The search firm Vaco has been engaged by the North Carolina Museum of Art to assist with the CFO search.
To formally apply: Please submit a cover letter and resume and send via email to:
Joe Lucas: firstname.lastname@example.org
In 1947 the North Carolina state legislature made a bold move and appropriated $1 million to purchase art – creating the first publicly funded art collection in the country. This visionary investment was soon matched by the Samuel H. Kress Foundation’s generous commitment of 75 works of art, the largest and most significant Kress gift except that given to the National Gallery of Art in Washington, D.C. Today the North Carolina Museum of Art collection contains more than 4,000 works of art from antiquity to the present.
The Museum opened in April 1956 in a renovated state office building in downtown Raleigh, the state capital. On April 5, 1983, the Museum moved to West Raleigh off Blue Ridge Road, where it opened an 181,000-square-foot-building designed by Edward Durell Stone. A 500-seat outdoor theater, with lawn seating for 2,000, opened in April 1997. The theater was created by artist Barbara Kruger and a design team that included architects Henry Smith- Miller and Laurie Hawkinson and landscape architect Nicholas Quennell. On April 24, 2010, the Museum celebrated the grand opening of a new 127,000-square-foot, light-filled gallery building designed to showcase the permanent collection. The single-story structure surrounded by landscaped sculpture gardens, reflecting pools, and courtyards was designed by New York architects Thomas Phifer and Partners.
The campus encompasses 164 acres of gardens, fields, and woodlands. The Museum Park originated in 1999 with the opening of the Museum Park Trail, developed in partnership with the N.C. Department of Transportation and City of Raleigh. The Park's paved trails connect the Museum to the Capital Area Greenway system and the community. The Museum began construction to expand the Museum Park in August 2015 following a plan developed by landscape architecture and urban design firm Civitas, Inc., of Denver, Colorado. To unify the campus, a 2016 expansion project introduced tree-lined parking, contemporary wave and parterre gardens, a promenade connecting Park and galleries, and the Ellipse—a spectacular lawn overlooking the Park’s rolling meadow. The Museum Park is a unique setting to explore the intersection of art and nature through its site-specific and temporary works of art.
The collection includes European and American art, Egyptian funerary art, sculpture and vase painting from ancient Greece and Rome, American art of the 18th through 20th centuries, and international contemporary art. In addition, visitors enjoy galleries devoted to African, ancient American, pre-Columbian, and Oceanic art, and Jewish ceremonial objects – one of only two permanent displays of Jewish ceremonial art in an American art museum. In 2005 the Museum received a gift of 29 sculptures by Auguste Rodin from the Iris and B. Gerald Cantor Foundation. With this gift the Museum became the largest repository of Rodin sculpture in the American South.
As one of the leading art museums in the American South, the NCMA strives to enrich lives through the power and wonder of art. More than 700,000 annual visitors enjoy the collection displays, special exhibitions, concerts, and lively, year-round educational and public programming for adults, children, and families. Innovative digital and outreach programs aim to make art and the museum experience accessible to expanding and diverse local, national, and international audiences.
Attendance: The NCMA welcomed 718,102 visitors in calendar year 2020. In 2020, the Museum Park had 950,000 visitors.
Director: Valerie Hillings, Ph.D., as of November 1, 2018
Operating Budget and Sources of Income
The North Carolina Museum of Art (NCMA) is a division within the state of North Carolina's Department of Natural and Cultural Resources (DNCR). The Museum's director serves as a division director of the DNCR. The NCMA’s statutory mission is “to acquire, preserve, and exhibit works of art for the education and enjoyment of the people of the State, and to conduct programs of education, research, and publication designed to encourage an interest in and an appreciation of art on the part of the people of the State.” The Museum is governed by a 25-member Board of Trustees.
The Director of the CEO of the NCMA also serves as the CEO of the North Carolina Museum of Art Foundation, Inc ("the Foundation"), a separate 501c3 non-profit organization whose purpose is to support the mission and goals of the NCMA. With a 24-member Board of Directors, an approximately $12 million-dollar annual operating budget, and assets of approximately $66 million, the Foundation serves as a close, collaborative partner with the NCMA's Board of Trustees and DNCR in carrying out its strategic vision and plans. The Foundation employees (currently approximately 35 in total) include staff in the following areas: finance, advancement, earned income, Foundation H.R., and information systems.
Operating budget and sources of revenue: The NCMA's budget is comprised of an annual state appropriation and, endowment draws, earned revenue, and private contributions administered by the Foundation. On an annual basis, the total operating funds are approximately $20 million.
Operating expenses do not include costs related to art acquisition or capital improvement. The Museum's main source of funds for acquisitions to the collection is investment income from the $5 million Robert F. Phifer Fund, an endowment overseen by the Foundation. Exhibitions and programs are supported by earned revenue, contributions, and grants administered by the Foundation.
The successful candidate will serve as the Chief Financial Officer (CFO) of the North Carolina Museum of Art Foundation, Inc., and will report directly to the CEO. The CFO directs the efficient and strategic financial management of the assets held by the Foundation and supports the CEO in efforts to ensure long-term financial stability, expand creative capacity, and enhance the overall institutional reputation of the North Carolina Museum of Art.
The CFO will oversee the Finance, Foundation Human Resources, and Information System teams and will collaborate with the CEO on all strategic and tactical matters as they relate to budget management, investment account management, cost/benefit analysis of the organization's earned income streams (ticketing, retail, food services, rentals), forecasting needs, defining, and enforcing internal controls, and the securing of new funding.
S/He will bring experience working in non-profits and correspondingly a keen understanding of mission-driven operations and a culture of philanthropy. As such, the CFO will work closely with the Museum's Deputy Director, who oversees the State budget and Museum operations, to ensure the institution's overall needs are met. S/He will also be an active and supportive thought partner to the CEO and Chief Advancement Officer as they develop and execute fundraising plans for the organization.
The CFO is expected to be a thought leader about financial matters, directing policies and procedures related to NCMA's fixed assets; revenue & cash flow management including tax credits; endowment and long-term financing; the Foundation's real estate portfolio (leases, rents, and financing); insurance and risk management; purchasing; employee benefits; and organization-wide cost/benefit analyses. S/he will be responsible for the annual budget and the successful and timely completion of the annual audit and 990 tax return preparations. This individual makes regular presentations about museum finances to the Foundation Board of Directors and its Finance and Audit committees. This position will also participate in donor and stakeholder conversations and quarterly meetings with the Board of Trustees and DNCR leaderships, supporting the CEO and instilling confidence in the institution.
The CFO will possess strong emotional intelligence and play an important role in a broad range of activities related to institutional planning and resource management. An exceptional and open communication style is required. The CFO must be both a strategic thinker and an articulate spokesperson for the objectives and ambitions of the institution.
S/He will have extensive experience building and managing teams and working with colleagues with diverse areas of expertise. S/He will be a naturally curious listener and critical thinker who can translate financial language into layperson's terms and empower others in the organization to contribute to the budget process and financial oversight.
• Direct, supervise, and improve the Museum's financial and budget process to fund operations, maximize investments, and increase efficiency.
• Oversee treasury management and collaborate with endowment investment consultant; direct investment policies and procedures; update monthly/quarterly investment reports.
• Work with Advancement and the CEO to create annual and long-term fundraising goals that support the operating and program expenditure budgets.
• Ensure that the financial management system, chart of accounts, and internal control systems are properly designed and maintained; and provide meaningful and timely information.
• Ensure that the key transaction systems (including fundraising, membership, store sales, museum admissions, café sales, and event ticketing) are efficiently and fully implemented and are regularly reconciled to the general ledger.
• Guarantee the timely and accurate production of all financial reports, including monthly and quarterly financial statements, annual budget, annual audit, and annual 990 tax return.
• Institute a rigorous financial planning & analysis process in evaluating Museum performance, meeting goals, and determining areas of potential revenue enhancement, cost reduction, program improvement, and policy change to further short and long-range goals.
• Work with the CEO and the Finance and Audit Committee chairs on the preparation and delivery of updates and formal presentations to the committees and the Board of Directors.
• Manage financial information systems to provide reliable, high-value financial information, data accessibility, and transparency so the CEO, executive team, and board can make informed decisions. Collaborate on technology decisions related to financial systems implementations and upgrades.
• Review and negotiate all non-fine art insurance contracts and act as the primary point of contact for the insurance broker.
• Steward risk management.
• Oversee personnel-related functions and benefits; act as a fiduciary on retirement plan investment committee, overseeing the defined benefit and defined contribution retirement plans.
• Provide leadership and mentoring to direct reports: Finance, Foundation human resources, business systems, information technology.
• Represent the Museum at professional gatherings and civic social events, conventions, committee, and various trustee, staff, and donor meetings.
• Perform other duties as assigned by the CEO.
• Undergraduate degree in Accounting, Business Administration, or a related field is required; CPA or comparable practical accounting experience desirable; MBA is preferred.
• Minimum ten years in senior-level administration and/or financial management required: non-profit experience required; board leadership a plus.
• Significant team-building and supervisory experience in a non-profit environment, preferably working within dynamic cultural organizations.
• Significant experience working with external boards and committees.
• Outstanding written and verbal communication skills; highest level presentation, negotiation, project management, and problem-solving skills required.
• Excellent planning, financial management, and organizational skills.
• Collaborative and collegial management style.
• Demonstrated passion for the visual arts a plus.
• Strong work ethic and superior record of ethical service.
• Proficiency in Microsoft Word, Excel, PowerPoint, and internet-based research.
• Experience with accounting software, ideally Intacct, and ERM software.