Vice President, Finance And Administration And Treasurer
- Loyola University Maryland
- Baltimore, Maryland, United States
Reporting to the President, the Vice President, Finance and Administration and Treasurer serves as the chief financial and investment officer for the University. The Vice President has oversight for the offices of financial and treasury services, budget and planning, technology services, human resources, facilities, and campus services, which includes events and project management. The Vice President has six direct reports and is responsible for nearly 300 employees, manages the University's annual operating budget of nearly $305 million, and oversees the management of an endowment of approximately $240 million.
The next Vice President, Finance and Administration and Treasurer will oversee the campus master plan and work closely with both the Audit, Finance, Physical Plant and Equipment Committee and the Investment Committee of the Board of Trustees. The Vice President will also play a key role in implementing strategic priorities and managing related finances.
The ideal candidate for this position will bring outstanding financial and administrative management skills, experience in endowment management, a record of building and leading diverse teams, a commitment to environmental sustainability, and a track record for driving innovation and establishing additional streams of revenue. Candidates must embrace transparency, be accustomed to communicating effectively with a range of internal and external constituencies and demonstrate a desire to be an active participant in a thriving and mission-driven academic community.
Primary opportunities for the next Vice President include:
Managing through COVID:
Due to the coronavirus pandemic, Loyola is confronted with managing unprecedented challenges, particularly given that the short-term future is not entirely clear. Like most academic institutions, the University, as a result of this pandemic, is experiencing a loss of tuition and auxiliary revenues that is adding to the current FY21 financial pressures. The University continues to proactively manage this impact and has identified cost reductions to help mitigate the fall semester loss of revenue. Although the campus has shifted to remote learning for fall 2020 and plans a full return to campus in the spring, the most immediate challenge for the institution remains the uncertainty surrounding spring enrollment and the potential of additional loss of significant spring semester revenues. To ensure continuity in the long term, the next VPFA will need to prepare for numerous possible scenarios, seek creative solutions, and stay flexible in the face of continuous change to ensure the University is moving in a financially sustainable direction.
Attending to the long-term financial sustainability of the University:
Along with the board and administration, the next Vice President will provide strategic, responsible, broadly informed, and creative leadership to balance the needs of the current Loyola community with those of future generations. The Vice President will be asked to provide sophisticated financial analysis and modeling to guide the University's choices regarding the level of spending that endowment, tuition, and other revenue sources can prudently support, and the potential impact of various factors on the institution's financial equilibrium. In this critical role, the Vice President will be expected to advise the President and support members of the Board and their relevant committees to achieve the educational and financial goals of the University.
Managing in a transparent environment:
The Vice President must be an excellent communicator, one who has the capacity to articulate fiscal and budget narratives to several diverse groups and organizations on and off campus. Working in collaboration with the senior leadership team, the Vice President will be instrumental in helping the University make informed and thoughtful financial decisions and will educate community members on the thought processes behind these decisions. In addition, the Vice President will be expected to sustain the high degree of trust and transparency the community has come to expect through open, respectful dialogue with all constituencies, including: faculty, administrators, the Board of Trustees, students, staff, alumni, donors, and members of the local community.
Supporting all functions and departments that impact the University's financial well-being:
The Vice President will promote a culture of innovation and quality, provide administrative leadership, and ensure the continued development of the team of his/her team of direct reports. As the higher education landscape continues to evolve, the Vice President will help create a proactive culture that embraces new ideas, approaches, and strategies; support the expansion as well as the sunsetting of programs; promote calculated risk-taking, and encourage the adoption of business-optimization solutions.
Leading the revision of the strategic plan:
Loyola continuously seeks new strategies to offer the best possible student experience as well as the highest level of support for all faculty and staff members in their endeavors. To that end, the Vice President will play a significant role in implementing elements of the strategic plan with a particular focus on improving the overall financial position of the University. The Vice President will develop strategic initiatives to help the University address the financial implications of the pandemic to ensure a sustainable financial future.
Managing a diverse and growing portfolio of assets:
While Loyola is a highly leveraged, tuition-dependent institution, the University maintains a strong revenue base and has begun to identify innovative ways to drive additional revenue streams. The University continues to explore strategies designed to expand and diversify its portfolio and would benefit from an innovative and creative finance professional to work in concert with a President who enjoys innovative planning and thinking.
The next Vice President will possess many of the following experiences, capabilities, and personal attributes:
• Experience working in a faith-based, mission-driven environment;
• The ability to serve as a financial expert and advisor to the President;
• Superior understanding of financial and administrative operations in institutions of higher education or other organizations of similar size and complexity;
• A record of stellar strategic leadership in financial and business management;
• The ability to work closely with a Board of Trustees, supporting their work and staffing their committees;
• A track record of successfully developing, managing, and mentoring staff, and proven skills in building relationships with faculty, staff, board members, and students;
• Experience with revenue generation strategies including but not limited to fundraising, corporate sponsorships, company partnerships, community events, grants, and foundations;
• A history of accomplishment in creating and managing financial and administrative systems and operations, including new revenue strategies;
• Proven planning skills with a vision toward long-term sustainability;
• Experience building and leading organizations through change;
• The skill to strengthen relationships with community stakeholders in ways that build trust and promote mutual benefit;
• Outstanding listening skills;
• Appreciation for crisis management;
• An ability to be strategic, cool-headed, and pragmatic;
• Strong analytical and problem-solving skills, an entrepreneurial spirit and a propensity for finding creative solutions to complex challenges;
• A high level of integrity and discretion;
• The ability to work successfully in a highly leveraged organization;
• A strong work ethic and an ethos of continuous improvement; and,
• Personal qualities including high energy, optimism, action orientation, and a sense of humor. A baccalaureate degree is required, and an advanced degree and/or comparable years of relevant experience in a comparable field is preferred. Candidates with no prior higher education experience are encouraged to apply