other institutions.
  
• Retirement: Penn offers generous retirement plans to help you save for your future. Penn's Basic, Matching, and Supplemental retirement plans allow you to save for retirement on a pre-tax or Roth basis. Choose from a wide variety of investment options through TIAA and Vanguard.
  
• Time Away from Work: Penn provides you with a substantial amount of time away from work during the course of the year. This allows you to relax, take vacations, attend to personal affairs, recover from illness or injury, spend time with family—whatever your personal needs may be.
  
• Long-Term Care Insurance: In partnership with Genworth Financial, Penn offers faculty and staff (and your eligible family members) long-term care insurance to help you cover some of the costs of long-term care services received at home, in the community or in a nursing facility. If you apply when you're newly hired, you won't have to provide proof of good health or be subject to underwriting requirements. Eligible family members must always provide proof of good health and are subject to underwriting.
  
• Wellness and Work-life Resources: Penn is committed to supporting our faculty and staff as they balance the competing demands of work and personal life. That's why we offer a wide variety of programs and resources to help you care for your health, your family, and your work-life balance.
  
• Professional and Personal Development: Penn provides an array of resources to help you advance yourself personally and professionally.
  
• University Resources: As a member of the Penn community, you have access to a wide range of University resources as well as cultural and recreational activities. Take advantage of the University's libraries and athletic facilities, or visit our arboretum and art galleries. There's always something going on at Penn, whether it's a new exhibit at the Penn Museum, the latest music or theater presentation at the Annenberg Center, or the Penn Relays at Franklin Field to name just a few examples. As a member of the Penn community, you're right in the middle of the excitement—and you and your family can enjoy many of these activities for free.
  
• Discounts and Special Services: From arts and entertainment to transportation and mortgages, you'll find great deals for University faculty and staff. Not only do Penn arts and cultural centers and museums offer free and discounted admission and memberships to faculty and staff. You can also enjoy substantial savings on other goods and services such as new cars from Ford and General Motors, cellular phone service plans, movie tickets, and admission to theme parks.
  
• Flexible Work Hours: Flexible work options offer creative approaches for completing work while promoting balance between work and personal commitments. These approaches involve use of non-traditional work hours, locations, and/or job structures.
  
• Penn Home Ownership Services: Penn offers a forgivable loan for eligible employees interested in buying a home or currently residing in West Philadelphia, which can be used for closing costs or home improvements.
  
• Adoption Assistance: Penn will reimburse eligible employees on qualified expenses in connection with the legal adoption of an eligible child, such as travel or court fees, for up to two adoptions in your household.
  

​

To learn more, please visit: https://www.hr.upenn.edu/PennHR/benefits-pay


To apply, visit https://wd1.myworkdaysite.com/en-US/recruiting/upenn/careers-at-penn/job/Franklin-Building/Associate-Vice-President--AVP---Finance-and-Treasury-Management_JR00062013 jeid-0e3798f22065384094ad1df8747b2efd