Chief Financial Officer
Founded in 1968 by Stewart and Jane Bainum, the Bainum Family Foundation (the Foundation) has helped underserved children exit poverty through high-quality educational programs and services for more than 50 years. With more than $600 million in assets, the Foundation currently invests in four areas — Early Learning, Food Security, School Mental Health and Faith-based Education — and carries out this work in close collaboration with a range of community partners. The Foundation also supports the personal philanthropy of four generations of the Bainum family. Currently, the Foundation is in the midst of a strategic planning process to chart its future direction and ensure their efforts and investments most strongly and directly enhance outcomes for children. The Foundation approaches all of its work through a lens of racial equity and is committed to being an antiracist organization.
Under the leadership of David Daniels, appointed CEO and President in November of last year, the Foundation now seeks nominations and applications for a mission-oriented Chief Financial Officer to help steward the next chapter in the Foundation’s journey. Reporting to the CEO, the new CFO will join a passionate Executive Leadership Team at a pivotal moment in the foundation’s history. The new CFO will work directly with the CEO, the leadership team, and the Board of Directors to drive changes needed to ensure that the foundation’s financial capabilities, investment portfolio, and programs are aligned and in service of the organization’s mission. They will also be instrumental in creating a culture of trust and accountability, transparent communication, and continuous improvement and innovation.
This search is being conducted with assistance from Linh Nguyen, Katherine Jacobs, and Vanita Bhargava of NPAG. Application instructions can be found at the end of this document.
Established in 1968, The Bainum Family Foundation is a private, operating foundation with a mission to improve the quality and availability of resources for children living in poverty. Geographically, the Foundation works primarily in the Washington, D.C. area, but maintains a broader commitment to other communities, both domestically and internationally. The Foundation’s current grantmaking strategy includes three interconnected initiatives: Early Learning, Food Security and School Mental Health. Together with community partners, the Foundation operates and supports high-quality educational programs and services to directly enhance outcomes for children. This is done through a circle of collaboration that includes parents, educators, other funders, nonprofit partners, policymakers, and business and civic leaders.
With more than $600 million in assets, the Foundation is among the largest philanthropic organizations in the state of Maryland. Headquartered in Bethesda, MD, the Foundation employs 38 dedicated professionals with a rich diversity of backgrounds and content expertise. Several additional full-time staff and seasonal laborers live on and work for the Bainum Foundation Farm, launched after the Foundation received 263 acres in Virginia from Stewart Bainum’s estate in 2015. This farm is now integral to the Foundation’s Food Security initiative which works to develop a deeper understanding of root causes and systemic inequities contributing to food insecurity. In 2019, the Foundation’s operating budget was $25 million.
The Foundation values and maintains a commitment to a diverse workforce and an equitable, inclusive culture. Reflecting an essential core belief, the Foundation endeavors to center diversity, equity, and inclusion in all aspects of its work, including holistically supporting team members, partners, and the communities being served.
OPPORTUNITIES FOR THE NEW CFO
The Foundation is in the midst of a new strategic planning process that will focus on the interconnected layers of organizational, programmatic, and operational strategies. In collaboration with the Executive Leadership team, the CFO will play an integral role in executing the Foundation’s strategic plan as well as shaping the organization’s culture as it looks to its next stage. New and innovative strategies will include the implementation of new technologies and operational systems, further development of the Foundation’s public advocacy capacity, and strategic use of mission- and program-related investments to enable sustained change.
Leading the finance team, the new CFO will:
Contribute to Organizational Leadership
- Serve as a thought partner and advisor to the CEO and Executive Leadership team, proactively raising strategic issues, making recommendations, and collaborating to support the continued evolution of the organization toward greater mission impact, engagement, and efficacy.
- Work with the Executive Leadership team to ensure that all aspects of programs, finance, operations, and investments are aligned and in service to the Foundation's mission.
- Model and support an organizational culture of diversity, equity, and inclusion, applying inclusive leadership practices and internal equity standards to mentor and develop individuals and teams, manage work allocation, provide performance feedback and professional development, and support positive team dynamics.
Ensure Strong Financial Systems and Controls
- Ensures effective day-to-day accounting for grants and investments, general accounting matters, payroll, and financial operations.
- Monitor financial laws and regulations impacting private operating foundations, maintain fiscal compliance and internal controls across all areas of responsibility, and recommend processes and strategies to meet legal and policy requirements.
- Provides effective policies, practices and tools to improve financial operations, including effective budgeting processes to better align resources with mission strategies, and enable visibility into and effective management of disbursements and spending.
- Ensure timely and accurate preparation of audits, tax returns and all financial filings required by law.
- Provide effective controls and systems for meeting investment policies, including reconciliations of investment funds, accuracy of investment reporting, and oversight of spending distributions.
Support Organizational Governance and Overall Stewardship of Assets
- Participate in all Board meetings; serve as the main liaison to the Board’s Finance and Audit Committees; and provide timely, useful and accurate financial and management reporting to support effective board governance and decision-making.
- Support the Board, CEO, and management colleagues in forecasting, analyzing, and understanding financial trends and impacts stemming from the Foundation’s operating model, mission strategies, and ongoing execution.
- In partnership with the external investment advisor and custodian, provide effective monitoring and reporting on investment performance (including PRIs and MRIs) and major portfolio transactions to the CEO, Finance Committee and Board.
- In partnership with the Board, CEO and management colleagues, help shape the Bainum Family Foundation’s investment policies and investment strategies to reflect the Foundation’s mission, strategy, and commitment to DEI.
Develop and Nurture a Strong, Collaborative Finance Team
- Manage, mentor, and develop a strong, integrated finance team, managing work allocation, training, problem resolution, performance evaluation, and team dynamics.
- Promote a collaborative, high performance culture that values open communication, continuous learning and quality improvements.
- Ensure team members are well positioned to be effective business partners and recognized by Foundation staff, management, and Board as trusted, reliable, and active partners in achieving strategic goals and objectives.
QUALIFICATIONS OF THE IDEAL CANDIDATE
The ideal candidate will be deeply committed to the Foundation’s mission. They must be a strong manager, skilled leader, innovative collaborator, and effective communicator. The ideal candidate will possess many of the following professional and personal abilities, attributes and experiences:
- Sophisticated leadership skills and presence developed through a minimum of ten years of progressive leadership with an advanced degree in business administration, finance, investment, or related field.
- A strategic, comprehensive, and critical approach to planning, problem solving, and decision making as a leader, contributor, and member of an executive leadership team.
- An unwavering commitment to quality programs and excellence in strategic, organizational, fiscal and budget management; experience in catalyzing change and stewarding effective change management highly desired.
- Clear record of achievement in financial management and experience with the intersection of finance, investment, accounting, and compliance related operating foundations.
- Demonstrated effectiveness in setting priorities, organizing resources, and guiding an effective system for managing an approximately $0.5B corpus.
- Knowledgeable in current and emerging policies, practices, trends, technologies, and information affecting the finance functions and organization; a track record of using knowledge and best practices to guide organizational actions.
- Experience effectively managing relationships with investment consultants, financial custodians, and asset managers.
- Demonstrated ability to synthesize complex financial information and ideas into clear, concise, and compelling materials; ability to communicate and field complex financial matters clearly and effectively in support of the CEO, Board of Directors (including Finance Committee), staff, and external stakeholders.
- Demonstrated ability to use financial analysis to generate, evaluate, and act on strategic options and opportunities.
- Demonstrated ability to attract, develop and motivate talent, including the ability to develop succession plans for their position and for those under their purview.
- Demonstrated ability to cultivate a diverse, equitable and inclusive work environment, both within the finance department and across the organization.
- Flexibility and collaborative approach in partnering with peers, partners and community members; dedicated to meeting the expectations of internal and external customers and serving as a resource for guidance in finance-related issues.
- Passion for the mission driven sector and the role philanthropy can have in addressing some of society’s most challenging problems.
This search is being conducted with assistance from Linh Nguyen, Katherine Jacobs, and Vanita Bhargava of NPAG. Due to the pace of this search, candidates are strongly encouraged to apply as soon as possible. Applications including a cover letter describing your interest and qualifications, your resume (in Word format), and where you learned of the position should be sent to: Bainum-CFO@nonprofitprofessionals.com. In order to expedite the internal sorting and reviewing process, please type your name (Last, First) as the only contents in the subject line of your e-mail.
The Bainum Family Foundation is an equal opportunity employer and proudly values diversity. Candidates of all backgrounds are encouraged to apply.