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Chief Financial Officer
Island Institute
Accounting & Finance
Rockland, ME, USA
Posted on May 30, 2025
The Chief Financial Officer (CFO) is the senior executive responsible for managing organizational financial operations, ensuring financial health, and advising on strategic financial decisions. The CFO oversees the day-to-day finances of Island Institute and communicates with leadership teams on information that is essential to tracking the deployment of financial and human resources. The CFO also participates in discussions about the trajectory of high-priority initiatives to ensure that the Institute is aligning it's resources through setting and adjusting financial goals and objectives.
Headquartered in Rockland, Maine, Island Institute is a leading community development organization dedicated to navigating climate and economic changes with Maine's island and coastal communities, expanding opportunities, and delivering effective solutions. Our culture thrives on innovation, collaboration, and creativity, driven by a vision where Maine's island and coastal communities thrive in a rapidly changing world, serving as models of innovation.
The CFO ensures a financial support system that is in compliance with Generally Accepted Accounting Principles (GAAP) and an integrated electronic accounting system which enables leadership teams to focus on providing leadership, operational and financial guidance to the organization while the Finance team handles all routine financial, accounting, bookkeeping, and payroll functions. The CFO ensures the timely preparation and flow of financial statements, reports, contracts, documentation, payments, and budgetary functions.
The CFO is a member of the organization's Senior Leadership Team (SLT), which is the primary advisory group to the president. The CFO is an important voice in shaping the future of the organization with the president, board and other SLT members.
In summary, the CFO is a critical leader who plays a vital role in shaping the organization's financial future, ensuring its stability, and driving its overall success. The CFO supervises the members of the finance team and reports to Island Institute's Chief Operating Officer.
Qualifications Required:
- At least 10 years' experience in a leadership position or demonstrated progressive financial responsibility at a comparable-sized organization.
- A bachelor's degree in accounting, Finance or related field. MBA/CPA, or advanced degree related to nonprofit financial management preferred.
- The ability to effectively present financial information to non-technical audiences.
- Proficiency in Microsoft Office and business accounting software applications.
- Strong project management skills.
- Demonstrated knowledge of compliance requirements for nonprofit organizations.
Core Responsibilities:
- Financial Planning and Analysis: Develop and implement financial plans, budgets, and forecasts.
- Financial Reporting: Oversee the preparation and reporting of financial statements (income statements, balance sheets, cash flow statements).
- Financial Management: Manage cash flow, investments, and debt financing.
- Rick Management: Identify, assess, and mitigate financial risks.
- Compliance: Ensure compliance with financial regulations and accounting standards and serve as the primary liaison to externa auditors.
- Board Finance Committee Relations: Manage relationships with the Treasurer and Finance Committee of the Board of Trustees.
- Strategic Advice: Advise senior leadership and the board on strategic financial matters.
- Team Leadership and Participation: Lead and manage the finance and accounting team. Serve as a key member of the SLT, Operations Committee and Business Planning Committee.
Essential Duties:
Supervise finance team:
- Provide technical guidance, regular support, and mentoring to finance team.
- Assess and manage employee performance.
- Effectively recruit and onboard new employees.
- Contribute to a unified and values-driven culture.
Understand and coordinate actions required to achieve the organization's priorities:
- Effectively communicate with members of the staff leadership teams and board of trustees.
- Manage cash and investments.
- Assess the financial health of the organization, and the development and implementation of correction plans if required.
- Lead finance team members to effectively support programs and development staff.
Develop and manage financial accounting and information systems to support a growing, complex organization:
- Implement accounting and management information systems for tracking and controlling financial resources.
- Develop and continuously refine budgeting process and tools (short-term and long-term).
- Establish and maintain a secure environment of financial controls, including audit-ready systems of internal controls and proper segregation of duties covering financial transaction.
- Ensure an up-to-date manual of significant accounting and financial management policies/procedures, readily available to Island Institute staff via print or electronic formats, and ensuring that changes to policies are approved by the Board of Trustees.
Lead and manage the annual budgeting process:
- Work with staff, board of trustees and the finance committee of the board to develop, review, and approve budgets.
- Update forecasts as actual results become available, to ensure forecasts are utilizing current information.
Manage Cash Flows:
- Supervise and assist the finance team with cash-flow management.
- Manage various sources of cash flows, including board-authorized draws from board-designated funds, the contingency fund, and the bank line of credit.
- Anticipate future cash flow needs and report on such needs to the President and Board of Trustees to ensure proper planning and appropriate use of organizational reserves.
- Recommend corrective courses of action in response to periods of cash flow needs, taking into account the organization's annual Contingency Plan.
Supervise quarterly, annual and audit reporting:
- Ensure that regular financial statements are prepared and distributed to lenders, and other financial partners as required.
- Supervise production of internal quarterly and year-end financial statements.
- Supervise preparation for A-133 financial and compliance audits if required.
- Review and approve state and federal tax filings.
- Assist the finance team with preparation of reports as required.
Lead forecasting and planning for future operations, in cooperation with leadership teams.
Ensure that Island Institute is in full compliance with all GAPP, OMB Circular A-133, other compliance requirements, and grant reporting requirements:
- Prepare audit schedules and grant compliance reports.
- Satisfy the requirements of OMB Circular A-133.
- Manage the federal indirect rate proposal process.
Ensure proper accounting treatment and reporting of organizational assets, liabilities, revenues and expenses, including proper accounting treatment of invested assets and endowed funds.
Serve as the staff liaison to the Finance Committee of the Board of Trustees:
- Ensure proper communication flow with the Treasurer of the Board, including the President as necessary.
- Plan and organize meetings of the Finance Committee, in coordination with the President and Treasurer of the Board.
- Ensure coordination with Goldman Sachs such that Finance Committee meetings include review of the investment portfolio, and that Investment Policies are properly reviewed and updated at least annually.
- Plan and organize presentation to the Board of Trustees, in coordination with the President and Treasurer of the Board.
Serve as a vital member of the SLT and other staff committees as required, advising those teams on the financial impacts of an planning for organizational strategic imperatives.
Perform other duties as required.