Description:
SUMMARY
The Director of Finance is a leadership position within the Toledo Museum of Art (TMA) responsible for overseeing the Finance department’s activities and ensuring the development and execution of the institution’s financial strategies. The Director of Finance plans and directs the accounting operations of the Museum to provide meaningful financial reporting and data analysis which helps build a sustainable financial model. The Director of Finance oversees the Finance team, that includes the Purchasing, Accounts Payable, Accounts Receivable Associates and an Accountant. This role works across all departments to ensure that all financial activities and projects are in compliance and appropriately managed.
The Toledo Museum of Art (TMA) seeks to become the model art museum in the United States for its commitment to quality and its culture of belonging. This vision and the ways in which it is operationalized are established in the Museum’s Strategic Plan as well as its integrated Belonging Plan’s goals address our organization’s effort at structural change to promote diversity, equity, access and inclusion. Our organization seeks employees, gallery artists, volunteers and interns who offer diverse perspectives.
KEY ACCOUNTABILITIES
- Financial Strategy and Planning:
- Develops and implements financial strategies aligned with the Museum's mission, vision, and goals.
- Provide recommendations to the Chief Financial & Operating Officer, Museum Director, and Board of Trustees on financial matters.
- Works cross-departmentally to ensure understanding of the budget and accounting processes and procedures.
- Budgeting and Forecasting:
- Leads the annual budgeting process, working closely with department heads to develop accurate and realistic budgets.
- Monitors budget performance, identify variances, and recommends corrective actions as necessary.
- Prepares periodic financial forecasts and cash flow projections.
- Financial Reporting and Analysis:
- Produces monthly, quarterly, and annual financial statements and reports.
- Provides meaningful analysis and commentary on financial results.
- Performs data analyses, with emphasis on financial modeling, capital projects, revenue generation and expense management.
- Ensures compliance with accounting standards and regulatory requirements.
- Cash Management and Treasury:
- Manages the museum's cash flow and ensures liquidity needs are met.
- Monitors and optimize banking relationships.
- Grants and Fund Accounting:
- Oversees the financial administration of grants and donations, ensuring compliance with donor requirements.
- Prepares and submits grant reports in a timely and accurate manner.
- Financial Controls and Risk Management:
- Maintains a documented system of accounting policies and procedures; implements a system of controls over accounting transactions to minimize risk.
- Establishes and maintains strong internal controls to safeguard museum assets.
- Identifies and mitigates financial risks through appropriate risk management practices.
- Works with external auditors and provides information needed for the annual audit.
- Ensures compliance with local, state, and federal government requirements.
- Team Leadership and Development:
- Supervises and mentors the finance team, providing guidance and professional development opportunities.
- Fosters a collaborative and inclusive work environment.
- Performs other related duties as necessary or assigned.