Director of Finance

at Inner-city Muslim Action Network in Chicago, Illinois, United States

Job Description

OVERVIEW:
The Director of Finance is accountable for all financial strategies, partnerships, and operations, in alignment with IMAN’s strategic plan. This role will be responsible for financial planning, budgeting, analysis, reporting, and managing relationships with stakeholders, including donors, grantors, and regulatory bodies. The Senior Director of Finance also ensures legal and regulatory compliance for all accounting and financial functions. This role reports to the Chief Executive Director (CED) and the Founding Executive Director (FED), and participates as a key member of the organization's Leadership Team. 

KEY RESPONSIBILITIES:
Strategy, Planning and Management:

• Create and establish yearly financial objectives that enable IMAN’s strategic plan.
• Direct and oversee all aspects of the finance functions of the organization.
• Provide recommendations to strategically enhance financial performance.
• Ensure that effective internal controls are in place and ensure compliance with GAAP and applicable federal, state and local regulatory laws and rules for funding and tax reporting.
• Provide input on revenue opportunities based on  economic trends,  analyze internal operations and identify areas of cost reduction and process enhancement.
• Perform financial risk management through analysis of IMAN’s liabilities and investments, and evaluate and manage capital structure and fundraising initiatives.
• Identify, acquire and implement processes and systems to provide critical financial and operational insights to aid data-driven decision making. 
• Select and engage consultants, auditors and investors.
• Collaborate with HR to recruit, interview and hire finance and accounting staff as needed.
• Represent IMAN’s Financial Team to the Board Treasurer.

Financial Analysis, Budgeting and Forecasting:

• Oversee team to prepare and present timely and consistent financial reports and forecasts.
• Review and analyze monthly financial results, develop and maintain operating and capital budgets.
• Develop and implement financial strategies aligned with the organization's mission, goals, and objectives.
• Conduct financial analysis and risk assessment to inform decision-making and mitigate financial risks.

Accounting, General Ledger, Administration and Operations:

• Ensure the proper functioning of all finance systems, databases and software. Provide regular maintenance and backup of all systems to mitigate risks and issues.
• Ensure timeliness and accuracy of financial reports to internal and external stakeholders. 
• Oversee the preparation and communication of financial statements.
• Oversee the preparation and timely filing of all local, state and federal tax returns.
• Collaborate with Human Resources to ensure appropriate financial compliance.
• Lead financial close processes and actively collaborate with stakeholders to eliminate waste and inefficiencies in the close process. 

Financial Management:

• Manage cash flow planning process and partner with Development to ensure fund availability.
• Explore new investment opportunities and provide recommendations on potential returns and risks.
• Maintain outstanding banking relationships and strategic alliances with vendors and business partners.

Financial Relations and Policies

• Engage Finance Committee and/or Board of Directors to develop short term and long-term plans, projections and budgets, in collaboration with the Executive Office.
• Remain current on audit best practices as well as state, federal and local laws regarding IMAN operations.

Team Management:

• Mentor and develop team, managing work allocation, systems training, performance evaluations, and the building of an effective and efficient team dynamic.
• Guide larger, cross-departmental teams outside of direct span of control.
• Provide training and professional development opportunities to finance team members to enhance their skills and knowledge.
• Foster collaboration and communication within the finance team and across departments.

Cash Management:

• Oversee weekly cash management and AP Department, approve large payables and sign checks.
• Supervise AR management and provide guidance relating to the collection process.
• Manage cash flow effectively to support ongoing operations and long-term sustainability.
• Implement strategies to maximize revenue generation and minimize expenses.

Procurement Oversight and Strategy:

• Provide strategic direction and oversight for the company's procurement function, ensuring alignment with overall financial goals.
• Monitor procurement spending and identify opportunities for cost savings, ensuring that procurement decisions support the organization’s financial health.
• Work closely with the Procurement team to implement best practices in supplier selection, contract negotiations, and purchasing processes.

REQUIRED QUALIFICATIONS:

• Master’s degree in Accounting, Finance, Business Administration, or related field. 
• Five (5) years of comparable experience and a Bachelor's Degree may be substituted for a master's degree.
• Minimum 7–10 years of progressive experience in financial management, including at least 3 years in a senior leadership role.
• Experience with financial reporting, audits, budgeting, forecasting, and financial modeling.

PREFERRED QUALIFICATIONS: 

• Experience in a Federally Qualified Health Center (FQHC) or general healthcare setting preferred. 
• Change Management experience is strongly preferred.
• CPA or equivalent certification is strongly preferred.

IMAN is an Equal Employment Opportunity ("EEO") Employer. Veterans and individuals with disabilities are encouraged to apply. Reasonable accommodations will be made to enable individuals with disabilities to perform essential functions of the job.