Vice President of Finance and Administration

Northwood University's Vice President for Finance and Administration (VPFA) serves as the University’s chief financial and business officer, with responsibility for establishing and maintaining financial infrastructure, policies and practices needed to ensure the financial integrity of the institution and for bringing expert and creative thinking to the challenges of maintaining a sustainable financial model. The VPFA provides effective finance and administrative leadership, analysis, and support to the President and Board of Trustees. Additionally, the VPFA directs and manages all of the University’s business and administrative functions. S/he is the staff liaison to the Finance & Audit Committee and the Investment Committee, and serves the Northwood Board of Trustees as Treasurer and Secretary.

About Northwood University

On March 23, 1959, two young men with an idea, a goal, and a pragmatic philosophy to encompass it all, broke away from their careers in a traditional university structure to create a new concept in education.

Dr. Arthur E. Turner and Dr. R. Gary Stauffer envisioned a new type of university – one where the teaching of management led the way.

Time has validated the success of what these two young educators called "The Northwood Idea" – incorporating the lessons of the American free-enterprise society into the university classroom.

Over the decades, the University grew and matured. Academic curricula expanded; Northwood went from being an Institute to an accredited University, the DeVos Graduate School of Management was created and then expanded; the Adult Degree Program and its program centers expanded to over 20 locations in eight states; international program centers were formed in Malaysia, People's Republic of China, Sri Lanka, and Switzerland; and significant construction like the campus Student Life Centers added value to the Northwood students' experience. New endeavors such as Aftermarket Studies, entertainment and sports management and fashion merchandising, along with a campus partnership in Montreux, Switzerland, demonstrate an enriched experience for all our students.

With a clearly articulated mission to develop free-enterprise leaders who drive global economic and social progress, Northwood University is expanding its presence in national and international venues. Professors are engaged in economic and policy dialogue; students are emerging as champions in regional and national academic competitions. At all campuses and in all divisions, Northwood University is energized and is actively pursuing dynamic programming and increased influence.

Northwood University educates managers and entrepreneurs – highly skilled and ethical leaders. By 2026 we will serve more than 8,000 students and operate in 10 countries. With more than 57,000 alumni and a vibrant future ahead, The Northwood Idea is alive and well.

Northwood University revenue is limited to tuition, business operations and philanthropy. This sets Northwood University apart from competitors, many of who seek state and federal funding and take on debt as they pursue goals. Northwood has no debt and fully funds capital projects before they are put into action.

This ambitious approach requires the university to be efficient and proactive in managing resources and evolving programming as the university moves forward into the future. Northwood manages a healthy tuition discount rate to keep the institution in a strong financial position.

At Northwood University, we believe in individual freedom and responsibility, moral law, ethical and limited government, earned success and the importance of creativity, free enterprise and entrepreneurship as the foundation of individual and human progress. We seek an entrepreneurial Vice President, Finance and Administration to embrace and promote the philosophy of the University and its commitment to the American free-enterprise system when conducting business on behalf of the University. Applicants are encouraged to familiarize themselves with the University’s outcomes at http://www.northwood.edu/aboutus/

LOCATION: Midland, Michigan

REPORTS TO: University President

POSITION SUMMARY:

Northwood University's Vice President for Finance and Administration (VPFA) serves as the University’s chief financial and business officer, with responsibility for establishing and maintaining financial infrastructure, policies and practices needed to ensure the financial integrity of the institution and for bringing expert and creative thinking to the challenges of maintaining a sustainable financial model. The VPFA provides effective finance and administrative leadership, analysis, and support to the President and Board of Trustees. Additionally, the VPFA directs and manages all of the University’s business and administrative functions. S/he is the staff liaison to the Finance & Audit Committee and the Investment Committee, and serves the Northwood Board of Trustees as Treasurer and Secretary.

The VPFA leads and provides direction and oversight to various areas of responsibility related to finance and administration including: accounting services, including accounts payable and accounts receivable; purchasing; payroll; financial aid; financial budgeting, planning and analysis; information technology; various treasury functions including investments, cash flow and operating reserve management, and debt management; risk management and insurance; legal affairs, tax, and government compliance; real estate construction and facilities planning.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

The VPFA must be able to perform the following functions:

• Advise the President and other administrators regarding the financial operations of the University including direct administration of the development and implementation of the annual budget, including appropriate analysis of issues affecting revenue and/or expenditures, preparation of long-range budget forecasts, administration of budget process, and recommend budget amendments as necessary through the course of each fiscal year. Oversee Responsibility Center Management (RCM) budgeting [and reporting of objectives and key results (OKRs)].

• Review and make recommendations for new and/or revised policies related to university finances and administrative services, including, but not limited to financial policy and related procedures.

• Oversee the development and preparation of all monthly and annual financial reports for the President of the University and the Board of Trustees and other reports as required. Present and discuss monthly financial statements at executive meetings, board meetings, committee meetings and other stakeholders as designated by the President.

• Coordinate the annual audit, including supplying auditors with all necessary information.

• Oversee university funds including daily monitoring, forecasting, investments of funds, and monitoring of pledged collateral. Administer purchasing and investment policies and recommend changes as necessary.

• Maintain a system of internal controls that ensures the University’s assets are adequately safeguarded and financial reporting is in compliance with Generally Accepted Accounting Principles (GAAP).

• Ensure compliance with all applicable federal, state, and local laws.

• Provide leadership/strategic direction regarding development of campus, facilities, and grounds, including the development and continued oversight of deferred maintenance list, with annual presentation to the President of projects recommended for funding and long-range strategies for addressing deferred capital needs.

• Review, negotiate, and/or monitor execution of contracts for services including all leases entered by the university; develop and present recommendations for annual renewal of leases.

• Serve as liaison with legal counsel to obtain guidance and assistance with various legal matters as needed. Monitor status and outcomes of legal actions involving the university.

• Coordinate all large construction and maintenance projects. Oversight includes preparing RFP, reviewing bids, contractor selection, monitoring progress, and processing payment applications for the project.

• Establish annual targets and achieve annual growth net revenues to support university operations.

• Lead the development of annual changes to the schedule of tuition and fees; develop and present annual recommendation to the President.

• Annually prepare Composite Financial Index (CFI) for the Higher Learning Commission, analyze and evaluate factors impacting the ratio, prepare and present to the President recommendations for increasing the CFI.

• Oversee institutional risk management policy and procedures including the review and recommendation of appropriate insurance coverage (casualty, liability, and other coverages, excluding employee benefits) on behalf of the university.

• Represent the University as an active participant in organizations of chief financial officers of universities in Michigan (MICU et al).

• Actively represent the university in civic and community events, as designated by the President.

• Ensure that all activities are conducted within the established guidelines of the Family Educational Rights and Privacy Act (FERPA).

EXPERIENCES, CAPABILITIES AND ATTRIBUTES:

• A strong leader and confident listener and communicator who brings integrity, a calm presence, patience and the ability to build consensus and engender trust.

• Unquestioned personal integrity and a high degree of leadership skills and abilities, including decisiveness, the ability to motivate and to foster accountability, excellent judgment, and the desire and ability to get things done.

• A sense of humor.

• Supervisory skills, particularly leading a team of professional staff.

• Evidence of collaborative leadership; ability to manage interpersonal conflict situations requiring tact, diplomacy and discretion; ability to establish and maintain effective working relationships with faculty, staff, other departments, students, and the public; well-developed public speaking and presentation skills.

• Excellent oral and written communication skills to convey ideas, facts, and information effectively and accurately to students, staff, faculty, and the general public.

• Demonstrated knowledge of and skills in accounting, cash flow management, investment of funds, budget preparation and management, both long-and short-term institutional financial planning, and budget projections.

• Strong ability to apply principles of logical thinking to define problems, collect data, establish facts, and draw valid conclusions.

• Excellent analytical skills, particularly regarding budget/finance, risk analysis, compensation and benefits.

• Familiarity and comfort with technology for business and financial operations.

• Knowledge of Ellucian Colleague desirable.

EDUCATION, EXPERIENCE, and LICENSES/CERTIFICATIONS:

• Certified Public Accountant

• Master’s Degree in business, finance, accounting or related field

• Minimum five years of experience as a senior financial and administrative officer.

• Minimum ten years accounting and/or finance management experience, with emphasis in the areas of budget development, reporting and control, and financial administration.

• Private not-for-profit higher education experience preferred. Experience in organizations of public higher education, other non-profit organizations, or for-profit corporations is also suitable.

• Experience with other Finance areas of responsibility listed above preferred.

Applicants should apply at https://www.northwood.edu/jobs 

Qualified applicants will receive a Leadership Profile for further information.

Applications must be received by January 14, 2022.