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Chief Financial Officer

Req Number: DB576
Location: New York, New York
Posted: 6/22/2021
Category: Financial : Consumer/Commercial Banking
Job Type: Permanent

Company Background

Primary Care Development Corporation (PCDC) is a mission-driven, nationally recognized 501(c)(3) organization and U.S. Treasury certified Community Development Financial Institution (CDFI) that catalyzes excellence in primary health care through strategic community investment, capacity building, and policy initiatives to achieve health equity. PCDC believes that quality primary care is transformational and a cornerstone of healthy, thriving communities.

The organization has an annual budget of $13M and just under $300M of assets under management. PCDC has approximately 50 employees with offices in New York City (headquarters) and Los Angeles, as well as a few staff who work remotely. (Since the onset of the pandemic, all staff have been working remotely.) The organization is experiencing significant growth in staff, assets under management and portfolio. Of note, PCDC recently received a $10M impact investment from philanthropist MacKenzie Scott, among other ongoing and new grants and investments.

PCDC’s Capital Investment Practice invests in communities by providing flexible, affordable capital along with financial advisory services that are tailored to transforming and expanding primary health care. We are excited by innovative and place-based approaches to bringing services into disinvested communities, including through combining primary care with housing, social services, and senior centers. In addition to capital, PCDC also provides strategic advice to help organizations prepare for growth and expansion of services or to plan facility development projects. We offer a variety of affordable and flexible short-term and long-term loan solutions to support capital projects as well as other business and service expansions.

To fund our loans, PCDC raises impact investment capital from a variety of sources, including banks, foundations, public agencies, and New Markets Tax Credit equity financing. We partner with other community development lenders to ensure we can meet a client’s needs, regardless of project size. From our beginning in 1993, we have invested over $1.3B into the primary care and behavioral health safety net in New York, California, and around the country. PCDC has an AERIS four-star impact performance rating with Policy Plus and an AA financial strength and performance rating.

PCDC’s Clinical and Quality Partners Practice offers deep expertise in operations, staff development and growth of community-based health care. Through training, technical assistance and advisory services, the team supports organizations – including independent practices, FQHCs, physician groups, and health systems – to integrate services, expand programming, increase revenue capture and government incentives, improve employee engagement, improve quality, and streamline operations. Our work is supported by federal agencies, state governments, health plans, philanthropy, and through fee-driven contracts.

PCDC’s Strategy and Public Affairs division works with primary care providers, policymakers, industry leaders, and other advocates to advance policies that increase access, quality, affordability, better outcomes and reduced cost, while promoting and increasing health equity. We conduct applied research and publish data and analyses that examine disparities in access to and availability of primary care in the context of health equity and social determinants of health. We also develop, shape, and promote a narrative that shifts hearts and minds and changes norms in support of a progressive health care system and a vision of true health equity.

Position Summary

The COVID-19 pandemic and the public health and economic crises that ensued have had ongoing and widespread effects on the health care system. This multilayered crisis has exacted a disproportionate toll on individuals and communities who are Black, Indigenous and People of Color, as well as other marginalized communities around the country, and its impact on health outcomes has mapped all too clearly along lines of privilege and disadvantage. Now is a critical time – and an exciting opportunity for PCDC – to ensure the long-term sustainability of high quality, accessible and comprehensive primary care and to move the country along a much-needed pathway to health equity.

PCDC seeks a mission-oriented, dynamic, strategic finance professional to lead PCDC’s Division of Finance and to build the enterprise. The CFO is responsible for leading PCDC’s formulation and execution of financial strategy and oversees all financial management. The CFO is a leader who is mission-oriented, highly experienced in non-profit and/or CDFI financial management and strategy, and is ready to engage in working toward PCDC’s mission of health equity. The CFO supervises a finance team of four, actively participates in executive leadership, advises PCDC’s business units on financial planning, and is responsible for raising new capital, diversifying capital sources, and managing PCDC’s capital stack.

Key Responsibilities

The CFO of PCDC is responsible for all financial operations (financial planning, accounting, cash management, investments, audit and fiscal functions) of the organization including positioning PCDC for strategic growth and planning in line with the 5-year business plan. In addition, the CFO is responsible for raising and managing PCDC’s capital from diverse sources. The CFO oversees the development, implementation and oversight of financial tools and transparency practices for smart financial decision-making throughout the enterprise and provides financial information for funders and investors through regular reports and statements. The CFO is an organizational and functional leader and responsible for carrying out day-to-day management responsibilities.

Executive Leadership:

• Essential member of PCDC’s executive leadership, building a vision, setting priorities and policies, and building PCDC’s expertise, brand, and reputation

• Strategic planning at the organizational enterprise level

• Maintains situational awareness of economic conditions, industry standards and market trends

• Oversees enterprise risk management

• Staffs the Board of Director’s Finance/Audit Committee; assists in developing committee objectives and meeting agendas and preparing information and materials for board and committee meetings

• Serves on PCDC’s Staff Loan Committee

Financial Strategy, Planning & Analysis:

• Develops tools and systems to provide critical financial and operational information to the Board, CEO, and senior management team

• Develops, refines, and implements PCDC’s financial strategy

• Develops, monitors, and implements financial forecasting tools

• Leads an integrated annual budgeting and planning process and multi-year financial scenario planning

• Provides strategic leadership for engagement pricing strategy and budgeting for PCDC’s technical advisory services

• Leads the integration and efficiency of financial management, employee expense, project management, and accounting software tools

Financial Management and Compliance:

• Oversees general accounting operation

• Establishes and maintains appropriate internal controls

• Provides monthly financial reports and forecasts

• Monitors organizational performance against both the annual budget and PCDC’s strategic and business plans

• Manages and advises on investment policies and manages investments and liquidity

• Develops and maintains asset/liability management capability

• Oversees annual financial audit, ratings, and governmental audits

• Oversees compliance with all funder, government, and investor reporting, restrictions and covenants

Capital Raising:

• Optimizes debt and grant capital to support financing and operations in close cooperation with the CEO and Managing Director of Capital Investment

• Raises capital, expanding to diverse capital sources and leveraging existing capital

• Leads and manages relationship management of debt capital investors and financial institutions

• Manages capital renewals of existing investors

• Collaborates with other staff on proposals and applications for grant and other capital

PROFESSIONAL EXPERIENCE/QUALIFICATIONS

The ideal candidate will have at least 10 years of progressive experience and will possess the following professional qualifications:

• Financial accounting, cash management, analytical and budgeting skills

• Lending, debt and equity capital strategies

• Demonstrated financial strategy, including projections, modeling, profitability analysis across different lines of business

• Strong written and verbal skills

ESSENTIAL TRAITS AND DRIVERS

• Lead with strength, humility, and a sense of humor

• Commitment to actively participate in, help implement, and model PCDC’s work on health equity and racial justice

• Model authority, responsibility, and accountability

• Collaborative leader and colleague, ability to participate in and convene across the enterprise

EDUCATION

Bachelor’s degree is required; preference for MBA, CPA or related advanced degree or certification.

COMPENSATION

Compensation will be competitive and commensurate with experience.

DB576

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