Description

Boreal Waters Community Foundation, located in Duluth, Minnesota, is seeking an experienced and strategic Director of Finance to lead our financial operations and ensure the organization’s fiscal health.

Position Summary

The Director of Finance is a senior leadership role responsible for the financial stewardship, audit readiness, impact investing financial design, and internal infrastructure of the Foundation.

This role ensures that day-to-day financial operations are strong and reliable while also building the systems and clarity required to support growing complexity—particularly related to local investments, loans, guarantees, PRIs/MRIs, and other mission-aligned investments.

The Director of Finance partners closely with the CEO and the Director of Strategy & Operations along with the Development Director and the Director of Community Impact as a key member of our leadership team. The Finance Director also works with external partners and advisors to ensure the organization is disciplined, prepared, and forward-looking.

Core Responsibilities

Financial Operations & Stewardship

• Oversee fund management and reporting, compliance, accounting, cash management, and day-to-day financial operations
• Ensure timely, accurate financial statements and reporting
• Maintain strong internal controls and financial discipline
• Supervise and lead accounting staff, including finance assistant and accounting associate, and transactional workflows
• Serve as a knowledgeable and trusted resource for fundholders, donors, and affiliate advisory committees, occasionally responding to questions, explaining financial information, and supporting positive donor relationships in collaboration with development staff.

Audit, Compliance & Governance

• Lead annual audit planning and execution
• Prepare audit schedules, documentation, and responses
• Ensure compliance with GAAP, UPMIFA, donor restrictions, and board policies
• Support finance and investment committee reporting

Impact Investing & Financial Design

• Partner with leadership to design and support the financial architecture for impact investing, including: Investment funds and vehicles; Loans and revolving loan funds;
• Guarantees, pledges, and credit enhancements; PRIs, MRIs, and hybrid investment structures
• Ensure accounting treatment is appropriate, defensible, and audit-ready
• Translate complex financial structures into clear reporting for leadership, the board, and our investors and partners
• Coordinate with external advisors and partners as needed

Systems, Process & Continuous Improvement

• Implement and steward recommendations from external financial assessments
• Improve documentation, workflows, and financial systems
• Identify when external expertise is needed and manage relationships effectively
• Build scalable systems that balance adaptability, rigor, and practicality

Leadership & Partnership

• Exhibit excellent leadership skills to create and maintain a positive, productive, welcoming and inclusive environment; building a high performance, fun and engaging work culture.
• Mentor accounting staff and foster a learning and growth environment. Provide honest, candid, and timely feedback in a professional and respectful manner.
• Serve as a trusted financial partner to the CEO and a key member of our leadership team
• Communicate financial information clearly and directly
• Exercise judgment, discretion, and steadiness under pressure

Team Infrastructure & Workforce Operations

• Provide oversight of payroll, benefits, employment policies, and workforce compliance in partnership with accounting staff and external consultants, including: Accurate and timely compensation and benefits administration; Serve as our human resources professional in collaboration with our human resources consultant. Maintain clear team policies and documentation.
• In partnership with our IT vendor, oversee all technology systems and related training to achieve optimal organizational performance through the efficient use of currently available technology. Evaluate technology systems and make recommendations for improvement. Proficient use of Foundant CommunitySuite for our CRM, grants, scholarships, and finance. Familiarity with Foundant is preferred.
• Ensure workforce systems align with financial controls, audits, and risk-management standards

Key Outcomes

In the first 6 months, you will:

• Immerse in and fully own financial operations and reporting
• Capture institutional knowledge from the departing Finance Director
• Implement improvements identified through an external finance assessment that is already underway
• Lead a well-prepared audit process
• Establish trust in financial information across leadership and board

In the first 12–18 months, you will:

• Support impact investing activities with clear accounting and reporting
• Strengthen internal controls and documentation aligned with scale and risk
• Improve decision-useful reporting for leadership and the board
• Ensure internal infrastructure scales without unnecessary complexity

What This Role Is Not

This position is not a purely transactional or back-office position. This is a leadership position with internal and external influence.

Requirements

Qualifications & Experience

• Significant experience in nonprofit finance, accounting, or financial leadership.
• Strong understanding of GAAP, UPMIFA, IRS regulations, and nonprofit compliance.
• Proven knowledge of accounting and financial systems, familiarity with Foundant/Community Suite is a plus.
• Experience working with audits and external auditors.
• Comfort with financial complexity and evolving systems with the ability to translate financial details into clear actionable insights.
• Experience partnering with external advisors and consultants.
• Knowledge of the nonprofit sector, foundations, and investment management.
• Understanding of investment instruments, investment performance, asset allocation, and investment strategies for endowment funds.
• Capable of managing all aspects of finance and administration and maintaining effective relationships with financial institutions.
• Knowledge of human resources a plus.
• Master’s degree in finance or business management or equivalent experience with 5 years of experience; or bachelor's degree in finance or accounting with 10 years of experience.
• Minimum of five years of senior level fund accounting experience or institutional investment management experience required. Supervisory experience strongly preferred.

Leadership & Professional Attributes

• Calm, disciplined, and collaborative leadership style
• Critical, lateral thinker; ability to connect the dots; superior analytical skills.
• Proven track record of exhibiting sound judgment with the highest ethical standards.
• Well-organized, self-disciplined, decisive with an ability to balance the “big picture, long-term view” with a hands-on, day-to-day focus.
• Self-starter, ability to work with minimal supervision.
• Excellent project management skills.
• Experience with impact investing, loan funds, PRIs/MRIs, or complex investment structures is highly valued, but demonstrated learning agility is equally important.