Head of Finance
Position and Candidate Specification
Head of Finance
About the Organization
New York Road Runners
New York Road Runners (NYRR) is the world’s premier running organization with the mission of helping and inspiring people through running. It was founded in 1958 when a small group of passionate runners vowed to bring running to the people, and it has grown from a local running club to the world’s premier community-running organization. NYRR’s mission is to empower everyone of all ages and abilities—beginners and competitive athletes, the young and the elderly, adult professionals and underserved schoolchildren—to improve their health and well-being through the power of running and fitness.
Over the last 60 years, NYRR has become the global champion of the running movement, empowering individuals and whole communities to get healthy and fit, for themselves and for the greater good. NYRR organizes 50+ races annually throughout New York City and 100 total events, including the famed TCS New York City Marathon, the NYRR Five-Borough Series and NYRR’s three Heritage events.
As an organization, NYRR has over 60,000 members and reaches more than 400,000 runners while providing youth and community service programs to more than 200,000 children and senior citizens. NYRR mobilizes tens of thousands of volunteers each year to support its events and inspires neighborhoods via spectators who line the streets and parks to watch the races in action.
Headquartered in New York City, NYRR implements a unique nonprofit model in which teams contribute to and earn income for in order to make all of its efforts possible. To learn more, please visit www.nyrr.org.
New York Road Runners
Reporting to NYRR’s Chief Executive Officer (CEO), the Head of Finance will play a critical role as a member of the senior leadership team (SLT). The Head of Finance will serve as an advisor to the other SLT members, evaluating and assisting them with their financial plans and economic forecasting. S/he will be responsible for overseeing all fiscal and fiduciary responsibilities for the organization’s operating budget, in conjunction with the board of directors and the finance, audit, and investment committees of the board.
The finance department is charged with safeguarding and growing the company’s assets while ensuring compliance to audit and generally-accepted accounting principles and ethical standards. Through proactive financial planning and analysis, the finance department enables NYRR to plan for and achieve its ambitious goals in the most efficient way possible. The department’s core functional areas include:
- Cash Management; all Treasury Functions
- Financial Planning and Analysis; Budget Preparation
- Financial Reporting
- Payroll and Pension Administration
- Audit, Tax, and other Governmental/Grant Filings
- Investment and Capital Account Oversight
Michael Capiraso, Chief Executive Officer
Director of Financial Planning and Analysis
Other key relationships
Other members of the senior leadership team (SLT)
Other critical constituencies include the Board, auditors, vendors and consultants
- Ensuring the integrity of the company’s financial operations, financial systems, and financial statements;
- Overseeing management of the finance department (team of ~20);
- Maintaining and implementing proper internal controls to safeguard financial assets of the company;
- Overseeing company-wide budgeting process to help ensure programmatic success through cost analysis support, and compliance with all contractual and programmatic requirements;
- Assisting in establishing and monitoring short and long-term financial goals; managing multi-year capital and operating plans to ensure alignment with company’s strategic goals/priorities;
- Overseeing all financial and regulatory requirements of NYRR, including:
- Accounts Payable, Accounts Receivable and Payroll (ensuring a disaster recovery plan is in place)
- Treasury functions that include proper cash management and analysis of investment portfolio, in compliance with NYRR investment guidelines
- Preparation and submission of the annual financial statements in accordance with U.S. GAAP and federal, state and other required tax filings and supplementary schedules
- Overseeing the coordination and activities of independent auditors for the annual financial and pension audits;
- Serving as an officer and overseeing administration and financial reporting of NYRR’s Investment Accounts, Insurance Plans and Retirement Plans; liaising with outside investment advisors, brokers, bankers, auditors and other external advisors;
- Evaluating and strengthening, where necessary, NYRR’s system of policies, internal controls, standards and procedures. Establish practices and implement systems to support high performance, efficiency and accountability.
- Partnering with the internal legal team and staff to evaluate contracts in terms of financial and insurance terms and potential tax (UBIT) issues in business arrangements; and,
- Effectively communicating financial strategy and results with the Finance, Investment and Audit Committees of NYRR’s Board of Directors.
New York Road Runners
Senior finance experience
10-15 years total experience in financial leadership roles with deep knowledge of accounting, finance, and cash management and demonstrated ability to manage complex operating and capital budgets.
Experienced people-manager with an ability to nurture and develop talent internally.
Strategic Planning / FP&A
A strong business orientation and creative problem-solving abilities with experience setting short- and long-term priorities and charting an informed, sustainable and ambitious future, matched with the ability to effectively communicate to the CEO and Board leaders on short- and long-term financial implications of decisions.
Experience working in, or exposure to, a non-profit organization is desirable but not required.
Technical and analytical acumen
Strong technological capability, including experience managing and utilizing ERP platforms for proactive financial management (e.g. NetSuite) and fluency with reporting tools and programs (e.g. Adaptive Insights).
B.A. or B.S. in Finance, Accounting or Business Administration required; CPA and/or M.B.A. is preferred.
Strategic Financial Thinking
NYRR seeks an accomplished finance leader, trained in a rigorous environment, who can provide expert financial leadership and insight in a complex and rapidly changing environment by:
▪ Possessing a strategic mindset to assess organizational financial performance in relation to organization’s overall objectives; ability to provide critical financial and operational information and make actionable recommendations;
▪ Supporting NYRR’s financial strategy and models; identifying and recommending opportunities to senior leadership and the Board that will maintain or improve funding streams; and, leveraging the organization’s available resources for maximum programmatic impact;
▪ Ensuring that all policies and procedures are well documented and well understood throughout the organization; and,
▪ Leveraging strong finance and accounting skills to develop accounting judgments and financial processes across a complex organization.
Communication and Influencing Skills
The Head of Finance will be an energetic and collaborative partner who will:
▪ Proactively seek opportunities and contributes to the development of systems, policies and structure to support a world-class non-profit organization;
▪ Possess well-developed written and oral communication skills; ability to work effectively with colleagues and others outside the organization (i.e. independent auditors, vendors, and consultants); and,
▪ Ensure that NYRR is adhering to the financial elements of its strategic vision, providing status reports to senior leadership and relevant committees of the Board.
As an effective manager and team motivator who excels in a dynamic, fast-paced environment, the Head of Finance will develop ideas and solutions to drive the implementation of financial systems and services that support the strategic priorities of NYRR. S/he will:
▪ Be a leader who sets high standards and encourages ambition and creativity for finance personnel across the organization;
▪ Be a confident manager, coach and mentor with the ability to attract, develop and retain a high-quality finance team. S/he will set high standards and assess performance against a high bar of excellence; and,
▪ Advise and collaborate with senior leadership to articulate organizational priorities and implement change in accordance with NYRR’s strategic priorities, utilizing superior executive management skills.
New York Road Runners is being assisted in this process by Spencer Stuart and welcomes comments, questions, nominations or expressions of interest.
To submit comments, nominations or expressions of interest, please send an e-mail with any supporting materials to the confidential address: mbecker@SpencerStuart.com.
New York Road Runners is an Equal Opportunity Employer.
Confidential: This document has been prepared for the exclusive use of the client named. Because it contains confidential information, its use should be controlled and limited to the executives concerned. This information is given in good faith and is believed to be correct but may require verification.
New York Road Runners is an Equal Opportunity Employer