What are the responsibilities and job description for the Director of Finance position at Westport Federal Credit Union?
JOB FUNCTION:
The Director of Finance is a key member of the leadership team responsible for the overall financial management, planning, and performance of the credit union. The Director of Finance oversees accounting, asset/liability management, investments, and regulatory reporting and reports directly to the CEO. This individual ensures financial soundness, compliance with NCUA and GAAP standards, and supports strategic growth and profitability consistent with the credit union’s mission and values. Performs a variety of tasks. Work within a business plan, balancing business development, profitability, and member service. This position will lead and direct the work of others, including fostering a positive work environment through hands on performance management which includes expectation setting, feedback, and effective coaching.
KEY RESPONSIBILITIES:
• Lead all accounting and investment activities of the credit union.
• Manage the credit union’s investment portfolio in accordance with policy and regulatory requirements. Optimize earnings on investments while maintaining liquidity and safety of principal.
• Maintain accurate and compliant general ledger accounts and ensure timely reconciliations and month-end closings.
• Oversee budgeting, forecasting, and financial performance analysis to support strategic decision-making.
• Manage the credit union’s liquidity, interest rate risk, and balance sheet structure through effective asset/liability management (ALM). Serve on credit union’s Asset and Liability Committee (ALCO) and prepare reports for monthly meetings.
• Prepare, analyze, and present monthly, quarterly, and annual financial statements to the CEO, Board of Directors, and regulators as needed.
• Monitor capital adequacy, net worth ratios, and ensure compliance with all applicable financial regulations.
• Oversee the preparation and submission of various reports as needed, including but not limited to ALM reports, CECL analysis & reporting, FHLB collateral reports, MSIC excess deposit reports, and NCUA 5300 Call Reports.
• Develop, perform, and oversee various internal audit procedures, including but not limited to vault audits, cash recycler audits, insider account reviews, loan reviews, wire transfer logs, etc.
• Partner with the CEO and leadership team to develop and execute the credit union’s strategic and financial plans. Participates in the credit union’s strategic planning sessions.
• Provide financial insights and risk assessments to guide continued credit union growth, pricing strategies, and product development.
• Evaluate new business opportunities, mergers, or service expansion initiatives from a financial and risk standpoint.
• Serve as the credit union’s accounting liaison with regulatory examiners and internal auditors.
• Lead, mentor, and develop accounting team members to ensure accuracy, efficiency, and professional growth. Promote a culture that values integrity, accountability, and ongoing development.
• Develop, implement, and evaluate policies and procedures for the accounting department. Ensure that policies and procedures reflect current regulations and are communicated to and implemented by accounting team members. Maintain strong internal controls at all times.
• Hold periodic team meetings to keep all staff up to date on financial performance, trends, and general credit union information. Collaborate effectively with all departments to achieve organizational goals.
MINIMUM POSITION REQUIREMENTS:
Education: Bachelor’s degree in Accounting, Finance, Business Administration, or related field required.
Knowledge: Strong knowledge of GAAP, ALM, investment management, and credit union financial operations.
Experience: Minimum of 3-5 years of progressive financial management experience, preferably within a credit union or financial institution.
Physical: Work is primarily sedentary, requiring only minimum physical demands. Ability to operate office equipment including computers is required.
Work Conditions: Work is normally performed in an office environment. Outside travel may be required for conferences and training.