Treasurer and Chief Financial Officer

Date: Jan 19, 2023

Location: Washington, DC, US, 20036

Company: American Chemical Society

THE ORGANIZATION:

 

Founded in 1876 and chartered by the U.S. Congress, the American Chemical Society (ACS) is the world’s largest scientific society. Their mission is to advance the broader chemistry enterprise and its practitioners for the benefit of Earth and its people. The Society’s vision is to improve people’s lives through the transforming power of chemistry.

 

More than 140 years after our founding, the Society remains a champion for chemistry, its practitioners and its global community of members and customers.

  • The Society is recognized as a leading publisher and curator of authoritative scientific information. ACS Publications produces over 60 peer-reviewed journals, which are ranked the “most-trusted, most-cited and most-read.”  CAS provides scientific information solutions, partnering with innovators around the world to accelerate scientific breakthroughs.
  • The Society empowers its over 150,000 members to advance chemistry, elevate their career potential, expand their networks, inspire future generations, collaborate globally and build communities that provide scientific solutions.
  • The Society provides broader networks that facilitate connections and open doors in a way no other professional organization can match.

 

What ACS Values:

  • Passion for Chemistry;
  • Focus on Members;
  • Professionalism, Safety and Ethics;
  • Diversity, Equity, Inclusion and Respect.

 

What ACS Advocates For:

  • Innovation through Research and Technology;
  • Science Education and Workforce;
  • Sustainability and the Environment;
  • Science in Public Policy.
     

How ACS Supports, Advances and Empowers:

The Society provides information, education, career services, professional development, and engagement programs to help their members and scientists thrive in an ever-changing global economy. The Society also supports teaching and learning for students of all ages through grants and scholarships, and encourages investments in science, technology, engineering, and math (STEM) education, research, and innovation.

In keeping with our commitment to be a catalyst for international innovation, exchange and collaboration, about 70% of articles come from authors located outside of the U.S.

 

The Scope of ACS:

The Society has assets totaling approximately $2 billion, an annual operating budget of approximately $740 million, investments of over $2.0 billion, an annual capital budget of $40-$50 million, and approximately 2,000 employees.  ACS has staff across the globe with its primary locations in Washington DC (headquarters) and Columbus, Ohio.

 

For more information, go to www.acs.org.

 

POSITION OVERVIEW:

 

Reporting to the Chief Executive Officer (CEO), the Treasurer and Chief Financial Officer (CFO) is a key member of the ACS executive leadership team and oversees the management of the Society’s investments and treasury operations with overall responsibility for the financial operations of ACS. The CFO has oversight for the Society’s $740 million budget and is directly responsible for an operations budget of $18 million.

 

The Chief Financial Officer is responsible for continually evaluating, developing, and implementing the financial policies of the organization and establishing and maintaining appropriate accounting principles, practices, internal controls, and financial reporting.

 

This executive manages a team of 80-90 staff through 5 direct reports, which include the following areas:

  • Senior Director of Strategic Finance Services
  • Director of Accounting and Financial Reporting
  • Chief Investment Officer and Assistant Treasurer
  • Director of Publications Business Support
  • Senior Director of Administrative and Customer Services

 

Overall, the CFO has responsibility for the short- and long-term financial health of the organization, oversees financial operations, and serves as an advisor on all financial matters to ACS’s Board of Directors, CEO and leadership team. 

This executive works collaboratively across all levels of the organization, including working with leadership team members, Board members, Board oversight committees (Audit, Budget and Finance, Pensions and Investments and the Board of Trustees, Group Insurance Plans for ACS Members), and organizational members in executing decisions with financial implications impacting the ACS.

 

Key responsibilities include the following:

  • Oversight of treasury and financial operations, member insurance, procurement and contracting, Publication business support, along with Washington, D.C., based operations.
  • Work closely with the Vice President, Finance at CAS.  (The VP Finance, CAS primarily reports into the CAS President but also has a reporting line into the CFO.)
  • Provide strategic insight and support to the CEO and the Executive Leadership Team, on a broad range of Society-wide issues integral to the financial health and stability of the organization.
  • Support the Society's growth by studying economic trends and revenue opportunities; projecting acquisition and expansion prospects; analyzing organization operations; identifying opportunities for improvement, cost reduction, and systems enhancement; and analyzing capital needs to fund expansion.
  • Develop financial strategies by forecasting capital, operating, and staff requirements; identifying resources; developing action plans.
  • Monitor financial performance by measuring and analyzing results; initiating corrective actions; minimizing the impact of variances.
  • Responsible for planning, development and implementation of sound financial strategies, policies, internal controls, and business processes.
  • Establishes guidelines for the ACS operating and capital budgets.  Oversees the presentation of the budget to ACS management, the Society Committee on Budget & Finance, and the Board of Directors.
  • Oversees the management of the Society’s treasury and banking operations, investments, and the Member Insurance Program.
  • Serves as a voting member of the Board Standing Committee on Pensions and Investments and, as such, is responsible for establishing investment policies for and monitoring performance of the ACS Retirement Fund, the ACS Petroleum Research Fund, the ACS Hach Endowment, and the ACS Investment Pool in conjunction with the Chief Investment Officer.
  • Oversees the staff liaison to the Society Committee on Budget and Finance and, as such, works with the Committee to implement Board-approved financial policies and effect other financial actions within established budgets.
  • Oversees the staff liaison to the Standing Committee on Audits and, as such, works with the Committee to ensures that appropriate audit activities (external and internal) are in place and that the Society operates with an effective system of internal controls and risk management strategies.
  • Coordinates and assists in the annual financial audits and audits of the Society’s funded employee benefit plans (ACS Retirement Plan and Defined Contribution Retirement Plan).
  • Serves as a key representative of the Society’s interests with both inside and outside parties, such as consultants, auditors, and government entities.
  • Secures external financing for capital expansion and working capital requirements.
  • Foreign exchange management.

 

The Treasurer & Chief Financial Officer (CFO) is an officer of the Society who, along with the CEO and the Secretary & General Counsel, is elected by the ACS Board of Directors. As such, the Treasurer serves as the Society’s Chief Financial Officer and is responsible to the Board of Directors through the CEO. The CFO is an ex officio voting member of the Board Committee on Pensions and Investments and a non-voting Councilor. 

 

QUALIFICATIONS:


The Chief Financial Officer will be a people leader with at least 15 years of broad finance experience (accounting, budgeting, control, and reporting), ideally in either the nonprofit arena or information services sector. This executive will be an enterprise thinker, with a track record of serving as a strategic advisor to a CEO and Board, and a strong partner and collaborator with colleagues across the organization.

 

The CFO will have a proven track record of building and leading high performance, engaged teams, attracting, and retaining top talent and mentoring employees to achieve their highest potential. This individual cultivates a positive and collaborative attitude to inspire the respect of their team while providing effective feedback and development.

 

Candidates will possess deep financial management experience working within large nonprofits or for-profits with complex structures and revenue streams. CFO candidates will have had in-depth experience with corporate governance, including strategic planning, budgeting, program design, business analysis, and staff development. ACS seeks an excellent communicator who has strong interpersonal and presentation skills. Experience with international financial issues, information services activities, and non-profit experience desirable.

 

Additional qualifications include the following:

    • Proactive and collaborative with evidence of having worked as a true business partner to the leadership of large not-for-profit or multi-divisional organizations. If coming from the for-profit world, some exposure to nonprofit organizations is ideal.
    • 15+ years of experience in finance, accounting, operations, and strategy including eight+ years of management experience.
    • Strong analytical skills and experience interpreting a strategic vision into an operational model.
    • An effective communicator at all levels in the organization, with strong oral and written skills and a willingness to share information.
    • Broad expertise with contemporary financial management, customer relationship management and enterprise resource planning systems.
    • In-depth knowledge of GAAP, federal grant management/accounting, FASB and IRS regulations needed.

 

EDUCATION:

    • B.S. degree in Business Administration, Accounting, Economics or Finance.
    • C.P.A. and/or M.B.A. preferred.

 

CONTACTS:

Liza Wright

Lochlin Partners

703-584-3223 (O)

Liza.Wright@LochlinPartners.com

Pat Friel

Lochlin Partners

703-584-3215 (O)

Pat.Friel@LochlinPartners.com

 

This position will be primarily based in the Washington D.C. office. ACS employees work a hybrid work schedule, consisting of working onsite, three days per week. ACS employees are in the office on Tuesday and Wednesday with the third in-office day scheduled in consultation with the manager. While always welcome to work in the office, employees may work the other two days of the week from a location of their choice. New employees are immediately eligible for this hybrid work arrangement. ACS offers relocation assistance, if applicable.

 

 

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