Established in 1932, Georgia Tech Foundation, Inc. fosters and manages gifts given in support of academic excellence in the spirit and traditions of the Georgia Institute of Technology. The mission of the Georgia Tech Foundation is to promote the cause of higher education in the State of Georgia, receive and manage financial donations received by the Foundation for support and enhancement of the Georgia Institute of Technology, and assist the Georgia Institute of Technology in its role as a leading educational and research institution. Founded in 1885, the Georgia Institute of Technology is a public university in Atlanta, Georgia. It is well-recognized for its degree programs in engineering, computing, business administration, the sciences, design, and liberal arts. Georgia Tech is ranked 8th among all public national universities in the United States and 35th among all colleges and universities.
The chief financial officer and corporate secretary (CFO) is a member of the senior staff of the Foundation, reporting to and under the general direction of the president and chief operating officer. The chief financial officer is responsible for the financial operations of the Foundation. This includes accounting operations, financial reporting, endowment accounting, bond financing, accounts payable, payroll and benefits, internal controls, annual audit, and tax compliance. The chief financial officer provides strategic advice and assists the president and board of trustees in establishing financial policies. The chief financial officer is the key staff liaison with the business office and financial managers of Georgia Tech and with bankers, outside counsel, external auditors, the foundation treasurer, and the Audit and Budget Committees.
- Ensuring the integrity of financial transactions and financial and budget reporting of the Georgia Tech Foundation, Inc. Preparation of financial statements and analysis for the board, president, treasurer, and Budget Committee.
- Serve as staff liaison to the Budget Committee in making recommendations, assisting the chair in planning and coordinating sub-committee and committee meetings, and preparation of the Committee Operating Guidelines.
- Serve as staff liaison to the Audit Committee in recommending the selection of the independent audit firm, coordinating the annual audit, implementing new accounting standards of the Financial Accounting Standards Board (FASB), and the Government Accounting Standards Board (GASB).
- Tax compliance and accurate filing of tax returns for all entities and the Foundation’s retirement plan and payroll.
- Banking relationships with the Foundation’s treasury function, including cash management, checking and deposit services, and loan negotiation.
- Maintaining accurate corporate records and corporate minutes of three corporations and the minutes of the Executive Committee of the Foundation. Understand and communicate information regarding corporate governance and the bylaws of each organization. Draft and finalize corporate resolutions for approval of each Board. Maintain information and files regarding donor restrictions for endowments and restricted funds.
- Coordination with the Foundation’s real estate consultant concerning property management, real estate taxes and insurance, and property maintenance.
- Responsible for the selection and implementation of the accounting software system, negotiation of contracts, and coordination between the consultant and the Management Information Systems Office of the Foundation.
- Serve as legal liaison with Foundation’s counsel in a number of areas, such as the bond issuance process, debt financing and collateral guarantees, property acquisition and disposition, gift acceptance, and planned giving documents.
- Responsible to ensure proper insurance coverage for the Foundation and its entities, including Directors and Officers insurance (D&O), Crime and Theft, Umbrella, Liability, Property, Automobile, and Worker Compensation Insurance. Work closely with insurance consultant and insurance agent.
HISTORY OF THE POSITION
Mark Long has served as the Foundation’s CFO for 30 years and will be retiring this summer.
OPPORTUNITIES AND CHALLENGES
The CFO is a high visibility role within the foundation, the board of trustees and the institute. The CFO serves as a trusted advisor to the president of the foundation and participates in many of the key operating decisions of the organization. As corporate secretary the CFO also manages much of the protocol for board meetings, including preparing drafts of motions and compiling minutes. It is imperative that the CFO possess a strong ability to earn the trust of senior leadership. The position requires the CFO to, at times, be assertive with institute leadership relative to the expenditure of foundation funds. A strong, respectful relationship with the alumni and development offices is imperative for the success of the CFO.
Additional opportunities and challenges include:
- The CFO must be willing to take a hands-on role when required in the preparation of financial reports and board documents. There is currently a very high level of trust in the data generated by the accounting and finance staff.
- The senior leadership team of the foundation is highly-collaborative. The CFO is expected to be a positive, supportive member of the team.
- The foundation will need to move to a new accounting system in the near future, which may also require a re-examination of other processes. The CFO is expected to appropriately question current systems and not automatically accept the status quo.
- There is a high level of experience amongst the current finance and accounting staff. Their knowledge will facilitate the transition of the new CFO. The staff has not grown in recent years as the overall portfolio of the foundation has expanded. The CFO will be expected to assess staff workloads and ensure that capacity is consistent with the current and future needs of the organization.
- The foundation oversees a growing real estate portfolio in the Atlanta area. Decisions regarding the purchase and sale of real estate are currently managed by the president, CFO and the chair of the board’s real estate committee.
MEASURES OF SUCCESS
At an appropriate interval after joining the Georgia Tech Foundation, the following items will define success for the new chief financial officer and corporate secretary:
- The CFO has earned the trust and confidence of the president, trustees and senior colleagues at the Foundation.
- A vision for the foundation’s financial operations has been articulated and embraced by stakeholders across the organization.
- A strong collaborative relationship with all aspects of the campus community, including the alumni and development offices, has been established.
- The new CFO is a visible and engaged member of the Georgia Tech and Atlanta communities.
QUALIFICATIONS AND CHARACTERISTICS
A bachelor’s degree in accounting, finance, business, or a related field and progressively responsible leadership experience creating financial strategies to support and enhance organizational strategic priorities in higher education, not-for-profit, or public administration are required. A master’s degree in a related field, CPA or equivalent certification are preferred. In addition, the ideal candidate will possess experience in reporting and financial analysis processes, forecasting, problem identification, and corrective action procedures; a demonstrated ability to use technical knowledge and tools for effective financial analysis and planning; knowledge of generally accepted accounting and financial principles, current accounting processes, standards, and legal requirements; and a demonstrated capacity to communicate financial information clearly and to work collaboratively across the Institute.
The successful candidate will ideally possess the following qualities and attributes, in no particular order of importance:
- Have a record of superior communication skills, successful relationship building, and collaboration with internal stakeholder groups.
- Bring strong leadership, vision, and managerial skills to the position.
- Be flexible to adapt to changing circumstances and committed to regular assessment and process improvement.
- An understanding of the challenges and opportunities related to the fundraising and financial strategies of a publicly funded university.
- Be an individual of impeccable integrity and high ethical standards.
- Support staff development and a strong team environment.
- Advocate an open and transparent management approach.
- The ability to think strategically and work as a hands-on member of the team when necessary.
- Be confident, innovative, and high energy.
- Have strong understanding of best practices in foundation finance.
- Possess a good sense of humor.
THE GEORGIA TECH FOUNDATION: AN OVERVIEW
Governance Structure of the Georgia Tech Foundation
BOARD OF TRUSTEES
July 1, 2018 – June 30, 2019
John F. Brock III, CHAIR
Chief Executive Officer (Retired), Coca-Cola European Partners
Joseph W. Evans, VICE CHAIR-CHAIR ELECT
Chairman, State Bank and Trust Company
Gregory J. Owens, TREASURER
Ex-Chairman and CEO, IronPlanet, Inc.
Gary T. Jones, PAST CHAIR
Managing Director and Senior Advisor (Retired), Credit Suisse First Boston
President, Georgia Tech Foundation, Inc.
Mark W. Long, SECRETARY
Chief Financial Officer, Georgia Tech Foundation, Inc.
A complete list of the Board of Trustees is available at https://www.gtf.gatech.edu/mission/board-trustees
Al Trujillo, President
Dwight Dozier, Chief Information Officer
Mark Long, Chief Financial Officer/Corporate Secretary
Brian Pellegrino, Chief Investment Officer
Patricia Wichmann, Chief Administrative Officer
Direct Reports to the Chief Financial Officer and Corporate Secretary:
Michelle Jones, Assistant Controller: Michelle is responsible for the investments accounting, capital assets for the Hotel, and Real Estate accounting for one of the Foundation properties. Michelle has a bachelor’s degree in accounting. She is a CPA.
Bill Foreman, Accounting Manager: Bill is responsible for the general ledger, endowment accounting, gift acceptance, and donor gift agreement review. Bill has a bachelor’s degree in management (business) from Georgia Tech.
Robert Langston, Accounting Manager: Robert is responsible for the accounts payable, payroll, and budgeting functions. Robert has a bachelor’s degree in accounting.
Leslie Evans, Administrative Assistant: Leslie is responsible for check deposit, writing of minutes, data entry, and administrative work. Leslie has a master’s degree in English.
THE GEORGIA TECH FOUNDATION, INC: AN OVERVIEW
Established in 1932, Georgia Tech Foundation, Inc. fosters and manages gifts given in support of academic excellence in the spirit and traditions of the Georgia Institute of Technology. The mission of the Georgia Tech Foundation is to:
- Promote the cause of higher education in the State of Georgia.
- Receive and manage financial donations received by the Foundation for support and enhancement of the Georgia Institute of Technology.
- Assist the Georgia Institute of Technology in its role as a leading educational and research institution.
The Georgia Institute of Technology (commonly referred to as Georgia Tech, Tech, or GT) is a public university in Atlanta, Georgia. It is a part of the University System of Georgia and has satellite campuses in Savannah, Georgia; Metz, France; Athlone, Ireland; Shenzhen, China; and Singapore.
The educational institution was founded in 1885 as the Georgia School of Technology as part of Reconstruction plans to build an industrial economy in the post-Civil War Southern United States. Initially, it offered only a degree in mechanical engineering. By 1901, its curriculum had expanded to include electrical, civil, and chemical engineering. In 1948, the school changed its name to reflect its evolution from a trade school to a larger and more capable technical institute and research university.
Today, Georgia Tech is organized into six colleges and contains about 31 departments/units, with emphasis on science and technology. It is well-recognized for its degree programs in engineering, computing, business administration, the sciences, design, and liberal arts. Georgia Tech is ranked 8th among all public national universities in the United States and 35th among all colleges and universities U.S. News & World Report rankings, and is also highly regarded internationally for its engineering (ranked 4th) and business programs (ranked 28th).
The 2018 annual report of the Georgia Tech Foundation is available at:
About Atlanta, Georgia
Atlanta is the capital of, and the most populous city in, the U.S. state of Georgia. With an estimated 2017 population of 486,290, it is also the 38th most-populous city in the United States. The city serves as the cultural and economic center of the Atlanta metropolitan area, home to 5.8 million people and the ninth-largest metropolitan area in the nation. Atlanta is the seat of Fulton County, the most populous county in Georgia. A small portion of the city extends eastward into neighboring DeKalb County.
Atlanta was originally founded as the terminating stop of a major state-sponsored railroad. With rapid expansion, however, it soon became the convergence point between multiple railroads, spurring its rapid growth. The city’s name derives from that of the Western and Atlantic Railroad’s local depot, signifying the town’s growing reputation as a transportation hub. During the American Civil War, the city was almost entirely burned to the ground in General William T. Sherman’s famous March to the Sea. However, the city rose from its ashes and quickly became a national center of commerce and the unofficial capital of the “New South”. During the 1950s and 1960s, Atlanta became a major organizing center of the civil rights movement, with Dr. Martin Luther King Jr., Ralph David Abernathy, and many other locals playing major roles in the movement’s leadership. During the modern era, Atlanta has attained international prominence as a major air transportation hub, with Hartsfield–Jackson Atlanta International Airport being the world’s busiest airport by passenger traffic since 1998.
Atlanta is rated as a “beta(+)” world city that exerts a moderate impact on global commerce, finance, research, technology, education, media, art, and entertainment. It ranks in the top twenty among world cities and 10th in the nation with a gross domestic product of $385 billion. Atlanta’s economy is considered diverse, with dominant sectors that include transportation, logistics, professional and business services, media operations, medical services, and information technology. Atlanta has topographic features that include rolling hills and dense tree coverage, earning it the nickname of “the city in a forest.” Revitalization of Atlanta’s neighborhoods, initially spurred by the 1996 Summer Olympics, has intensified in the 21st century, altering the city’s demographics, politics, aesthetics, and culture.
As an employee of the Georgia Tech Foundation, you have the following benefits available to you:
The non-elective benefits provided by the Foundation are as follows:
Vacation Leave: Accrues at 14 hours per month. A maximum of 360 hours may be carried forward to the next calendar year.
Sick Leave: Accrues at 8 hours per month.
Holidays: The Foundation observes the same Institute holidays. Currently, 12 per year.
Life Insurance: The Foundation provides $50,000 Term Life Insurance, $50,000 Accidental Death & Dismemberment Insurance (AD&D) coverage. The amount of coverage is less for employees who have reached the age of 65.
Long Term Disability: The Foundation provides Long Term Disability (LTD) insurance. The premiums are paid by the Foundation
Retirement Plan: The Foundation has established a defined contribution plan [403(b)] for your benefit. The Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF) administers the plan and offers many investment choices. The current plan requires a mandatory employee contribution of 5% of salary and a 10% contribution by the Foundation on a tax deferred basis. Employees are fully vested after three years of continuous service.
Workers Compensation: All employees on the Foundation’s payroll are protected under this plan and benefits are paid to cover injuries resulting from work, whether that injury occurred on or away from the employee’s normal work site.
Employee Elected Benefits (Voluntary Deductions) include the following:
Medical Insurance: Effective July 1, 2017 medical benefits are provided through Aetna. Also eligible for coverage are your legal spouse and/or children to age 26. A summary of each of these plans includes: POS (Open Access Point of Service) HMO Healthcare Plan/Comprehensive Care
The cost of each plan is calculated annually based on the Foundation paying a percentage of the costs and the employee being responsible for a percentage.
Dental Insurance: A voluntary dental insurance plan provided by Unum is available to new employees, and the election to participate may be made at the time of employment with the Foundation or elected during annual Open Enrollment. The employee pays the premiums for this plan.
Vision: A voluntary vision insurance plan provided by EyeMed is available to new employees, and the election to participate may be made at the time of employment with the Foundation or elected during the annual Open Enrollment period. The employee pays the premiums for this plan
Flexible Spending Account (FSA): FSA’s allow employees to pay for qualified medical expenses (not covered by medical or dental insurance) dependent care expenses and certain commuter expenses with pre-tax dollars by making pre-tax contributions to a flexible spending account.
Parking Permit: Parking is available on campus for a fee that is paid by the employee.
Supplemental Retirement Plan: The Foundation has established a group supplemental contribution plan [403(b)]. The Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF) administers the program and offers many investment choices. The current plan is voluntary and the employee has discretion over the amount contributed up to the maximum annual amount allowed by the IRS.
Optional Insurance Policies available through AFLAC:
Policies include Short Term Disability (STD) and Cancer & Accident Indemnity Plans.
Review of applications will begin May 10, 2019, and continue until the position is filled. To apply for this position please click on the Apply button, complete the brief application process, and upload your resume and position-specific cover letter. Nominations for this position may be emailed to Mark Hall at email@example.com. Applicants needing reasonable accommodation to participate in the application process should contact Spelman Johnson at 413-529-2895.
Visit the Georgia Tech Foundation website at https://www.gtf.gatech.edu
The Georgia Tech Foundation is an equal opportunity employer and will not discriminate against any employee or applicant on the basis of age, color, disability, gender, national origin, race, religion, sexual orientation, veteran status, or any classification protected by federal, state, or local law.