Beloit College, an innovative nationally ranked small residential liberal arts college of 1,000 students ($48M budget) in Beloit, Wisconsin, a short drive from Chicago and Milwaukee, is conducting a national search for a CFO. Beloit is uniquely positioned to not only meet the immediate needs of today but to shape the leaders, entrepreneurs, and activists of tomorrow. With the new and visionary leadership of President Eric Boynton, the institution reaffirms its unwavering commitment to its mission through Impact Beloit — a transformative community-based pedagogical approach designed to integrate the hallmarks of a liberal arts education with career readiness throughout the entire student experience, in and outside the classroom, including in the city of Beloit. In this dynamic landscape, Beloit seeks a collaborative leader who serves as the steward of the resources of the institution by ensuring the financial health of the College through leadership, direction, and oversight of the College’s financial and human resource activities. Reporting to the President and partnering with the leadership team, the CFO will work to actively integrate and optimize cross functional activities and move the College to a sustainable financial equilibrium. The CFO is a key member of the leadership team responsible for preparing financial analysis, budgetary reports and long-range projections for the President and Board of Trustees serving as the key liaison to the Board’s Finance, Audit, and Investment Committees.
The College
Beloit has a 65 acre campus and 75 buildings. It has a FY 2024 operating budget with $45.5M in revenues and $48.3M in expenses. It has net assets of $169.6M as of June 30, 2023 of which $45.3M were unrestricted and debt of $10.9M. The College’s tuition will be $60,886 and room and board $11,264 in fall 2024. The College awarded institutional aid to all freshmen with an average award of more than $40,000 and a tuition discount rate of 74.5%. This past year the college raised $19.3 million. The College has experienced operating deficits for the last several years. It has a deficit reduction plan in place to be cash flow neutral within three years. The plan includes increased annual giving to support ongoing operations as well as additional investments accompanied by a capital campaign of $55.8M to support more significant investment.
Challenges and Opportunities for the CFO
- Move the College to Financial Equilibrium
- Partner with Advancement and Enrollment Management to Increase Existing Sources of Revenue
- Develop KPIs
- Maintain Efficient, Cost-Effective Operation of the College
- Develop New Sources of Revenue
- Provide Leadership to all Direct Reports and Create an Effective Team
- Gain Trust and Communicate Effectively with the Campus
Qualifications
The successful candidate will be an exceptional financial and administrative leader with superior analytical and management skills and a willingness to explore new and creative opportunities for ensuring the College’s financial health. They will be an excellent manager adept at handling multiple priorities simultaneously, be entrepreneurial in spirit, willing to think outside the box and take prudent risks. The new CFO will be a skilled negotiator and possess a keen understanding of the higher education landscape and the challenges that higher education is currently facing; they will provide innovative ideas in approaching the future. The new CFO will be able to understand and negotiate complex financial transactions and have the ability to achieve goals using influence and negotiation skills.
The successful candidate will have the fortitude to make difficult choices when necessary and the ability to convey decisions with clarity. The new CFO will demonstrate unquestioned integrity, be an outstanding communicator, a creative and strategic thinker and possesses strong and effective interpersonal skills that engender trust and cultivate collaboration. The new CFO will have an excellent understanding of non-profit finances and be willing to get into the weeds with the staff and into the financial details when necessary. They will have (or acquire) a clear understanding of Department of Education regulations and will be adept at using restricted funds appropriately and effectively. They will be respectful of others, will value diversity and inclusion and will have a positive attitude.
The new CFO will be knowledgeable about the critical areas in the portfolio and will have experience working with boards of trustees. They will have at least ten years of progressively increasing experience in finance and administration, managing a staff with diverse responsibilities. Higher Education experience is highly desirable as well as experience in business, non-profits and/or other sectors. A bachelor’s degree is required, and a CPA, an MBA or other advanced degree is preferred. This can be a hybrid position with the new CFO expected to be on campus about two weeks a month. For additional information, please see the profile.
Nomination and Application Procedures
Nominations and applications are invited for this position. Review of applications will begin immediately, and candidate material received by August 30, 2024, will be assured full consideration although recruitment will continue until an appointment is announced. Applications (including a cover letter and resume) must be uploaded to: http://lapovsky.hiringthing.com. Lapovsky Consulting is assisting Beloit College in this search. For nominations, questions, or additional information, please contact:
Lucie Lapovsky
Beloit@lapovsky.com
917-690-1958
Because equity and inclusion are central to our students’ liberal arts education and vital to the thriving of all members of our residential learning community, Beloit College aspires to be an actively anti-racist institution. We recognize our aspiration as ongoing and institution-wide, involving collective commitment and accountability. We seek employees who are committed to and will actively contribute to our efforts to celebrate our cultural and intellectual richness and be resolute in advancing inclusion and equity.
