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Chief Financial Officer (CFO)
Position Summary

The Chief Financial Officer (CFO) is responsible for the strategic oversight and management of the Credit Union’s financial operations, including financial reporting, asset/liability management, investments, budgeting, regulatory compliance, liquidity management, and accounting functions. The CFO serves as a key member of the management team, providing financial analysis and guidance to executive leadership, the Asset Liability Management (ALM) Committee, and the Board of Directors.

Essential Duties and Responsibilities

Financial Reporting & Accounting Oversight

• Oversee the overall financial operations and accounting functions of the Credit Union.
• Direct and support the Director of Finance/Controller to ensure efficient and accurate accounting department operations.
• Review monthly financial statements and management reports for accuracy and completeness.
• Present and analyze the Credit Union’s financial condition at ALM Committee and Board of Directors meetings.
• Monitor accrual accounts to ensure liabilities and expenses are properly recognized and funded.
• Review vendor invoices and ensure appropriate general ledger coding, expense classification, and authorization.
• Oversee the accounting treatment of prepaid expenses and fixed assets, including capitalization, amortization schedules, and ongoing monitoring.

Budgeting & Financial Planning

• Collaborate with executive management to develop the annual operating and capital budgets.
• Monitor budget performance and analyze variances from plan.
• Prepare and present significant budget variance reports and recommendations to management and the Board of Directors.

Asset Liability Management (ALM)

• Manage the Credit Union’s Asset Liability Management (ALM) program.
• Run the ALM model monthly and prepare analytical reports for management, the ALM Committee, and the Board of Directors.
• Facilitate quarterly ALM review meetings with third-party providers and the ALM Committee to evaluate financial performance, review assumptions, and assess future financial scenarios.
• Prepare and maintain monthly cash flow overrides and related ALM model updates.
• Coordinate independent ALM model validations with third-party vendors every two to three years.

Investments & Liquidity Management

• Manage the Credit Union’s investment portfolio to maintain appropriate liquidity and optimize returns within approved policies.
• Evaluate and purchase investments to support a structured maturity ladder and long-term liquidity needs.
• Monitor investment market values, credit ratings, and associated risks.
• Conduct annual due diligence reviews of investment brokers and representatives.
• Monitor liquidity levels, including balances maintained with Alloya and other financial partners.
• Recommend and execute liquidity management strategies, including potential investment sales when necessary.
• Perform quarterly testing of Federal Reserve Discount Window and FHLB borrowing capabilities to ensure operational readiness.
• Prepare monthly Line of Credit Utilization reports.

Loan Portfolio & CECL Management

• Calculate and maintain the Allowance for Credit Losses (CECL) to ensure appropriate reserve levels.
• Review loan portfolio performance and prepare monthly reports related to loan participations, yields, and portfolio returns.
• Establish loan prepaid periods for each loan product to determine loan average life spans.
• Prepare Home Equity and Mortgage Delinquency reports for management review and reserve analysis.
• Fund mortgage loan advances through established credit facilities and prepare related amortization schedules.

Regulatory Compliance & External Relations

• Serve as the primary liaison with external auditors, internal auditors, NCUA examiners, state regulators, compliance and FHLB professionals.
• Review and file quarterly NCUA Call Reports, ensuring accuracy and timely submission.
• Coordinate with external CPA firms regarding annual tax filings, including IRS Form 990.
• Prepare and file annual personal property tax statements for municipalities within the Credit Union’s service area.
• Review fidelity bond and insurance coverage annually to ensure adequate protection of Credit Union assets.
• Ensure the Credit Union’s Annual Report includes required condensed financial statements prepared by independent auditors.

Governance & Strategic Leadership

• Participate as a member of the Information Technology Steering Committee, providing financial insight and strategic recommendations regarding technology investments and initiatives.
• Prepare and distribute financial and operational reports for management, committees, and the Board of Directors, including:
  • ACH and Web Loans Reports
  • Loan Portfolio Return Reports
  • Liquidity and credit line utilization reports
  • ALM and investment performance reports

Qualifications/Preferred Experience

• Bachelor’s degree in Accounting, Finance, Business Administration, or a related field required.
• Master’s degree in Business Administration (MBA), Finance, or Accounting preferred.
• Minimum of 10 years of progressive experience in accounting, finance, treasury management, or financial leadership roles, with at least 5 years in a senior management position.
• Prior experience in a credit union, banking, or other regulated financial institution environment strongly preferred.
• Demonstrated experience with Asset Liability Management (ALM), liquidity management, investment portfolio management, and balance sheet strategy.
• Extensive knowledge of NCUA regulations, Call Report preparation, and regulatory examination processes.
• Experience developing and managing annual operating and capital budgets.
• Proven experience with Current Expected Credit Loss (CECL) methodology, allowance calculations, and loan loss reserve management.
• Experience working directly with Boards of Directors, ALM Committees, executive leadership teams, external auditors, and regulatory agencies.
• Strong understanding of Generally Accepted Accounting Principles (GAAP) and financial statement preparation.
• Experience managing third-party vendor relationships, including ALM providers, investment brokers, auditors, and technology partners.
• Demonstrated ability to analyze financial trends, assess risk, and develop strategic recommendations that support organizational growth and financial stability.
• Experience leading and developing accounting and finance teams with a focus on operational excellence and employee development.
• Proficiency with credit union core processing systems, financial reporting tools, ALM software, and Microsoft Office applications, particularly advanced Microsoft Excel.

Systems and Software Proficiency

• Microsoft Excel, Word, and PowerPoint, MS Teams
• Fiserv Prologue
• Fiserv DNA
• Alloya Premier View
• Stifel ShareFile
• Kinective Omnilytics / NXTsoft CECL Solutions
• Plansmith Compass (ALM & CECL)
• Diligent Board Books
• Callahan Peer-to-Peer Analytics
• FHLB Member Link Portal

This position requires a high level of financial expertise, strategic insight, regulatory knowledge, and leadership to ensure the Credit Union’s long-term financial strength, compliance, and operational success.