VP of Finance

POSITION DESCRIPTION

JOB TITLE: Vice President, Finance
GRADE LEVEL: EXEC1
DEPARTMENT: Executive
FLSA: Exempt
Reports directly to: CEO

Function:
The Vice President of Finance is a key member of the executive leadership team, responsible for overseeing the financial strategy, planning, and operations of the Credit Union. This strategic position leads the Accounting Department to ensure compliance with Generally Accepted Accounting Principles (GAAP), National Credit Union Administration (NCUA) regulations, and Current Expected Credit Losses (CECL) modeling requirements. The VP will provide direction and oversight of all financial operations, including budgeting, accounting, financial reporting, audits, investments, asset and liability management, and capital planning, while also acting as the primary liaison with auditors and regulators.

Duties and Responsibilities:

1. Must meet our service standards as evaluated by our internal and external members:
   • I will greet you with a prompt, friendly welcome
   • I will treat you with courtesy and respect
   • I will offer you my undivided attention
   • I will take ownership of situations and follow through
   • I will provide accurate information and helpful solutions
   • I will do all I can to improve your financial life
   • I will thank you for your business

2. Strategic Planning and Execution
   • Participates in the development of the Credit Union’s strategic plan, operating policies, and financial goals as a member of senior management.
   • Provides financial insights and recommendations to support executive decision-making.

3. Asset Liability Management
   • Leads the Asset Liability Management Committee (ALCO). Responsible for preparing and presenting reports, including Asset-Liability Management (ALM) modeling.
   • Monitors financial developments and recommends rates and product pricing.
   • Manages the investment portfolio to provide liquidity and safekeeping while optimizing earnings.

4. Financial Operations and Reporting
   • Coordinates and prepares the annual budget for management and Board approval.
   • Ensures timely and accurate preparation of monthly, quarterly, and annual financial data.
   • Manages relationships with external auditors, regulators, and financial institutions.
   • Serves on select committees and participates in special projects as directed by the CEO and/or Board of Directors.

5. Risk Management and Compliance
   • Maintains knowledge of and communicates regulations and policies affecting Credit Union functions. Ensures regulatory and procedural compliance for the accounting area.
   • Acts as liaison for the Supervisory Committee in areas such as annual audit, member verification, review of member accounts, annual examination, and internal audits.

6. Leadership and Team Development
   • Leads and mentors a high-performing accounting team.
   • Fosters a culture of accountability, innovation, and continuous improvement.
   • Collaborates cross-functionally with other departments to support enterprise-wide initiatives and foster effective communication.

Position Specifications

Education:
Minimum of a bachelor’s degree in finance, accounting, business, or a related field.

Experience:
Minimum of seven years of experience in the financial services industry, with five years of experience in a comparable position.
Understanding of credit union operations, regulatory requirements, and financial standards.

Skills:
• Thorough knowledge of Generally Accepted Accounting Principles and financial accounting standards.
• Knowledge of general ledger and related accounting systems; working knowledge of the Credit Union’s general ledger system.
• Understanding of investment yield and performance computations, investment strategies, and interest rate forecasting.
• Familiarity with CECL, ALM modeling, and capital stress testing.
• Strong leadership and team management skills, with the ability to inspire and drive performance.
• Strong communication and interpersonal skills with the ability to build relationships and collaborate with diverse stakeholders.
• Proficiency in technology solutions relevant to accounting and finance.
• Proficiency in MS Word, Excel, PowerPoint, and Outlook.