Job Description:

The Chief Financial Officer (CFO) is a member of the Senior Leadership Team and reports to the CEO of the Association. This position is responsible for managing the financial wellbeing of the NAIC.

The CFO manages cash flow and analyzes strengths and weaknesses to propose appropriate action plans when necessary and prepares accurate forecasts so that members and management can make informed decisions related to long-term health and financial wellbeing of the Association. An extensive knowledge of Generally Accepted Accounting Principles (GAAP) is required. Must possess a demonstrated competence in accounting and financial planning and regulations concerning Not-for-Profit organizations. This is a full time position, working a hybrid schedule based out of our Kansas City, Missouri, New York or Washington D.C. office. Residency is required within a 100-mile radius of the office location.

Key Responsibilities

Financial/Accounting Management

• Coordinate the development of the NAIC’s annual budget of approximately $175 million (revenue and/or expense) and another $10-15 million in capital spending with the Chief Executive Officer (CEO) and Chief Strategy Officer in accordance with the goals and guidelines established by the NAIC membership through the Executive (EX) Committee and Internal Administration (EX1) Subcommittee. Publish a comprehensive document which includes summary financial information; details of revenues, expenses and investment income; proposed new projects (fiscals) and related supporting documentation for distribution both internally and publicly in support of the association’s annual budget.

• Provide guidance and financial advice to the senior team and their Directors/Assistant Directors regarding the development of their departmental annual budget including the development and approval of business and financial impact statements (fiscals) for all new products, services or other expenditures of $100,000 or more.

• In coordination with the CEO and President-Elect, present the proposed budget in various meetings and formats to NAIC Officers, Executive (EX) Committee members, Internal Administration (EX1) Subcommittee members, and NAIC members prior to release for public comment.

• In coordination with the CEO, present the annual budget to the public on behalf of the NAIC membership by providing an Interested Party Briefing on the proposed budget; coordinate responses to any comments received on the annual budget by posting both the comments received and NAIC responses on the NAIC website; conducting a Public Budget Hearing with interested parties and the Executive (EX) Committee; and overseeing the presentation of the final budget during the Plenary session at the Fall National Meeting when the budget is formally voted upon and adopted by the membership.

• Responsible for the development of the Executive Cost Center annual budget which includes annual revenues of approximately $90 million and operating expense of approximately $12 million. Key budgetary elements include:
  • Revenues – Membership Assessment; Database Filing Fees; IIPRC/NIPR Administrative Services; and Investment Income.
  • Expenses – Executive salaries and benefits; Executive, Commissioner, Regulator travel; Insurance; Depreciation & Amortization; and Bad Debt.

• Monitor and review all financial activities of the Association and develop financial strategies for cost effective delivery of services, programs and initiatives to the NAIC membership in accordance with parameters outlined by the Executive (EX) Committee and Internal Administration (EX1) Subcommittee.

• Develop and maintain accurate and timely financial reporting for the operations of the Association by reviewing and providing timely and accurate analysis of budgets, monthly/quarterly/annual financial statements and reports, and financial trends. Oversee the production, review, and analysis of monthly financial statements for the NAIC, Zones and the NAIC’s affiliates IIPRC and NIPR.

• Keep the Chief Executive Officer (CEO) and Chief Strategy Officer informed regarding the financial status of the Association by monthly reports and other ad hoc reports as appropriate. Identify areas of potential concern and make recommendations for corrective action if necessary.

• Oversee the development and implementation of procedures and policies over the Association’s financial systems (PeopleSoft and Workday) necessary to ensure proper safeguarding of Association assets, maintenance of proper financial records, and accurate and timely financial reporting.

• Oversee the implementation of the Workday core financial and financial